The Indian pharma market (IPM) witnessed a healthy double-digit growth of 12.4% year-on-year in September. However, the growth rate slowed down compared to the jump of around 18% seen in August.
Growth in September was led by a rebound in the Sharp segment. The segment saw a modest growth in sales in 2020 and kept the growth of IPM moderate during the year. Sharp segment sales during September registered a year-on-year growth of 17.6 per cent. On the other hand, chronic therapy grew 7.3% annually.
Among the treatments, the respiratory, analgesic, gynecological segments were the better performers, showing an increase of 45.8%, 28.1%, 17.3%, respectively, during the month. According to the analyst report, the cardiac, diabetes, vitamin and mineral segments have shown marginal growth of 2.7, 6.8% and 2.4%, respectively.
New product launches declined in the month, registering 2.5% year-on-year growth, while volume and price growth of 6.3% and 5.8% YoY supported IPM momentum.
Among the companies, Dr Reddy’s Laboratories Ltd and Ipca Laboratories Ltd were among the outperformers with year-on-year growth of 34.9% and 19.8%. Analysts at Motilal Oswal Financial Services Ltd said Ipca posted a strong uptick in pain products (Zerodol franchise which contributes 32% of sales) which grew 42%, driving Dr Reddy’s growth to the respiratory segment (11% of sales). %) was supported. growing at the rate of 57% annually.
Among the top 30, Indoco Remedies Ltd., Wockhardt Ltd. registered 36.7% and 31% y-o-y growth respectively.
With Covid-19 cases declining, Glenmark Pharmaceuticals sales declined 19% YoY in September. Lupine, Cipla and Cadila Healthcare also posted below industry growth rates during September.
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