Indian Pharma Market Booms: 9.5% Growth in March 2024

9 Apr 2024 , 01:20 PM

The Indian Pharmaceutical Market (IPM) experienced a notable 9.5% growth in March 2024, with all major therapy areas showing positive value growth, as per Pharmatrac.

Moving annual turnover (MAT) from April 2023 to March 2024 increased by 6.5%, totaling Rs 1.98 trillion, while domestic market volumes dipped by 1%.

Except for respiratory therapy, which saw negative value growth, all other therapies displayed positive value growth, with price growth remaining positive and volume growth negligible for March 2024.

Leading therapies like cardiac, anti-infectives, and gastro-intestinal recorded robust volume growth in MAT figures, constituting 37.5% of IPM.

Among companies, top players showed modest monthly value growth, while Fourrts, Corona, Cadila, and Alkem witnessed significant monthly value growth in March 2024.

GSK’s Augmentin and USV’s Glycomet GP remained the top-selling medicine brands in March 2023.

Financial year 2024 saw a 6.5% overall year-on-year growth compared to 9.9% in fiscal 2023, with expectations of 8–9% growth in fiscal 2025.

Ajanta Pharma Ltd. reported the highest growth in March at 14.3%, followed by Eris Lifesciences Ltd. at 12.2%.

Torrent Pharma Ltd., Mankind Pharma Ltd., and Alembic Pharma Ltd. reported growth of 11.3%, 10%, and 10.3% respectively.

Glenmark Pharmaceuticals Ltd. reported a growth of 9.9%, while Sun Pharmaceutical Industries Ltd. had an in-line growth of 9.3%.

Abbott India Ltd. reported a growth of 8.4%, Cipla Ltd. posted 8.5% growth, and Alkem Laboratories Ltd. posted 8.5% growth, underperforming the market.

Lupin Ltd. reported a growth of 6.7%, followed by GlaxoSmithKline Pharmaceuticals Ltd. and FDC Ltd. with growth rates of 2.5% and 2.6% respectively. Pfizer Ltd. and Sanofi India Ltd. experienced negative growth of 7.9% and 1% respectively.

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