Indian pharmaceutical market registers 9.5% growth in March

Glaxo Smith Kline's Augmentin and USV's Glycomet GP retained their positions as the top-selling medicine brands in March.

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The Indian pharmaceutical market (IPM) reported a 9.5 percent increase in March. The IPM has shown a robust value growth with all therapies showing a positive value growth except respiratory.

Across therapy segments, the unit growth was -0.7 percent, according to data from research firm Pharmarack.

“While most of the corporates have shown double digit value growth, unit growth remains a challenge,” said Sheetal Sapale, Vice President-Commercial at Pharmarack.

The growth in sales in March was primarily contributed by value growth and new introductions. New introductions were primarily in the anti-diabetic segment.

There were a few patent expiries from the drug innovator companies and loss of exclusivity rights in recent months in these segments recently.  Iron supplement Orofer FCM lost its exclusivity in Oct 23. Thus, there are many launches in the hematinic market for Ferric carboxymaltose (FCM) products. Oral anti-diabetic drug Linagliptin from Boehringer Ingelheim was off patent last ,year and Eli Lilly's Dulaglutide came off patent in February 2024.

Also read: Essential medicines to be slightly costlier from April 1

In March, Alkem was among the few companies that reported positive unit growth and value growth. It had a 15.1 percent value growth and 11.3 percent unit growth in March. Other players like Cadilla, Fourrts and Natco Pharma also reported double digit value and unit growth in March.

Glaxo Smith Kline's Augmentin and USV's Glycomet GP retained their positions as the top-selling medicine brands in March. Augmentin achieved sales of Rs 73 crore in March. Both the products faced challenges in unit growth in March, while Augmentin reported a 10 percent value growth in the month.

Mankind's Manforce condom brand retained third position in March even though the product reported unit and value growth in the negative range. The brand posted sales of Rs 51 crore in March 2024. Cipla's Foracort inhaler as the respiratory segment retained the fourth position with Rs 50 crore sales in March.

Abbott's Type 2 diabetes/weight management drug Rybelsus demonstrated a remarkable double-digit value growth rate of 7 percent and a unit growth rate of 75 percent in March.

Also read: Piramal Alternatives invests Rs 110 crore in Biodeal Pharmaceuticals