Indian Pharma Market Grows at 9.9%, Vaccine Sales See Sharp Decline: Pharmatrac Report
New Delhi: The Indian Pharmaceutical Market (IPM) posted a solid 9.9% increase in value, reaching Rs 19,388 crore in November 2024. This growth was accompanied by a modest 3.1% rise in unit sales, according to data from AIOCD-AWACS. While the results indicate positive momentum, the market faces several challenges that temper the overall outlook.
According to a Pharmatrac report, strategic pricing was a key driver of growth, with many therapies recording price hikes. Chronic therapy segments, particularly cardiac and anti-diabetic drugs, saw steady growth due to the increasing focus on lifestyle diseases. Acute therapies like anti-infectives and dermatological treatments also contributed, though their impact was more subdued compared to chronic therapies.
However, the market's volume growth remains uneven. While certain categories, such as gastrointestinal and urology therapies, demonstrated recovery with promising volume increases, other segments faced setbacks. The vaccines category, for example, experienced a sharp -37.8% decline in unit growth, and a -13.6% decline in value growth, reflecting challenges in this segment.
Therapy-wise data revealed varied contributions to the monthly growth. Cardiac therapies maintained a strong lead with 13.2% of the market share, growing by 11.7% in value and 1.8% in units. Gastrointestinal therapies followed closely, contributing 11.4% to the market with 11.0% value growth and a higher unit growth of 6.8%.
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