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After the lows of October, India’s pharmaceutical market grew by more than 10% for the second straight month in December.
Industry sales rose 10.4% year-on-year in December against a 5.3% year-on-year increase in December 2021 and 17.3% growth in November this year, according to data from the All Indian Origin Chemists and Distributors.
“The Indian pharmaceuticals market continued to deliver a healthy growth in December 2022, driven by robust performance in five out of ten therapies, which comprise 86% of the pharma market,” said Krishnanath Munde, associate director at India Ratings.
“Price has been the key growth driver of the overall market performance in December 2022,” Munde said.
India Ratings expects the overall market to grow in the 9–10% range during the remaining three months of this fiscal. This is in line with the industry’s 9.1% average year-on-year growth in the first nine months of FY2023.
Commenting on the overall near- to mid-term outlook, India Ratings expects the Indian pharma market to grow in the range of 10%–13% year-on-year, Munde told BQ Prime.
According to AIOCD, the moving annual total—or 12-month rolling sales—of overall pharma products rose 8% in December.
The performance of some key listed pharmaceutical companies based on AIOCD data-
‘Higher-Than-Market’ Growth
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FDC Ltd. reported the highest year-on-year growth of 24% in December, followed by Alkem Laboratories Ltd.’s 17% and Alembic Pharmaceuticals Ltd.’s 16% year-on-year growth.
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Cipla Ltd., Eris Lifesciences Ltd., and Abbott India Ltd. grew 14%, 13%, and 12%, respectively, over a year ago.
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Glenmark Pharmaceuticals Ltd. and JB Chemicals & Pharmaceuticals Ltd., too, outperformed the market with 11% year-on-year growth.
‘In-Line With Market’ Growth
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Torrent Pharmaceuticals Ltd., GSK Pharmaceuticals Ltd., and Indoco Remedies Ltd. reported 10% growth in line with market performance.
‘Lower-Than-Market’ Growth
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Zydus Lifesciences Ltd. and Dr. Reddy’s Laboratories Ltd. reported a growth of 9%.
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While Sun Pharmaceutical Industries Ltd. and Ajanta Pharma Ltd. reported growth of 6% and 5%, respectively, Lupin Ltd. and Sanofi India Ltd. reported low single-digit growth of 2% and 1%, respectively.
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Pfizer Ltd. underperformed, reporting no growth over last year, while Ipca Laboratories Ltd. reported a 3% decline in its growth.
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