The Indian pharmaceutical market (IPM) experienced notable growth in March 2024, with a 9.5% increase attributed to positive value growth across major therapy areas, according to Pharmatrac, a leading market research firm. Despite a 1% decline in domestic market volumes, the moving annual turnover (MAT) between April 2023 and March 2024 rose by 6.5%, reaching a total turnover of Rs 1.98 trillion. Here’s an in-depth look at the trends and developments shaping the pharmaceutical sector in India:

Positive Growth in Major Therapy Areas

Nearly all therapy areas demonstrated positive value growth in March 2024, except for respiratory, which saw a negative value growth. While price growth remained positive, volume growth was negligible during this period, according to Sheetal Sapale, Vice President (Commercial) at Pharmarack.

Leading Therapy Areas

Among the leading therapy areas, cardiac, anti-infectives, and gastro-intestinal segments exhibited relatively robust volume growth at 7.5%, 6.8%, and 5.8% respectively, in MAT figures. Together, these three areas constitute 37.5% of the IPM. Notably, while gastro-intestinal therapies experienced a decline in unit sales, the unit growth rate for anti-infectives remained steady.

Company Performance

Top pharmaceutical companies witnessed modest monthly value growth in the domestic market. However, certain players such as Fourrts (21.1%), Corona (20.3%), Cadila (15.3%), and Alkem (15.1%) recorded significant monthly value growth in March 2024.

Top-Selling Medicine Brands

GSK’s antibiotic drug Augmentin and USV’s anti-diabetic drug Glycomet GP retained their positions as the top-selling medicine brands for March 2023, with sales figures of Rs 730 million and Rs 590 million respectively.

Key Highlights

Strong Monthly Growth: The Indian Pharmaceutical Market (IPM) witnessed a robust 9.5% growth in March 2024. Moving Annual Turnover: Despite a 1% decrease in domestic market volumes, the moving annual turnover (MAT) for April 2023 to March 2024 marked a 6.5% growth, totaling Rs 1.98 trillion. Therapy Area Performance: Cardiac, anti-infectives, and gastro-intestinal segments showed significant volume growth, constituting a substantial portion of the IPM. Company Performance: While top players experienced modest growth, certain companies like Fourrts, Corona, Cadila, and Alkem exhibited substantial monthly value growth. Top-Selling Brands: GSK’s Augmentin and USV’s Glycomet GP remained the top-selling medicine brands for March 2023.

Overall, the pharmaceutical sector in India continues to demonstrate resilience and growth, driven by various factors such as therapy area performance, company strategies, and market dynamics.

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As an editor at Atom News, Ira Chatterjee combines her passion for storytelling with a commitment to journalistic integrity. Ira Chatterjee editorial expertise lies in technology and lifestyle, ensuring that our readers stay informed about the latest trends and innovations.