India Ratings and Research (Ind-Ra) highlights that the Indian pharmaceutical market (IPM) continued to deliver slow growth of 6.6% yoy in November 2021 compared to 5.0% in October 2021, led by flattish volume growth and subdued new launches. The acute therapy segment performed lower than sub-chronic and chronic segments in November 2021.

Ind-Ra highlights that the acute segment has been showing a robust performance since March 2021 (average growth at 29% yoy). Post normalisation of the high growth months of April 2021 (51.5% growth) and May 2021 (47.8%) led by the lockdown related lower base last year and higher volume growth, the average IPM growth from June to November 2021 has been healthy (11.6% yoy). In terms of growth drivers, the price growth, new product launches growth and volume growth stood at 5.6%, 3.3% and 6.3% yoy, respectively, which led to overall IPM size of INR1,664 billion in November 2021 (October 2021: INR1,656 billion).


Acute Therapies Reported Slower Growth than Chronic Ones: The acute therapy segment reported sales growth of 6.0% yoy (October 2021: 8.1% yoy; September 2021: 17.3% yoy), while chronic and sub-chronic therapy segments reported growth at 7.2% yoy (1.9% yoy; 7.4% yoy) and 6.7% yoy (2.9%; 8.9%), respectively, in November 2021. During FY21, the acute therapy segment reported negative growth on account of COVID-19 while the chronic therapy segment reported average growth of 7.0% in the same period. 



Top Five Therapies Contribution stood at 57% of IPM:
These therapies are cardiac (chronic; 13.0% of IPM), anti-infectives (acute; 14.3%), gastro-intestinal (acute; 11.6%), anti-diabetic (chronic; 9.4%) and vitamins (acute; 9.0%).

Figure 3
Performance of Top Five Companies in Top Five Therapies in IPM

Company/Therapy; INR million

MAT Nov 21

Growth yoy

% total

Nov 21

Nov 20

Nov 19

Nov 18

Cardiac

Sun

23,092

7.9

10.7

2,056

1,725

1,654

1,611

Torrent

15,500

7.0

7.2

1,315

1,161

1,138

1,005

Lupin

15,342

10.6

7.1

1,218

1,175

1,048

942

Usv

10,576

7.8

4.9

913

821

796

702

Emcure

10,200

28.2

4.7

684

779

601

526

Anti-Infectives

Aristo

23,229

39.6

9.8

1,855

1,593

1,670

1,237

Alkem

21,532

18.5

9.0

1,649

1,739

1,832

1,538

Cipla

20,520

29.3

8.6

1,492

1,776

1,305

1,163

Macleods

16,227

46.1

6.8

1,390

1,103

1,109

938

Mankind

14,864

18.2

6.2

1,245

1,055

1,275

1,016

Gastro Intestinal

Abbott

21,064

28.9

10.9

1,797

1,474

1,358

1,132

Sun

16,833

20.1

8.7

1,472

1,245

1,228

1,070

Alkem

10,676

15.8

5.5

866

803

730

685

Aristo

9,612

30.2

5.0

773

657

563

451

Torrent

9,274

28.4

4.8

812

648

586

493

Anti-Diabetic

Abbott

19,483

10.4

12.4

1,648

1,495

1,529

1,432

USV

14,811

2.4

9.4

1,206

1,198

1,196

1,140

Lupin

13,770

1.4

8.8

1,049

1,152

1,036

906

Sun

11,541

1.9

7.4

1,006

923

914

852

Sanofi India

10,682

8.0

6.8

872

779

782

777

Vitamins / Minerals / Nutrients

Abbott

11,647

11.5

7.8

815

958

767

678

Mankind

9,434

15.0

6.3

745

672

708

599

Alkem

8,410

18.6

5.6

614

663

542

491

Torrent

6,740

17.4

4.5

562

478

462

415

Sun

6,377

25.7

4.3

540

480

406

331

Source: AIOCD-AWACS, Ind-Ra

 

Note: Sun = Sun Pharmaceutical Industries Ltd; Torrent Pharma = Torrent Pharmaceuticals Ltd (IND AA/Stable); Lupin = Lupin Ltd; Alkem = Alkem Ltd (IND A1+); USV = USV Ltd; Cipla = Cipla Ltd (IND AAA/Stable); Mankind = Mankind Pharma Ltd; Abbott Labs = Abbott Laboratories Ltd; Dr. Reddy’s Labs = Dr. Reddy’s Laboratories (IND AA+/Stable); Sanofi India = Sanofi India Ltd; Macleods = Macleods Pharmaceuticals Ltd; Aristo = Aristo Pharmaceuticals Private Limited; Emcure = Emcure Pharmaceuticals Limited; Apex = Apex Laboratories Private Limited.

Figure 4
Performance of Top Five Group Class in Top Five Therapies in IPM

Therapy/group names; INR million

MAT Nov 21

Growth yoy

% total

Nov 21

Nov 20

Nov 19

Nov 18

Cardiac

2,16,157

9.5

100.0

17,751

16,697

15,428

13,691

Statins

21,184

6.9

9.8

1,821

1,619

1,575

1,412

Platelet Aggregation Inhibitors

16,082

11.8

7.4

1,437

1,208

1,126

1,019

Beta-Blocking Agents, Plain

15,994

7.9

7.4

1,357

1,266

1,166

1,074

Angiotensin Ii Antagonists + Diuretics

15,864

-1.9

7.3

1,270

1,300

1,305

1,163

Angiotensin-Ii Antagonists, Plain

15,047

-3.1

7.0

1,184

1,263

1,236

1,096

Anti-Infectives

2,38,045

26.4

100.0

18,052

18,251

18,115

15,497

Cephalosporins

77,649

26.9

32.6

6,457

5,558

6,636

5,482

Broad Spectrum Penicillins

30,577

14.9

12.8

2,862

2,339

2,833

2,295

Antivirals, Excluding HIV Products

23,177

36.5

9.7

828

2,371

896

1,111

Macrolides And Similar Types

21,157

20.5

8.9

1,651

1,649

1,654

1,351

Systemic Agents For Fungal Infections

18,251

17.5

7.7

1,292

1,412

1,586

1,362

Gastro Intestinal

1,93,487

21.5

100.0

15,692

13,877

13,446

11,825

Gastroprokinetics

42,219

18.2

21.8

3,520

3,180

3,025

2,699

Anti-Ulcerants Acid Pump Inhibitors

23,670

17.6

12.2

1,942

1,750

1,781

1,473

Antidiarrhoeal Micro-Organisms

13,069

35.8

6.8

1,012

817

894

699

Intestinal Anti-Infective Antidiarrhoeals

11,761

17.1

6.1

848

809

839

746

Hepatic Protectors, Lipotropics

10,198

19.4

5.3

787

777

722

590

Anti-Diabetic

1,56,947

6.8

100.0

12,980

12,242

12,008

10,768

Oral Antidiabetics

1,21,912

6.4

77.7

10,160

9,543

9,359

8,259

Human Insulin Premix

10,544

3.3

6.7

823

851

865

847

Insulin Analogues Basal

8,957

11.0

5.7

728

666

614

611

Insulin Analogues Premix

4,306

2.9

2.7

350

342

358

356

Insulin Analogues Rapid

3,494

16.6

2.2

276

261

237

218

Vitamins / Minerals / Nutrients

1,49,626

16.9

100.0

11,477

11,381

10,652

9,293

Traditional Antioxidants (Multivit / Multimineral)

25,841

28.8

17.3

1,773

1,939

1,533

1,328

Calcium Products

24,920

9.3

16.7

2,075

1,897

1,994

1,789

Other Vitamins

22,673

22.3

15.2

1,625

1,684

1,458

1,243

B Complex

15,079

10.8

10.1

1,158

1,168

1,146

963

Protein Supplements

10,251

21.0

6.9

761

771

677

564

Source: AIOCD-AWACS, Ind-Ra

 

Figure 5
Therapies-wise IPM Growth Performance Since December 2020 (%)

Therapy-wise growth (%)

Dec 20

Jan 21

Feb 21

Mar 21

Apr 21

May 21

Jun 21

Jul 21

Aug 21

Sep 21

Oct 20

Nov 21

Anti-Infectives

5.2

-2.7

-11.3

8.5

134.4

14.6

17.9

30.2

29.2

15.0

5.3

-1.1

Cardiac

14.9

8.8

7.3

6.3

26.9

14.9

14.3

4.1

6.3

2.7

-1.1

6.3

Gastro Intestinal

16.2

14.3

9.9

21.6

56.8

14.7

16.0

19.6

21.9

15.5

9.8

13.1

Anti-Diabetic

9.9

5.3

4.3

0.3

13.1

7.5

7.1

3.3

8.6

6.8

1.2

6.0

Vitamins

14.0

12.2

8.6

22.2

75.8

20.2

21.1

10.5

10.6

2.4

-3.7

0.9

Derma

10.8

9.1

9.6

26.0

40.6

9.6

9.7

9.7

38.2

15.6

0.6

2.1

Respiratory

-8.7

-14.1

-20.3

-15.1

49.7

0.4

1.6

22.8

32.4

45.8

26.3

16.3

Pain/Analgesics

6.0

5.0

2.3

14.6

64.2

7.8

9.3

24.1

15.6

28.1

16.6

17.3

Neuro/CNS

9.2

6.7

5.1

9.6

21.3

7.8

7.4

8.2

14.0

10.8

5.4

9.7

Gynaecological

6.6

6.9

6.9

22.5

47.0

7.9

9.0

15.4

21.3

17.3

6.7

10.6

Anti-Neoplastics

8.1

-2.6

-3.3

10.9

38.7

5.3

6.8

0.3

0.6

-10.2

-1.1

-3.3

Blood Related

6.6

3.3

5.2

-1.4

2.3

5.2

5.4

7.3

8.1

10.1

11.9

10.6

Hormones

6.0

0.8

-0.4

1.4

6.0

-0.4

14.3

13.2

16.1

13.0

3.1

7.6

Ophthal

-2.3

-1.0

-2.8

-8.0

-3.2

-2.8

8.4

13.9

21.3

13.6

6.4

14.7

Vaccines

4.3

-7.7

-16.1

-2.7

-0.0

-16.1

-4.4

-10.4

-8.3

-24.8

-35.4

-35.6

Urology

16.0

13.7

9.8

8.7

13.2

9.8

9.3

11.0

12.1

9.5

6.2

8.4

Source: AIOCD-AWACS, Ind-Ra

 

NLEM: Drug price control has been a source of considerable agony to IPM. National List of Essential Medicines (NLEM) in India, which determines the basis of drug price regulation, consists 14.0% to 14.5% of the total IPM for the last four years.


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