Indian pharma market registers over 6% growth in July '24: Pharmarack

The Indian pharmaceutical market (IPM) grew by 6.1 per cent in July this year, with major therapies showing positive value growth despite a negative volume growth of -2.1 per cent, according to market research firm Pharmarack.

Among them, the anti-infective, respiratory, and gastrointestinal therapies saw nearly double-digit value growth of 12.8 per cent, 10.5 per cent, and 9.7 per cent, respectively, driving the overall IPM growth.

Sheetal Sapale, vice-president (commercial) at Pharmarack, said that though the IPM has shown an overall negative volume growth, a few categories have shown both impressive volume growth and decent new product growth for July 2024.

“Seasonality-driven molecules and molecular combinations, especially anti-infectives, have shown a relatively stronger volume-driven growth,” the firm stated in its report.

Growth in the moving annual turnover (MAT, which is the previous 12 months’ turnover) for IPM between August 2023 and July 2024 stood at 7.6 per cent, leading to a total turnover of over Rs 2.03 trillion in IPM, while volumes in the domestic market grew by 0.2 per cent.

The MAT of leading therapy areas such as anti-infectives, cardiac, and gastrointestinal, which constitute around 38 per cent of IPM, showed robust volume growth at 10.1 per cent, 9 per cent, and 8.9 per cent, respectively.

While top players registered modest monthly value growth in the domestic market in July 2024, players 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) posted 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 be the top-selling medicine brands for the month, with sales of Rs 75 crore and Rs 68 crore, respectively.