Business

India’s Pharmaceutical Market Grows 5.3% in September, Driven by Key Therapies

Urology, cardiac, and dermatology treatments led the way with value growth rates of 11.8%, 9.7%, and 9.5%, respectively, contributing significantly to the market's overall expansion.

• By Newsdesk
• New Delhi
• Oct 12, 2024

Business

In September 2024, the Indian pharmaceutical market (IPM) saw a 5.3% growth, according to a report by Pharmarack, with notable gains across several major therapeutic areas. Urology, cardiac, and dermatology treatments led the way with value growth rates of 11.8%, 9.7%, and 9.5%, respectively, contributing significantly to the market's overall expansion.

While the IPM recorded a volume decline of 2.3% during the same period, some therapy areas managed to buck the trend. Anti-diabetic and urology treatments stood out with value growth rates of 3.1% and 5.4%, respectively, providing a boost to the market. 

Sheetal Sapale, Vice-President (Commercial) at Pharmarack, explained that the rise in the anti-diabetic segment was largely driven by the entry of branded generics, which took advantage of the expiration of patents on several molecular combinations. “The value growth for the quarter ending September 2024 was primarily driven by price increases, while volume growth contributed only minimally. In fact, volume growth for September 2024 was negative,” Sapale noted.

The report further highlighted an 8.5% increase in the moving annual turnover (MAT) for the IPM from October 2023 to September 2024, reaching over ₹2.17 trillion. The mean annual growth rates in key therapeutic segments, such as cardiovascular, gastrointestinal, and anti-infective drugs—which account for approximately 38% of the market—showed robust value growth of 12.5%, 9.9%, and 6.3%, respectively, indicating strong demand in these areas.