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Credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has projected that the revenue of India’s pharmaceutical market (IPM) witnessed 3.3% yoy (year on year) decline during May 2022 on the back of a fall in the sales volumes in acute segment therapies namely anti-infectives, vitamins and respiratory products due to the higher base effect during May 2021 and an inventory correction in the channel.

According to the report, strong volume declines were observed in key therapies such as anti-infectives, vitamins, respiratory and pain/analgesics while derma, central nervous system (CNS) and gynaec therapy reported robust volume growth in May 2022.

The rating agency further highlighted that the IPM performance in May 2022 is better than the agency’s and industry’s expectation, given the high base of 48% yoy growth in May 2021 and expects a positive growth trajectory from June 2022. The revenue growth of 47.8% yoy in May 2021 was led by strong buying patterns impacted by the COVID-19 outbreak.