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Gujarat market clocked the highest growth rate in pharmaceuticals during November, beating the industry growth rate. According to data from the market research firm AIOCD Pharmasofttech AWACS, Gujarat market grew by 22.4 per cent last month, double the growth rate of the Indian pharmaceuticals market, which grew by 10.9 per cent.
From regional perspective 14 regions have outgrown the industry growth rate. Gujarat market grew the highest at 22.4 per cent followed by Chattisgarh market at 19.6 per cent and Madhya Pradesh Market at 19.3 per cent, showed AIOCD data. No regions had negative growth in November 2014.
After the peak in September 2014 (18.8 per cent year-on-year growth), the Indian pharma market showed a dip due to external environment, however the market picked up in November with a growth at 10.9 per cent. The price increases of medicines during the month have been around 5 per cent, which has been the highest in the last 12 months, claimed AIOCD.
A senior official of the Indian Drug Manufacturers Association, Gujarat State Board said that most of the Gujarat-based pharma producers have got the benefit of the price increase. "Some of the mid-sized firms could capture more market share with new drug launches as well as more concerted marketing efforts," he said wishing not to be quoted as IDMA was yet to compile month-wise sales growth data.
As per AIOCD data, Gujarat-based companies like Torrent Pharma and Corona Remedies have clocked growth rates of 23.3 per cent and 21.9 per cent respectively.
Overall, during the quarter, the Indian pharma market (IPM) has grown by 12.1 per cent on a year-on-year basis, which is higher than the previous quarter (10.4 per cent) as well the corresponding quarter last fiscal (3.2 per cent). According to AIOCD, the IPM clocked Rs 7243 crore in November 2014.
In all around 21 corporate have crossed the growth of IPM for the month of November 2014 amongst top 50 companies. Amongst the top 50 Corporate, Akumentis has the highest growth of 68 per cent followed by Pfizer at 34.1 per cent & Ajanta at 33.1 per cent. Data also showed that Indian companies have grown at 9.5 per cent versus 14.9 per cent for multinational firms in November 2014.
Especially, under the non-National List of Essential Medicines (NLEM) category, MNCs beat Indian companies by a significant margin in growth; while MNCs clocked 11.1 per cent growth rate in the category, Indian firms grew only 0.4 per cent.
