The Indian pharmaceutical market grew 6.1% during November driven by continued traction in the chronic segment. The acute segment also grew on a low basis from last year.
Covid therapy drugs that contributed to the growth of the pharmaceutical market during the first half of the year continued to increase. Sales of non-covid drugs grew 6.7% year-on-year during November, outpacing the 6.3% sales growth of covid drugs, according to data from Motilal Oswal Financial Services. In particular, the growth of non-covid drugs improved month by month.
The recovery in therapies such as cardiac care and antidiabetic drugs with a growth rate of 6% year-on-year each helped the increase in the chronic segment in November, data from India Ratings suggested. Medications for cardiac care had declined 1% year-on-year during October, while antidiabetics had seen a tepid growth of 1% year-on-year in the month.
In acute, gastro, respiratory and analgesic and analgesic therapies they grew 13.1% YoY, 16.3% YoY and 17.3% YoY, respectively.
However, growth in volume terms remained stable year-on-year during November. It was the 5.4% increase in prices and new product launches, driven by acute therapy products, that helped the IPM grow in the month. Nomura Research analysts said that over the past 12 months, price growth has remained strong, while volume growth has remained weak, except during April 2021 and May 2021 due to a low base for the year. last.
Among the companies, Ipca Laboratories with 24.7% growth YoY, AstraZeneca Pharma India Ltd with 22.1% growth and Torrent Pharmaceuticals with 19.1% growth were the best performers. Ajanta Pharma with 17% growth, Sun Pharmaceutical with 15.4% growth and Aristo Pharmaceuticals with 13.9% growth also impressed.
Nomura Research analysts said: "We note that the two-year average CAGRs over the past four months have been ahead of IPM for Sun Pharma, Cipla Ltd, Torrent Pharmaceuticals, Dr. Reddy's Laboratories and Ipca Laboratories." On the other hand, For Cadila Healthcare Ltd, Lupine Ltd, Alkem Laboratories Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Pfizer Ltd and Glenmark Pharmaceuticals Ltd, the two-year average CAGRs for the past four months have been below the MPI, according to Nomura.
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