Indian pharmaceutical market registers over 8% growth in June 2024

The Indian pharmaceutical market (IPM) grew by 8.8 per cent in June this year with all major therapies showing a positive value growth, according to market research firm Pharmarack. 

Respiratory, anti-infectives and gastrointestinal therapies saw double-digit value growth of 19.2 per cent, 17.2 per cent, and 10.7 per cent, respectively.

Sheetal Sapale, vice-president (commercial) at Pharmarack said that while a majority of therapy areas have shown positive value growth, certain therapies, which usually see a seasonal spurt in the second half of the year, started posting higher growth rates from June onwards.

“The IPM has also seen positive growth drivers across all the three key categories - new introductions, price-based growth, and volume growth, leading to overall value growth of 8.8 per cent in June 2024, as compared to 6 per cent in June 2023,” she added.     

 

Growth in the moving annual turnover (MAT, which is the previous 12 months’ turnover) for IPM between July 2023 and June 2024 stood at 7.6 per cent, leading to a total turnover of over Rs 2 trillion in IPM, while volumes in the domestic market dipped 0.1 per cent.

The MAT of leading therapies such as cardiac, anti-infectives and gastro-intestinal showed relatively robust volume growth at 9 per cent, 8.7 per cent, and 8.4 per cent, respectively. Together, the three therapy areas constitute around 38 per cent of IPM.

While top players registered modest monthly value growth in the domestic market, players such as Fourrts (28.1 per cent), FDC (22.2 per cent), Aristo (17.7 per cent), Cipla (16.5 per cent), and Glenmark (16.4 per cent) posted significant monthly value growth among top 40 companies in the IPM in June 2024.  

GSK’s antibiotic drug Augmentin and USV’s anti-diabetic drug Glycomet GP continued to be the top-selling medicine brands with sales of Rs 76 crore and Rs 66 crore, respectively.