Pharma Market Registers A Growth Of 9.5% In March 2024

New Delhi: The Indian Pharmaceutical Market (IPM) saw a 9.5 per cent growth in March 2024 on the back of all major therapy areas showing positive value growth, according to market research firm Pharmatrac.

Growth in the moving annual turnover (MAT or previous 12 months’ turnover) between April 2023 and March 2024 was 6.5 per cent, leading to a total turnover of Rs 1.98 trillion, while volumes in the domestic market dipped by 1 per cent.

“Almost all therapies have shown positive value growth, except for respiratory, which recorded negative value growth. Price growth percentage has continued to be positive, whereas volume growth percentage is negligible for March 2024,” said Sheetal Sapale, vice-president (commercial) at Pharmarack.

Among the leading therapies, cardiac, anti-infectives, and gastro-intestinal have shown relatively robust volume growth at 7.5 per cent, 6.8 per cent, and 5.8 per cent respectively, in MAT figures.
Together the three therapy areas constitute 37.5 percent of IPM. Interestingly, gastro-intestinal therapies saw a decline in unit sales (or volumes), whereas anti-infective unit growth rate remained the same, according to data.
Among the companies, while the top players registered modest monthly value growth in the domestic market, players such as Fourrts (21.1 per cent), Corona (20.3 per cent), Cadila (15.3 per cent), and Alkem (15.1 per cent) posted significant monthly value growth in March 2024.
GSK’s antibiotic drug Augmentin and USV’s anti-diabetic drug Glycomet GP continued to be the top-selling medicine brands for March 2023, with sales figures of Rs 730 million and Rs 590 million respectively.

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