India's Pharma Market Accounted over 5% growth in Sept 2024

The Indian pharmaceutical market (IPM) experienced a 5.3% growth in September this year, fueled by significant therapies demonstrating favorable value growth, reported by Pharmarack. Urology, cardiac, and dermatology treatments experienced close to a ten percent increase in value, with growth rates of 11.8%, 9.7%, and 9.5%, respectively, contributing to the overall growth in IPM.

Despite the IPM experiencing a decrease of -2.3 percent, only the anti-diabetic and urology therapy segments showed a notable increase of 3.1 percent and 5.4 percent, respectively.

Sheetal Sapale, vice-president (commercial) at Pharmarack, attributed the increase in unit growth in the anti-diabetic segment to multiple molecular combinations losing their patent and branded generics seizing this chance in the market.

“Value growth for the quarter ending in September 2024 is completely price-driven, with volume growth being only a small fraction. For the month of September 2024, volume growth is negative,” Sapale added.

The report stated that the moving annual turnover (MAT) for IPM increased by 8.5% from October 2023 to September 2024, resulting in a total turnover of more than Rs 2.17 trillion in IPM.

The Mean Annual Growth Rate of key treatment areas like heart, stomach, and infection-fighting drugs, making up about 38% of the Industry Pharmaceutical Market, demonstrated strong value increases of 12.5%, 9.9%, and 6.3%, respectively.