Mumbai: India’s pharmaceutical market continues to grow in single digits, though the growth has remained consistent so far, a report by Nomura has revealed. Sales have grown 9% YoY for November, a decline from 9.5% recorded in October this year. The sector last recorded single-digit growth in October 2023 mostly due to seasonal reasons, the report added.
The growth was led by cardiac and anti-diabetic drug segments, which recorded the fastest expansion amongst therapy classes, with cardiac therapy recording 16% rise in sales and anti-diabetic drugs recording a 13% rise. Other major therapies included neurotherapy and gynaecology, which have grown at around 11% each, while other segments have seen about 4-8% growth in sales.
The market has been facing several structural challenges over the years, primarily with stiff competition in the generics space and increasing regulatory scrutiny that has kept prices low and margins stagnant as a result.
In terms of value sold, Sun Pharmaceuticals records the fastest growth in November, with almost 15% growth year on year. Glenmark and Lupin were not far behind with over 13% rise in growth.
Overall, the top 40 brands saw a growth of 5.4% in sales, although below the overall growth of 9.1%. Large brands like Glenmark Pharmaceutical’s Telma, GlaxoSmithKline Pharmaceuticals’ Augmentin and Cipla’s Dytor saw strong value growth, while sales of semaglutide-based brand Rybelsus fell 31% after globally acclaimed brands like Wegovy and Mounjaro entered the fray in India.
