Pharma Analysis: Indian Pharma Market Reports 6.3% Growth in August 2023
Pharma Growth Overview
The Indian pharmaceuticals market displayed a notable growth of 6.3% in August 2023, as reported by research firm Awacs. This follows the 6.1% growth noted in July and a 5.1% increase in the same month last year. The growth has primarily been driven by price increases and new product launches, while volume growth saw a decline of 1.7%.
Performance of Therapeutic Segments
- Cardiac therapies reported strong performance.
- Anti-infectives and anti-diabetic drugs also contributed significantly.
- Dermatological products remained resilient amidst market challenges.
Market Predictions and Expectations
India Ratings expects the Indian Pharma Market (IPM) to grow between 8-9% for the current financial year, a rebound from 6.5% in the previous year.
Top Performers
- Torrent Pharma: 12.7% YoY growth, leading the market.
- Ajanta Pharma: 9.9% growth.
- Abbott India: 9.5% growth.
- Glenmark Pharmaceuticals: 9.4% growth.
- Lupin: 8.7% growth.
Challenges and Struggles
Despite overall positive trends, several companies have faced growth declines. Zydus Lifesciences reported modest growth at 1.9%, while GlaxoSmithKline reported just 1.3%. Sanofi India experienced a significant decline of -6.0%.
Conclusion
The pharmaceutical industry continues to showcase resilience in its growth trajectory, but companies must address volume challenges to sustain future growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.