Indian pharmaceutical market advances by 9.5% in March 2024

By Sneha Sengupta • Published on April 8, 2024 at 9:44 PM IST

2 min read

According to market research firm Pharmatrac, the Indian Pharmaceutical Market (IPM) grew by 9.5% in March 2024 as a result of positive value increase in all main therapy areas.

Between April 2023 and March 2024, there was a 6.5% growth in the moving annual turnover (MAT, also known as the previous 12 months’ turnover), resulting in a total turnover of Rs 1.98 trillion. Meanwhile, domestic market volumes decreased by 1%.

“Almost all therapies have shown positive value growth, except for respiratory, which recorded negative value growth. Price growth percentage has continued to be positive, whereas volume growth percentage is negligible for March 2024,” stated Sheetal Sapale, vice-president (commercial) at Pharmarack.

According to MAT data, the three most effective therapies—cardiac, anti-infectives, and gastrointestinal—have experienced quite significant volume increases, growing by 7.5%, 6.8%, and 5.8%, respectively.

The three therapeutic areas combined make about 37.5% of IPM. It’s interesting to note that while anti-infective unit growth rate stayed constant, statistics showed a fall in unit sales (or volumes) for gastro-intestinal medicines.

Companies like Fourrts (21.1%), Corona (20.3%), Cadila (15.3%), and Alkem (15.1%) saw notable monthly value growth in March 2024, whereas the leading players in the home market only saw small monthly value growth.

With sales of Rs 730 million and Rs 590 million, respectively, GSK’s antibacterial drug Augmentin and USV’s anti-diabetic drug Glycomet GP remained the best-selling pharmaceutical products in March 2023.

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