Indian pharmaceutical market registers over 6% growth in October 2024

The Indian pharmaceutical market (IPM) registered a 6.1 per cent value growth in October 2024, with major therapies showing positive value growth, according to a report by market research body Pharmarack.

 

Among them, cardiac, dermatology, and anti-diabetes therapy areas have shown value growth of 11.5 per cent, 11.1 per cent, and 9.4 per cent, respectively, driving the overall IPM growth.

 

The value growth comes at a time when the IPM has registered a negative volume growth of 1.8 per cent. Commenting on this, Sheetal Sapale, vice-president (commercial) at Pharmarack, said that new introductions and price growth have driven the market growth for this month.

 

Growth in the moving annual turnover (MAT, which is the previous 12 months’ turnover) for IPM between October 2023 and September 2024 stood at 7.7 per cent, leading to a total turnover of over Rs 2.18 trillion in IPM, while volumes in the domestic market declined by 0.3 per cent.

 

The MAT of leading therapy areas such as cardiac, gastrointestinal, and anti-infectives, which constitute around 38 per cent of IPM, showed robust volume growth at 12.2 per cent, 9.1 per cent, and 9.1 per cent, respectively.

 

While all top players registered modest monthly value growth in the domestic market in October, companies such as Nutricia (30.6 per cent), Bayer (19.6 per cent), Corona (16.4 per cent), and Glenmark (13.8 per cent) posted significant monthly value growth among the top 40 companies in the IPM.

 

GSK’s antibiotic drug Augmentin and Alkem Laboratories’ Pan were the top-selling medicine brands for the month, with sales of Rs 78 crore and Rs 69 crore, respectively.