What Factors Contributed to the 6.9% Growth of India's Pharma Market in May?
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Synopsis
Discover how the India pharma market achieved a significant 6.9% growth in May, influenced by booming chronic therapies. This article explores key insights and projections for the future of the industry.
Key Takeaways
- 6.9% growth in the India pharma market for May 2023.
- Strong performance in chronic therapies like cardiac and anti-diabetes.
- Indian companies hold 83% market share.
- Future growth projected at 7.8% by 2025.
- India ranks 3rd in volume and 14th in value globally.
New Delhi, June 17 (NationPress) The India pharma market (IPM) experienced a notable growth of 6.9 percent year-on-year in May, primarily fueled by robust performance in cardiac, respiratory, and anti-diabetes therapies, as reported on Tuesday.
During May, Indian pharmaceutical companies recorded a 6.6 percent growth, while multinational corporations (MNCs) achieved a remarkable 8.4 percent YoY increase.
In terms of acute therapy, growth was measured at 5 percent in May, marking the second month in a row of subdued year-on-year growth, according to a report from Motilal Oswal Financial Services Ltd.
For the twelve months leading to May, the IPM's growth stemmed from price increases, new product launches, and volume growth, which were recorded at 4.2 percent, 2.3 percent, and 1.1 percent YoY, respectively.
As of May, Indian pharmaceutical firms commanded a dominant 83 percent share of the IPM, leaving the remaining share to multinational companies.
Among the top 20 pharmaceutical companies in May, JB Chem (up 11.6 percent YoY), Glenmark (up 11.8 percent YoY), and Ajanta (up 10.6 percent YoY) showcased higher growth rates compared to the IPM.
Ajanta surpassed IPM growth, propelled by significant double-digit advancements in key therapies such as anti-diabetic and ophthalmic treatments. JB Chemicals also outperformed the IPM, thanks to impressive results in cardiac, ophthalmic, and anti-parasitic therapies.
On a moving annual total (MAT) basis, the industry documented a 7.6 percent YoY growth. Chronic therapies exhibited a 10 percent YoY increase, while acute therapies showed a 5 percent YoY growth in May, as highlighted in the report.
In addition, India's pharmaceutical sector, recognized as the largest provider of affordable generic medicines, is projected to expand at 7.8 percent year-on-year by April 2025, driven by robust demand and innovative products, according to insights from India Ratings.
Currently, the country's pharmaceutical industry ranks 3rd globally in volume and 14th in value, contributing nearly 20 percent of the world's medicine supply. The turnover of the Indian pharmaceutical sector reached Rs 4,17,345 crore in 2023-24, demonstrating steady growth of over 10 percent annually for the past five years.
Point of View
I firmly believe that the consistent growth of the India pharma market reflects the country's resilience and innovation in the healthcare sector. The robust performance in chronic therapies is a clear indicator of the industry's commitment to meeting the healthcare needs of the population. Our analysis will continue to monitor these developments closely.
NationPress
17/06/2025
Frequently Asked Questions
What is the current growth rate of the India pharma market?
The current growth rate of the India pharma market stands at 6.9 percent year-on-year as of May.
Which therapies are driving this growth?
The growth is primarily driven by strong performances in cardiac, respiratory, and anti-diabetes therapies.
What share of the market do Indian pharma companies hold?
As of May, Indian pharma companies hold a dominant share of 83 percent in the India pharma market.
What is the projected growth rate for India’s pharma industry by 2025?
Experts project that the India pharma industry will grow at 7.8 percent year-on-year by April 2025.
How does India's pharma sector rank globally?
India’s pharma sector is ranked 3rd in volume and 14th in value globally.
