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March 2024 Witnesses 9.5% Surge in Indian Pharmaceutical Market
Over the period between April 2023 and March 2024, the moving annual turnover (MAT) expanded by 6.5%, reaching a total turnover of Rs 1.98 trillion.
- By PharmaNews Live Desk
- New Delhi
- Apr 09, 2024
India's pharmaceutical sector experienced a notable upswing in March 2024, with a growth rate of 9.5% across all major therapy segments, as per findings by market research firm Pharmatrac.
Over the period between April 2023 and March 2024, the moving annual turnover (MAT) expanded by 6.5%, reaching a total turnover of Rs 1.98 trillion. In March 2024, the Indian pharmaceutical market (IPM) recorded sales of about Rs 16,158 crore with a positive value growth, the research data revealed.
Despite a 1% decline in domestic market volumes, the industry showcased strong performance. “The Indian pharmaceutical market (IPM) for the month of March has a very robust growth of around 9.5% which is quite encouraging with the majority of therapies showing a positive value growth except the respiratory. Price growth continues to be positive whereas volume growth is negligible for the month of March,” said Sheetal Sapale, VP, commercial, Pharmarack, as quoted by the media outlets.
Insights from Pharmatrac showcased positive value growth in nearly all therapy areas including cardiac, anti-infectives, dermatology, neurology, neoplastic and vaccines, except respiratory, which saw a decrease.
In fact, the cardiac, anti-infectives, and gastro-intestinal therapies emerged as leading segments, collectively representing 37.5% of the Indian Pharmaceutical Market (IPM).
Major pharmaceutical entities such as GSK, Fourrts, Corona, Cadila, and Alkem witnessed notable monthly value growth in March 2024.
Additionally, GSK’s antibiotic drug Augmentin and USV’s anti-diabetic drug Glycomet GP retained their positions as favorites in March 2023, , with sales figures of Rs 730 million and Rs 590 million respectively.