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Indian Pharmaceutical Market Sees Strong 8.8% Growth in June 2024
Notable growth rates were observed in respiratory, anti-infectives, and gastrointestinal therapies, which saw increases of 19.2%, 17.2%, and 10.7%, respectively.
- By Newsdesk
- New Delhi
- Jul 11, 2024
The Indian pharmaceutical market experienced a robust growth rate of 8.8% in June 2024, fueled by significant value growth across all major therapies, according to market research firm Pharmarack. Notable growth rates were observed in respiratory, anti-infectives, and gastrointestinal therapies, which saw increases of 19.2%, 17.2%, and 10.7%, respectively. This expansion is driven by new product introductions, price-based growth, and increased volume.
The moving annual turnover (MAT) for the Indian Pharmaceutical Market (IPM) from July 2023 to June 2024 stood at 7.6%, culminating in a total turnover exceeding Rs. 2 trillion (US$ 24.01 billion). Leading therapies such as cardiac, anti-infectives, and gastrointestinal have shown particularly strong volume growth, with rates of 9%, 8.7%, and 8.4%, respectively. These three therapy areas account for approximately 38% of the IPM.
Top pharmaceutical companies, including Fourrts, FDC, Aristo, Cipla, and Glenmark, have reported significant monthly value growth. Notably, GSK's Augmentin and USV's Glycomet GP emerged as the top-selling medicine brands. This growth trend is expected to persist, driven by the increasing demand for high-quality healthcare products in India.