Indian Economy News

Indian pharmaceutical market registers over 8% growth in June 2024

The Indian pharmaceutical market has demonstrated a strong growth of 8.8% in June 2024, driven by positive value growth across all major therapies. According to the market research firm Pharmarack, respiratory, anti-infectives, and gastrointestinal therapies have shown remarkable growth rates of 19.2%, 17.2%, and 10.7%, respectively. This growth can be attributed to the positive drivers across new introductions, price-based growth, and volume growth. The moving annual turnover (MAT) for IPM between July 2023 and June 2024 stood at 7.6%, resulting in a total turnover of over Rs. 2 trillion (US$ 24.01 billion).

The growth in MAT for leading therapies such as cardiac, anti-infectives, and gastrointestinal has been particularly robust, with volume growth rates of 9%, 8.7%, and 8.4%, respectively. These three therapy areas constitute around 38% of the IPM. Top players in the market, including Fourrts, FDC, Aristo, Cipla, and Glenmark, have registered significant monthly value growth, with GSK's Augmentin and USV's Glycomet GP emerging as the top-selling medicine brands. This growth trend is expected to continue, driven by the increasing demand for quality healthcare products in the Indian market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.