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Industry sales were up 5.3% in comparison with 14.1% over the same period last year. Sales had risen 6% this June, according to data from the All Indian Origin Chemists and Distributors Ltd.
“Indian pharmaceuticals market continues to deliver mid-single growth in the month of July partly due to high base last year and challenges in volume growth which has been negative in the last four months,” said Krishnanath Munde, associate director at India Ratings and Research Pvt.
On a positive note, new launches growth has shown an improvement from 1.8% in January to 3.1% in July. The price growth has been stable at around 5–6%, Munde told BQ Prime. “India Ratings maintains (that) its Indian pharma market growth estimates for FY24 would be 10–11% year-on-year.”
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Volume declined 3% versus a 6.3% rise last year.
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Prices increased by 5.2% year-on-year as compared with 6.3% last year.
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New product launches registered a growth of 3.1% against a rise of 1.5% over the previous year.
On a January-July basis, growth in the average price and new products was 5.5% and 3.2% respectively, while volume growth contracted 1.3%.
Overall, the average Indian pharma market growth remained healthy at 7.4% year-on-year, according to Munde.
According to data from the AIOCD:
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Sales of gynaecological, cardiac and dermatological products rose the most between 7–8%.
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This was followed by neurological and pain segment, which rose around 6%.
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Vitamins, anti-diabetic and gastroenterology grew by 5%, while respiratory segment reported a growth of 1.3%.
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Anti-infectives segment reported a fall in growth of 3%.
The moving annual total, or 12-month rolling sales of overall pharma products, rose 9.2% in July, according to the AIOCD. That compares with 6.7% in July 2022 and 13% in July 2021.
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