India Pharma - IPM Growth Moderates In December: Motilal Oswal
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Motilal Oswal Report
Indian pharma market grew 5.3% YoY in December 2021 (versus up 6.6%/up 8.5% YoY in November 2021/December 2020).
Respiratory/ophthalmology/pain grew 21.7%/13.7%/13.5% YoY.
At the therapy level, anti-infective (down 2.8% YoY), vitamins-minerals-nutrients (up 1% YoY), and anti-diabetic (up 1.3% YoY) dragged down YoY growth.
Non-Covid-19 drugs grew 4.7% YoY in Dec-21. Covid-therapy drugs grew 6.4% YoY in Dec-21.
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