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Indian Pharmaceutical Market soars with 9.5% growth in January 2024: Pharmarack Report
New Delhi: The Indian Pharmaceutical Market (IPM) exhibited a robust growth of 9.5% in terms of value and 2.07% in units, reaching a total value of 16,234 Cr in January, 2024, according to a recent report by market research firm Pharmarack.
The Moving Annual Total (MAT) basis showed the market achieving 194,951 Cr with a 7.4% value growth. Significant growth was observed in Respiratory, Pain/Analgesics, Urology, Anti-Neoplastics, and Stomatologicals, with notable performances in Respiratory Therapy, particularly Anti-asthma and COPD combinations. The Pain/Analgesics therapy also exhibited positive attributes, possibly influenced by seasonal trends, while Monoclonal antibodies and Immunosuppressive agents contributed significantly to the Anti-neoplastics therapy.
In the realm of therapy performance, Cardiac treatments exhibited a commendable 11.75% growth in value, coupled with a 3.19% increase in units. Despite a slight dip in unit growth, the Cardiac therapy sector contributed significantly to the overall positive trend in the market. Anti-Infectives demonstrated robust performance, boasting an 11.66% growth in value and a 3.17% increase in units. This strong performance reflects a notable demand for infectious disease management. Gastrointestinal therapies displayed steady growth, recording a 10.28% increase in value and an impressive 7.34% growth in units, indicating a sustained demand for treatments in this category.
Anti-Diabetic therapies showcased positive value growth at 10.78%, though there was a slight decrease in unit growth at 2.39%. Respiratory treatments experienced a 4.02% growth in value, but a decline of -2.59% in unit growth, possibly influenced by specific market dynamics. Pain/Analgesics therapies exhibited consistent growth with a 10.62% increase in value and a 2.46% rise in units, indicating a stable demand for pain management solutions. Anti-Neoplastics emerged as a standout performer with an impressive 20.54% growth in value and a remarkable 24.49% increase in units, pointing to a rising demand for cancer-related treatments. Stomatologicals showcased positive growth with an 8.92% increase in value and a 1.37% rise in units, emphasizing the demand for oral health-related pharmaceuticals.
As per the report, the growth in January '24 was primarily fueled by price (5.2%) and new products (4.3%). Major therapies such as Cardiac, Anti-infectives, Pain/Analgesics, Neuro/CNS, and Anti-neoplastics experienced substantial volume growth. Remarkably, considerable price growth was observed in Cardiac, Gastrointestinal, Respiratory, Vit/Min/Nutr, Pain/Analgesics, and Neuro/CNS therapies. The new product lever, especially in Anti-diabetic, Blood-related, Hormones, and Stomatologicals, played a crucial role in driving IPM growth.
The top corporates influencing the market included Sun+Ranbaxy, Abbott, Mankind, Cipla, and Zydus. Similarly, the top brands contributing to sales included Augmentin (GSK), Glycomet GP (USV), Manforce (Mankind), Foracort (Cipla), and Mixtard (Abbott*).
In terms of the zonal split in Jan '24, the IPM exhibited a value skew of S-N-W-E and a unit skew of N-S-E-W. The West zone led with the highest unit growth of 5.5%, and Tamil Nadu and UP-west & Uttarakhand emerged as the highest contributing states. However, Telangana was the only state pan India demonstrating a dip (-5%) in Jan '24.
In the acute/chronic split, all segments displayed healthy growth, with a stable cyclic trend in the chronic and sub-chronic segments. Acute and chronic therapies contributed an incremental value of ~500 Cr each to the IPM over the Same Period Last Year (SPLY). The acute portfolio, holding ~50% share, contributed 7527 Cr in Jan '24, with an 8% value growth and 2% unit growth. Sun Pharma* maintained its 1st position, and Fresenius exhibited remarkable performance. In the chronic segment, contributing ~33% to the IPM value, recorded 5463 Cr, growing at 11% by value, with nine corporates sustaining their rank over Jan '23. The sub-chronic category contributed 19% by value and 15% by units, recording sales of 3239 Cr, growing at 10% by value.
The Supergroup Gauger revealed the top 5 corporates in each therapy for Jan '24, indexed based on overall therapy vs. corporate value growth. Sun* (Cardiac), Aristo (Anti-Infectives), Abbott* (Gastrointestinal), Cipla (Respiratory), and GSK (Pain/Analgesics) emerged as leaders, highlighting their market dominance. In the Indian/MNC Therapy Split, Indian corporates recorded a 10% value growth and a 2.5% unit growth, contributing ~84% across major therapies, while MNCs demonstrated a 6% growth in value, with vaccines being their leading contributor.
Regarding New Introduction Dynamics, in the last 12 months, new SKUs valued at 891 Cr contributed 0.9% to the IPM in Jan '24. Alkem*, Mankind, Eris LS, Cipla, Sun Pharma, and Abbott* led in launching new introductions, contributing to 16% of the total NIs.
The top 5 therapies leading in new introductions were Anti-diabetic, Cardiac, Pain and Analgesics, Derma, and Neuro/CNS. The average brand value per NI across all supergroups was Rs. 0.30 Cr, with Vaccines (Rs 2.0 Cr/Brand), Antineoplastics (Rs 1.1 Cr/Brand), Blood Related (0.6 Cr/Brand), Gynecological (0.52 Cr/Brand), and VMN (0.50 Cr/Brand) showing relatively higher brand values per NI.
Jan '24 witnessed one new subgroup launch, with only 4 subgroups crossing a turnover of more than 1 Cr, and 5 subgroups from the OAD Combinations.
Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751