Anti-infective, gastro, and respiratory drugs saw double-digit growth of 17.2%, 10.7%, and 19.2% compared to the last 2 years according to an Indian pharma industry performance report by a market research firm called Pharmarack.
How much has the demand increased in comparison to 2022?
Although the demand had been stagnant during and over 2022, an 8.8% growth in demand was observed in 2024 with all the therapeutic areas displaying a positive development.
Drugs belonging to the cardiac therapy category have remained stagnant following the usual trend over the past few years. Painkillers and analgesics have seen a seasonal monsoon uptick over the past 2 months. Sales of neuro, derma, and gynecological-related drugs have been steady over the last year.
Majority of the therapy value trend is in sync with the long-term trend line for the therapy. However, each therapy has a few companies that have substantially driven the growth for the therapy. For the month of June 2024 majority of the top players have shown an encouraging value growth.Sheetal Sapale, Vice-President (Commercial), Pharmarack
Sheetal Sapale, vice-president (commercial) at Pharmarack also added that while most therapy areas displayed positive growth, some therapies, which typically experience a seasonal growth spurt after the first half of the year, began showing growth from June onwards.
A 7.6% increase in the Moving annual turnover is observed in the pharmaceutical market (July 2023-June 2024) despite a slight decrease in domestic market volumes by 0.1%.This results in a total turnover of almost Rs 2 trillion in the pharmaceutical market.
The most common and popular treatments such as cardiac (9.7%), anti-infectives (8.7%), and gastrointestinal (8.4%) displayed a strong volume growth in their MATs and they overall account for 38% of the Indian pharma market.
(Input from various sources)
(Rehash/Gayatri Prakasan/MSM)