Indian Pharma Market Posts Robust 10.7% Growth in November, Foracort Tops Sales: IQVIA
Leading the market, Foracort, a respiratory drug widely used for asthma, secured the top position among brands with sales of Rs 82 crore.
New Delhi: The Indian pharmaceutical market displayed a strong recovery in November 2024, with robust growth across key therapeutic areas, including dermatology, respiratory treatments, cardiac care, and pain management. According to IQVIA's latest Market Reflection Report, the Total Sales Audit (TSA) for the Indian Pharmaceutical Market (IPM) reached Rs 19,926 crore for the month, reflecting a 10.7% year-on-year growth. Similarly, the Secondary Sales Audit (SSA) stood at Rs 16,903 crore, registering a 10.8% increase compared to the same period last year.
Top Performers in November 2024
Leading the market, Foracort—a respiratory drug widely used for asthma—secured the top position among brands with sales of Rs 82 crore and a market share of 0.41%, achieving a 2% monthly growth. Augmentin, an antibiotic, followed with Rs 76 crore in sales, marking a 9% rise, while anti-diabetic therapy Glycomet GP remained steady with Rs 69 crore in sales.
Other standout brands included Zerodol SP, which grew by 22%, and Rybelsus, a diabetes medication, which recorded a staggering 75% growth, advancing eight ranks to secure a spot among the top 25 brands. Cilacar showed a 26% increase, climbing two ranks, while Budecort and Azithral rose by 10 ranks each, underscoring growing demand in their respective categories.
Therapeutic Categories Fueling Growth
Key therapeutic areas were instrumental in driving the market's recovery in November. Urology topped the charts with an 18% growth, reflecting increased demand for treatments in this segment. Dermatology followed closely, growing by 16%, bolstered by heightened sales of emollients (21%) and sunscreens (24%). Cardiac and pain-relief medications each posted a 13% increase, supported by innovative therapies like Sacubitril + Valsartan (26% growth in cardiac) and paracetamol-based formulations in pain management.
Respiratory therapies benefited significantly from worsening air pollution across the country, with medications like Foracort and Budecort addressing heightened patient needs. Acute therapies for short-term conditions like infections and chronic therapies for long-term ailments such as diabetes and cardiovascular diseases both recorded an 11% growth.
Subgroup Contributions to Therapy Areas
In respiratory therapy, Cold Preparation Ethicals emerged as the highest-contributing subgroup, achieving sales of Rs 265 crore. In the pain market, paracetamol oral solids, injections, and liquids collectively generated Rs 189 crore, with respective growth rates of 2%, 29%, and 6%.
The Vitamins, Minerals, and Nutrients (VMN) segment recorded strong growth, with food supplements contributing Rs 239 crore and posting a 16% increase. Dermatology also witnessed impressive numbers, with emollients and protectives generating Rs 197 crore in sales, while sunscreens exhibited the highest growth at 24%.
Among other noteworthy performances, the gastrointestinal segment was led by Esomeprazole + Domperidone, which posted a growth of 32%. Antineoplastic therapies saw Cetuximab achieving the highest growth at 53%, while Glimepiride + Metformin registered Rs 292 crore in anti-diabetic sales, growing by 6%.
Market Dynamics and Key Players
Sun Pharma maintained its leadership position in the Indian pharmaceutical market with an 8% market share. Other prominent players, including Cipla and Dr. Reddy’s Laboratories, strengthened their foothold with month-on-month market share gains. Multinational corporations such as Pfizer and Sanofi also climbed the rankings, benefiting from new product launches and strategic expansions.
Indian pharmaceutical companies outpaced their multinational counterparts in growth, registering a 10.8% increase compared to the MNCs' 10.2%.
New Product Introductions and Strategic Moves
November saw the addition of 746 new stock-keeping units (SKUs), highlighting the market's emphasis on innovation and addressing unmet patient needs. Dynamic pricing strategies were evident, with 3,024 SKUs undergoing Price to Retailer (PTR) changes. Prominent brands like Foracort, Duolin, and Betadine featured among those reflecting price revisions.
Significant brand transfers also took place, with 248 products transitioning from Bharat Serum to Mankind and 62 brands moving from Jupiter to Jupiter Biolabs, signaling strategic shifts within the competitive landscape.
