Pharma Market Growth Slows In October As Covid Therapies' Sales Fall
The Indian pharmaceutical market grew at its slowest pace in eight months in October as sales of Covid-19 therapies declined.
The industry value rose 5% over a year earlier, according to industry data cited in a Jefferies report. That compares with an 12.4% rise in September and 9.8% growth in October 2020, the report said.
This is the lowest growth rate post February, Jefferies said. "The sharp dip came as October had no benefit of base effect."
India Ratings & Research Pvt. said in a report that the 5% year-on-year growth "was due to price increases, as volumes were impacted due to lower Covid-19 product sales and a higher base impact". Volumes contracted 1.6% as prices rose 5.3% over the preceding year, it said. New product launches rose 1.4%, driven by acute therapy products.
Chronic segment grew the least at 1.7%.
Sub-chronic segment value rose 3.5% over a year earlier.
Acute therapy grew the most at 8.5%.
Based on data from All-Indian Origin Chemists & Distributors Ltd. cited by India Ratings (year-on-year):
Among major therapies, respiratory segment continued to deliver industry-leading growth at 26.3%.
This was followed by pain therapies, which rose 16.6%.
Cardiac and vitamins segment contracted 1.1% and 3.7%, respectively.
The moving annual total, or 12-month rolling sales, of pharmaceutical products in the country rose nearly 15%.
In October, Macleods Pharmaceuticals Ltd., Aristo Pharmaceuticals Pvt. and Emcure Pharmaceuticals Ltd. outperformed the market, led by improved performance of their acute therapies, India Ratings said.
Jefferies said while Ipca Laboratories Ltd., Torrent Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd. and Dr Reddy's Laboratories Ltd. outperformed, Cipla Ltd., Lupin Ltd., Alkem Laboratories Ltd., Cadila Healthcare Ltd. and Alembic Pharmaceuticals Ltd. underperformed.