India Pharma - High Base Moderates IPM Growth For October: Motilal Oswal

Motilal Oswal Report

The Indian Pharma Market grew 5% YoY in Oct-24 (versus 5.2% in Sep-24 and 16.5% in Oct-23).

The growth was primarily dragged by the decline in Anti-infective/Respiratory therapies.

While acute therapy underperformed IPM by ~300 bp, chronic therapy outgrew IPM by 500 bp in Oct-24.

Cardiac/Anti-diabetic/Dermatology outperformed IPM by 790bp/460bp/430bp.

For the 12 months ending in Oct-24, IPM grew 6.8% YoY, led by price growth/new launches, which contributed 4.2%/2.6% YoY to the overall growth. However, volume growth was flat in Oct-24.

Out of the top 10 brands, Pan D/Udiliv clocked a growth of 20%/16% YoY to Rs 540 milliion/Rs 580 million in Oct-24.

Out of the top 40 brands, Monocef/Calpol/Azithral/Pantop posted a decline of 26%/26%/24%/10% YoY in Oct-24.

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