Indian Pharma Soars 9.9%, Powered by Pricing and New Launches

The Indian pharmaceutical market showed a growth of 9.9% year-on-year in November 2024, compared to an average growth of 6.0% year-on-year during the July-October period (which was up 2.9% YoY in November 2023). The overall increase during the month was fueled by rising prices and new product launches. In November 2024, volumes increased by 1.8% compared to the average negative growth of 1.1% seen annually over the past year. Year-to-date, according to data from AIOCD-AWACS, the market has shown growth averaging 7.7% YoY.

With the exception of respiratory and gynecology, all other leading therapies achieved robust growth, with dermatology experiencing the highest increase at 15.8%, followed closely by cardiology with an 11.7% rise. Anti-infectives increased by 8.4%, gastro experienced 11.0% growth, vitamins rose by 7.4%, anti-diabetic expanded by 10.1%, analgesics at 8.5%, and CNS at 8.7%.

Ind-Ra anticipates IPM growth to reach 8-9% YoY for fiscal 2025, compared to 6.5% YoY in fiscal 2024 and 9.9% YoY growth in fiscal 2023, according to Krishnanath Munde, associate director at India Ratings and Research.

At the forefront, Alkem Laboratories Ltd. attained a growth rate of 15.9%, the highest among this group. Glenmark Pharmaceuticals Ltd. showed robust performance at 15%, with Dr. Reddy’s Laboratories Ltd, a leading pharmacetical firm trailing close behind at 12.5% growth. Torrent Pharmaceuticals Ltd. and Ajanta Pharma Ltd. recorded growth rates of 12.5% and 12.7%, respectively.