HDFC Securities: Indian Pharma Market - Chronic Therapy: A Portfolio Prescription
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HDFC Securities Report
Domestic formulations business is the most sustainable and profitable part of Indian pharma companies. Its contribution to overall revenues has increased by 500 basis points to approximately 31% for our covered companies in the past seven years.
Companies have shifted focus towards the high-growth chronic segment. Cardiac is in a race to lead the India Pharma Market (IPM), displacing anti-infectives from its dominant position.
By 2030, cardiac and diabetes will become the top two therapies, accounting for approximately 27-30% of the market. In this report, we analyse the broad IPM trends, therapeutic shifts, incumbent’s progress in the chronic segment, and key determinants of success.
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