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Credit ratings agency, India Ratings and Research (Ind-Ra) in its latest report has projected that the revenue of India’s pharmaceutical market (IPM) rose 16.1% yoy during June 2022, on the back of strong revenue growth across acute and chronic therapy segments namely gastro-intestinal (GI), analgesics, central nervous system (CNS), derma and gynaec therapy products.

Accoding to the report, strong volume growth were observed in key therapies of the IPM. During FY22, IPM had witnessed 15% yoy sales growth, higher than 8%-10% observed over FY18-FY22, aided by the base effect. The rating agency expects mid-to-high single digit growth for IPM during FY23, led by the price hikes (up to 10%) to be taken by players in line with Wholesale Price Inflation index during April-May 2022.

Ind-Ra further noted that IPM reported 2% yoy sales growth during Q1FY23, led by CNS, derma and gynaec segments. During June 2022, sales volumes grew 9.3% yoy (May 2022: down 6.6% yoy), price growth was 6.2% yoy (5% yoy) while the growth in products launches was negative 1.1% yoy (negative 1.7% yoy).