New Delhi: Global pharmaceutical companies currently hold 60 percent of value share in India’s vaccine market, marking a notable presence in the country’s pharmaceutical landscape, according to data from research firm PharmaTrac, as reported by the Economic Times (ET).
India’s vaccine market, which faced challenges during the Covid-19 pandemic, is gradually rebounding, with multinational corporations (MNCs) resuming their growth trajectory, as indicated by PharmaTrac’s findings.
Although domestically manufactured vaccines are gradually gaining traction, certain vaccines continue to be dominated by MNCs. For instance, Pfizer’s Prevenar 13, a pneumococcal vaccine, outperformed its Indian counterpart, Serum Institute of India’s (SII) Pneumosil vaccine, with significantly higher revenue in January. Pfizer’s Prevenar 13 generated Rs 61.3 crore in revenue, while SII generated Rs 21.2 crore.
Driven by their premium-priced products, MNCs are experiencing accelerated growth in market share compared to local drug manufacturers despite the latter’s robust volume growth. Among the leaders in India’s vaccine market is British pharmaceutical giant GlaxoSmithKline.
PharmaTrac’s analysis suggests that while MNCs exhibit relatively slower value growth rates, their unit growth closely mirrors that of Indian corporations, highlighting their competitive stance in the market.
In December 2023, PharmaTrac reported that the loss of patents for key drugs in multinational pharmaceutical companies had paved the way for higher growth rates among Indian pharma firms. However, this report was specific to chronic and sub-chronic therapy segments.
The expiration of patents for various cardiac and diabetes drugs, such as Vildagliptin and Sacubitril-Valsartan, allowed Indian companies to launch generic versions swiftly. However, smaller corporations faced challenges amid this transition.