New Delhi: In an impressive kickoff to 2024, the Indian pharmaceutical market surged by 8%, reaching a substantial Rs 17,937 crore in January, as per IQVIA's market research data.
The Total Secondary Sales (TSA) for the industry recorded a growth of 10.1% in the Moving Annual Total (MAT) Jan'24, amounting to Rs. 214,476 Cr. Notably, within the same month, TSA touched Rs. 17,937 Cr, reflecting a growth of 7.9%. The Secondary Sales Audit (SSA) category stood at Rs. 181,238 Cr, indicating a 9.9% growth in MAT Jan'24 and a Rs. 15,171 Cr valuation for January 2024 alone, showcasing an 8.0% growth.
The report delves into transformative shifts in market shares among major pharmaceutical players, with Intas, Abbott, and Cipla exhibiting notable growth. The market saw the entry of new players like Loreal India, Mother Sparsh Baby, and Wonset Healthcare, adding dynamism, along with 14 brand transfers and 1986 Stock Keeping Units (SKUs) experiencing Price to Retailer (PTR) adjustments.
In-depth trend analysis of the Indian Pharmaceutical Market (IPM) across therapeutic categories reveals dynamic patterns. Cardiac, Anti-Diabetic, and Gastrointestinal categories showed remarkable growth, with specific drugs such as Enoxaparin and Meropenem showcasing 20% and 22% growth rates. The Dermatology market stood out with Emollients & protectives leading at 156 Cr, growing by 10%, and Sunscreens displaying the highest growth at 23%.
Within the Respiratory sector, Formoteral+Budesonide led with an 18% growth rate. The Neuro therapy segment featured Levetiracetam as the top contributor with 94 Cr in sales and an 8% growth rate. Tadalafil emerged as the leader in Urology therapy with a notable growth rate of 26%, while the Ophthalmology therapy, led by Methyl Cellulose, witnessed the highest sales of 40 Cr, despite a 2% degrowth.
Moving on, market share dynamics revealed shifts for major pharmaceutical companies like Mankind, Alkem, Macleods, and Dr. Reddy's Laboratories (DRL). Among the top 10, Intas, Abbott, and Cipla demonstrated the highest growth, with Aristo emerging as the fastest-growing company at the MAT level. Notable improvements were seen for Zydus, Glenmark, USV, and Emcure, while some witnessed a decline.
The "Star Brands of the Month" section highlighted Foracort's dominance with an impressive 20% growth. Sun Pharma maintained its top position among companies, while FDC and Ajanta showed improvement in their ranks.
The comprehensive analysis further unveiled an 8% growth for Indian companies and 7% for MNCs, with the acute segment witnessing a 6% growth and the chronic segment showing an 11% growth in January 2024.
Significant changes in Price to Retailer (PTR) across the pharmaceutical industry, particularly affecting the top 50 brands, were observed. A total of 1986 Stock Keeping Units (SKUs) underwent PTR adjustments, indicating a dynamic pricing landscape. Notable brands within the top 50 that experienced PTR changes include Foracort, Augmentin, Thyronorm, Liv-52, Udiliv, Azithral, Budecort, Rantac, Pantop, Volini, Gemer, Pantop-D, and Gluconorm-G.
Moreover, the dataset for January 2024 revealed noteworthy developments with 622 new packs introduced during the month, including prominent names like Loreal India, Mother Sparsh Baby, and Wonset Healthcare. These introductions contribute to the evolving product portfolio within the pharmaceutical sector, bringing diverse offerings to consumers. The dataset also highlighted 14 brand transfers, indicating shifts in brand ownership or changes in marketing strategies among pharmaceutical companies.
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