India Ratings and Research (Ind-Ra) opines the 10.3% yoy growth of India’s pharmaceutical market (IPM) during March 2021 was led by volume growth of 1.6% yoy (February 2021: declined 5.8% yoy), price growth of 5.1% (4.8%) and products launches at 3.6% (2.1%), attributed to acute therapy products, primarily in anti-infective, gastro and vitamins segments. IPM FY21 growth was 2% yoy lower than Ind-Ra’s earlier estimates (3%-5%), due to a higher-than-estimated impact of lockdowns / local restrictions on acute therapy products. However, we estimate the market growth to rebound to 8-10% during FY22 as we have started witnessing higher sales of acute therapy products partially aided by lower base impact of FY21.
During 4QFY21, IPM grew 5.3% yoy, led by a volume decline of 2.4% yoy (3QFY21: declined 1.9% yoy), price growth of 5.0% (4.9%) and products launches at 2.7% (3.4%). On moving average total (MAT) for the past 12 months, the growth was 2.1% for March 2021.
Therapy-wise Performance: Acute
therapies such as gastro and vitamins witnessed sales growth of 21.6% yoy and 22.2%
yoy, respectively, while anti-infectives grew 8.5% yoy during March 2021. Growth
underperformance was observed in chronic therapies during the month, with cardiac
and anti-diabetic growing 6.3% yoy and 0.3% yoy, respectively. However, on a
MAT March 2021 basis, a growth outperformance was observed across these
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