Indian Pharma Market Reports 9% Growth In December
Price hikes and new launches were the key growth drivers of the overall pharmaceutical market performance in December 2023.
The Indian pharmaceutical market posted 9.2% year-on-year growth in December 2023, led by mid-to-double-digit growth across the top 10 therapies.
This compares with a muted 2.9% growth in November and 13.7% YoY growth in October.
Price hikes and new launches were the key growth drivers of the overall pharmaceutical market performance in December 2023, while volume growth remained muted at 1.5%, said Krishnanath Munde, associate director at India Ratings and Research Pvt., citing data from All Indian Origin Chemists and Distributors Ltd.
India Ratings expects pharmaceutical market growth to be in the range of 8–9% YoY for FY24.
Key Highlights
Volume growth remained muted at 1.5%, as against 1.4% in December 2022.
Prices rose 4.7% YoY, as against 6.8% in December 2022.
New launches increased 2.9% YoY, as compared with 2.1% in December 2022.
Sales Highlights
The top 10 therapies contributed 87% of the Indian pharma market.
According to data from the AIOCD:
Sales of CNS (central nervous system) therapies rose the most at 12%.
This was followed by cardiac and anti-infectives, which grew 11.5% and 10.3%, respectively.
Gastrointestinal therapies rose 10%, while pain management gained 10.2%.
MAT Performance
The moving annual total—or the 12-month rolling sales of overall pharma products—rose 6.8% in December, as compared with a growth of 7.7% a year earlier.
Company Performance
Faster Than Industry
Torrent Pharmaceuticals Ltd. reported the highest growth in December at 17.3%, followed by Sun Pharmaceutical Industries Ltd., which rose 17.1%. Cipla Ltd., Alkem Laboratories Ltd. and Indoco Remedies Ltd. reported growth of 15.9% each, followed by Eris Lifesciences Ltd., which gained 15.8%.
Glenmark Pharmaceuticals Ltd., Lupin Ltd., and Mankind Pharma Ltd. reported a growth of 14.2%, 13.4%, and 12%, respectively. FDC Ltd., Alembic Pharmaceuticals Ltd., and Zydus Lifesciences Ltd. grew 10.8%, 10.2%, and 10%, respectively.
Slower Than Industry
Ipca Laboratories Ltd. reported a growth of 8.8%, while Abbott India Ltd. posted 8% growth, underperforming the market. Dr Reddy's Laboratories Ltd. reported a growth of 7.6%, followed by GlaxoSmithKline Pharmaceuticals Ltd., which posted a growth of 7%.
Ajanta Pharma Ltd. and JB Chemicals and Pharmaceuticals Ltd. saw growth of 5.7% and 5%, respectively. Pfizer Ltd. reported a decline of 6.7%.
