Indian Pharma Market Posts 6% Revenue Growth In July
India Ratings expects the IPM growth to be at 8–9% year-on-year for fiscal 2025 against 6.5% in fiscal 2024.
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The Indian pharmaceutical market delivered a revenue growth at 6.1% year-on-year in July. On a year-to-date basis, the IPM reported growth at an average of 8.2% YoY,
In June, the IPM had posted a growth of 8.8%, while it was 5.3% in July 2023, according to the data by the All Indian Origin Chemists & Distributors Ltd. and Awacs.
Therapies like anti-infectives, gastro and respiratory have delivered double-digit year-on-year growth in July. In terms of growth drivers, prices, which grew 5.5% year-on-year, and new launches, which grew 2.7% year-on-year, drove the overall IPM performance in July, it said.
India Ratings expects the IPM growth to be at 8–9% year-on-year for fiscal 2025 against 6.5% year-on-year in fiscal 2024 and 9.9% year-on-year growth in fiscal 2023, Associate Director Krishnanath Munde told NDTV Profit.
Key Highlights
Volume growth was a negative 2.1% as against a negative 3% in July 2023.
Price growth of 5.5% in July this year, as compared to 5.2% over the same period last year.
New launches increased 2.7%, as against 3.1% in July 2023.
MAT Performance
The moving annual total—or the 12-month rolling sales of overall pharma products—increased 7.6% in July.
Faster Than Industry
The pharmaceutical sector saw several companies outpace the IPM in year-on-year growth. Leading this pack was Natco Pharma Ltd. with a remarkable 36.5% YoY growth, significantly outperforming the IPM. FDC Ltd. also posted an impressive 22.1% growth, demonstrating strong market presence.
Torrent Pharma Ltd. followed closely with a 15.9% YoY growth, and Glenmark Pharmaceuticals Ltd. was not far behind with a 13.6% growth, both showcasing their resilience and strategic market plays. Other noteworthy performers included Alkem Laboratories (9.4%), Mankind Pharma Ltd. (8.1%) and Lupin Ltd. (7.4%), all of which showed robust growth and outperformed the IPM.
Sun Pharmaceuticals Ltd. (7.1%), Cipla Ltd. (6.9%), Zydus Lifesciences Ltd. (6.9%), and Alembic Pharmaceuticals (6.2%) demonstrated strong performances, keeping pace with or surpassing market expectations.
Slower Than Industry
Despite the overall positive trend, some companies lagged behind the IPM, reflecting challenges or strategic missteps. Sanofi India Ltd. struggled the most, with a YoY decline of 3.1%, the only company in the group to post negative growth.
Other notable underperformers included Ajanta Pharma Ltd. (1.2%), Eris Lifesciences Ltd. (1.6%), and Indoco Remedies Ltd. (1.8%), all of which posted minimal growth. JBChemicals & Pharmaceuticals (5.5%), IPCA Laboratories Ltd. (2.5%), GlaxoSmithKline Pharmaceuticals Ltd. (2.1%), and Pfizer Ltd. (3.4%) also fell short of expectations, underperforming compared to the broader IPM.
Dr. Reddy's Laboratories Ltd. (4.3%) and Abbott India Ltd. (5.6%) were closer to the market average but still fell short of outperformance, marking a period of strategic reassessment for these giants.
