Indian pharmaceutical market registers over 6% growth in August 2024

Sheetal Sapale, vice-president (commercial) at Pharmarack, said that new introductions and price growth have driven the market growth for the month of August 2024

Despite a negative unit growth of -1.7 per cent, the Indian pharmaceutical market (IPM) grew by 6.3 per cent in August, with major therapies showing positive value growth, according to a market research report.

Among them, cardiac, antimalarial, and gastrointestinal therapies saw nearly double-digit value growth of 9.7 per cent, 9.7 per cent, and 8.7 per cent, respectively, driving the overall IPM growth, the report by market research firm Pharmarack said.

Sheetal Sapale, vice-president (commercial) at Pharmarack said that new introductions and price growth have driven the market growth for the month.

Growth in the moving annual turnover (MAT, which is the previous 12 months’ turnover) for IPM between August 2023 and July 2024 stood at 7.7 per cent, leading to a total turnover of over Rs 2.04 trillion in IPM, while volumes in the domestic market went down 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 10.7 per cent, 9.5 per cent, and 9.1 per cent, respectively.

While top players registered modest monthly value growth in the domestic market in August, players such as Natco (43.1 per cent), Fourrts (27.8 per cent), Bharat Serums (20.9 per cent), Hetero (17.5 per cent), and FDC (15.6 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 77 crore and Rs 65 crore, respectively.