Indian Pharma Market Grows 6.1% in October 2024

The Indian pharmaceutical market (IPM) experienced a 6.1 percent value increase in October 2024, with significant therapies demonstrating favorable value growth, as per a report from market research firm Pharmarack. Among these areas, the cardiac, dermatology, and anti-diabetes therapies have demonstrated value increases of 11.5 percent, 11.1 percent, and 9.4 percent, respectively, contributing to the overall growth of IPM.

The increase in value occurs while the IPM has recorded a negative volume growth of 1.8 percent. In response to this, Sheetal Sapale, vice-president (commercial) at Pharmarack, noted that new product launches and price increases have fueled market growth for this month.

The increase in the moving annual turnover (MAT, encompassing the turnover of the past 12 months) for IPM from October 2023 to September 2024 was 7.7 percent, resulting in a total turnover exceeding Rs 2.18 trillion in IPM, even as volumes in the domestic market decreased by 0.3 percent.

The MAT in major therapeutic areas like cardiac, gastrointestinal, and anti-infectives, accounting for approximately 38 percent of IPM, demonstrated strong volume growth rates of 12.2 percent, 9.1 percent, and 9.1 percent, respectively.

Although all leading pharma players recorded moderate monthly value increases in the local market during October, firms like Nutricia (30.6 percent), Bayer (19.6 percent), Corona (16.4 percent), and Glenmark (13.8 percent) achieved notable monthly value growth among the top 40 companies in the IPM.