The Indian pharmaceutical market (IPM) experienced a growth of 6.1 per cent in July of this year, as reported by market research firm Pharmarack. Despite a negative volume growth of -2.1 per cent, major therapies such as anti-infective, respiratory, and gastrointestinal saw significant value growth, with increases of 12.8 per cent, 10.5 per cent, and 9.7 per cent, respectively. This positive value growth played a crucial role in driving the overall growth of the IPM.
Sheetal Sapale, the vice-president (commercial) at Pharmarack, highlighted that while the overall volume growth of the IPM was negative, certain categories showed impressive volume growth and new product growth in July 2024. Seasonality-driven molecules and molecular combinations, particularly in the anti-infective category, demonstrated stronger volume-driven growth, according to the firm’s report.
The moving annual turnover (MAT) for the IPM between August 2023 and July 2024 increased by 7.6 per cent, resulting in a total turnover of over Rs 2.03 trillion. Despite a modest 0.2 per cent growth in volumes in the domestic market, leading therapy areas like anti-infectives, cardiac, and gastrointestinal showed robust volume growth rates of 10.1 per cent, 9 per cent, and 8.9 per cent, respectively.
In terms of market performance, top players in the IPM recorded modest monthly value growth in July 2024. However, companies such as Fourrts (41.4 per cent), Natco (36.5 per cent), FDC (22.1 per cent), Torrent (15.9 per cent), and Intas (15.7 per cent) stood out with significant monthly value growth among the top 40 companies in the IPM.
GSK’s antibiotic drug Augmentin and USV’s anti-diabetic drug Glycomet GP continued to dominate as the top-selling medicine brands for the month, with sales of Rs 75 crore and Rs 68 crore, respectively. These brands have maintained their popularity and market presence, contributing to the overall growth and performance of the IPM.
In conclusion, the pharmaceutical market in India continues to show resilience and growth, with certain therapy areas and brands driving positive value growth despite challenges in volume growth. The industry’s ability to adapt to changing market dynamics and consumer needs will be crucial in sustaining this growth trajectory in the future.