India IPM - Industry Growth Weakens Sharply In March: Motilal Oswal

Motilal Oswal Report

The India pharma market grew 1.3% YoY in March 2024 (versus 7.8% in February 2024 and 19.6% in March 2023). Growth was impacted by a sharp decline of 8%/7% in respiratory/anti-infective therapies.

Cardiac/derma/neuro grew 8.2%/6%/5.8% YoY in Mar-24.

In Q4 FY24, IPM grew by 5.7%, higher by 220 basis points on YoY basis due to strong growth of 13.9%/11.1% in urology/cardiac therapies, offset by a decline of 2.9%/2.2% YoY in respiratory/anti-infective therapies.

For the 12 months through March-24, IPM grew 7.6% YoY and prices/volume/new launches increased by 4.0%/0.7%/3.0% YoY.

Out of top 10 brands, Udiliv and Foracort (Rs 490 million/Rs 730 million) grew 23%/10% YoY in Mar-24.

Prevennar-13 (Rs 370 million) registered the highest growth of 42% YoY in Mar-24 in top 40 brands.

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