Indian Pharma Market Sees Moderate Revenue Rise In May Despite Volume Decline
There was lower growth in therapies like gastrointestinal, anti-diabetic, vitamins, pain management.
The Indian pharmaceutical market delivered a moderate rise in revenue of 5.2% year-on-year in May as volume declined 3.3%.
The pharma market reported a healthy growth at an average of 9% year-on-year between December 2023 and April 2024. There was lower growth in therapies like gastrointestinal, anti-diabetic, vitamins, pain management, derma, central nervous system and gynaecology, according to the All India Organisation of Chemists and Druggists.
Anti-infectives and respiratory therapy delivered double-digit growth. Price and new launches drove the overall pharma market performance in India in May, rising 6% and 2.6% respectively.
India Ratings and Research expects the IPM growth to be at 8–9% the current financial year against 6.5% in fiscal 2024 and 9.9% in fiscal 2023, Krishnanath Munde, associate director at India Ratings, told NDTV Profit.
Key Highlights
Volume declined 3.3%, as against 0.8% in May 2023.
Price growth of 6% in May 2024.
New launches increased 2.6%, as compared with 2.9% in May 2023.
Sales Highlights
There was lower growth in therapies like gastrointestinal, which grew 4.7%. Anti-diabetic grew 4.8% and derma grew 4.2%.
Anti-infectives and respiratory therapy delivered double-digit growth.
MAT Performance
The moving annual total—or the 12-month rolling sales of overall pharma products—increased 7.3% in May.
Company Performance
Faster Than Industry
Alembic Pharma and FDC India outperformed the market. This was followed by Alkem Laboratories, Torrent Pharmaceuticals and Natco Pharma which grew 11.7% and 11.6% and 11.1% respectively.
Cipla grew 9.3%, followed by Glenmark Pharmaceuticals, which grew 8.9%. Indoco Remedies and Sanofi India grew 6.5% and 6.4% respectively. Ipca Laboratories grew 7% while Lupin grew 6.1%
Slower Than Industry
Pfizer India, Ajanta Pharma and Abbott India had a negative growth of 5.1%, 1.3% and 0.1%.
Dr Reddy's Laboratories grew 2.1%, while GlaxoSmithKline Pharmaceuticals grew 2.7% underperforming the market. Eric Lifesciences and JB Chemicals grew 1.7% and 0.5% respectively.
Sun Pharmaceuticals Industries grew in line with market at 5.1%
