The Indian pharma market grew by 6.1% during November, driven by continued traction in the older segment. The Sharp segment also grew at last year’s low.
The COVID medical drugs, which contributed to the growth of the pharma market, continued to drive growth during the first half of the year. According to data from Motilal Oswal Financial Services, sales of non-Covid drugs grew 6.7% year-on-year during November, surpassing the 6.3% growth in sales of Covid drugs. Notably, the growth of non-Covid drugs improved month-on-month.
Data from India Ratings shows that the recovery from 6% year-on-year growth rate in therapies such as cardiac care and anti-diabetic drugs helped the growth in the chronic segment. Cardiac care drugs declined 1% year-on-year during October, while anti-diabetic drugs saw a 1% year-on-year decline in the month.
In acute treatments, gastro, respiratory and pain and analgesics increased by 13.1% YoY, 16.3% YoY and 17.3% YoY, respectively.
However, growth in volume terms remained flat year-on-year during November. It was a 5.4% increase in prices and new product launches, driven by Acute Therapy products, that helped IPM grow in the month. Analysts at Nomura Research said that over the past 12 months, price growth has remained strong, while volume growth has been weak, except in April 2021 and May 2021, due to a low base from last year.
Among companies, Ipca Laboratories outperformed with a year-on-year growth of 24.7%, AstraZeneca Pharma India Ltd with a growth of 22.1% and Torrent Pharmaceuticals with a growth of 19.1%. Ajanta Pharma also impressed with a rise of 17%, Sun Pharmaceutical with a growth of 15.4%, Aristo Pharmaceuticals with a growth of 13.9%.
“We have observed that the average two-year CAGR over the past four months has been ahead of IPM for Sun Pharma, Cipla Ltd., Torrent Pharmaceuticals, Dr Reddy’s Laboratories and Ipca Laboratories,” said analysts at Nomura Research. On the other hand, according to Nomura, for Cadila Healthcare Ltd., Lupine Ltd., Alkem Laboratories Ltd., GlaxoSmithKline Pharmaceuticals Ltd., Pfizer Ltd. and Glenmark Pharmaceuticals Ltd., the average two-year CAGR in the last four months has been below IPM.
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