Business

Indian Pharmaceutical Market Grows Over 6% in October 2024

Key therapeutic areas such as cardiac, dermatology, and diabetes treatments led the surge with value increases of 11.5%, 11.1%, and 9.4%, respectively, contributing significantly to IPM's growth.

• By Newsdesk
• New Delhi
• Nov 11, 2024

Business

The Indian pharmaceutical market (IPM) experienced a 6.1% growth in value for October 2024, as reported by Pharmarack, a market research organization. Key therapeutic areas such as cardiac, dermatology, and diabetes treatments led the surge with value increases of 11.5%, 11.1%, and 9.4%, respectively, contributing significantly to IPM's growth.

This value rise occurred even as the IPM saw a 1.8% drop in volume growth. According to Sheetal Sapale, Vice President (Commercial) at Pharmarack, market growth this month has been propelled by recent product launches and price increases.

In terms of the moving annual turnover (MAT), covering data from October 2023 to September 2024, the IPM reported a 7.7% rise, amounting to over ₹2.18 trillion. However, domestic volumes declined by 0.3% over this period.

The leading therapy categories—cardiac, gastrointestinal, and anti-infectives—account for approximately 38% of the IPM and showed strong annual volume growth rates of 12.2%, 9.1%, and 9.1%, respectively.

Most major companies in the market saw moderate monthly growth in value during October, with some standout performers. Companies such as Nutricia (30.6%), Bayer (19.6%), Corona (16.4%), and Glenmark (13.8%) recorded impressive value gains among the top 40 IPM players.

Notably, GSK's antibiotic Augmentin and Alkem Laboratories' Pan emerged as the top-selling brands in October, generating sales of ₹78 crore and ₹69 crore, respectively.