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)
