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Healthy IPM growth in Dec’24

* The India pharma market (IPM) grew 6.5% YoY in Dec’24 (vs. 10.7% in Nov’24 and 5.0% in Dec’23), driven by strong outperformance in Cardiac/Antidiabetes/Respiratory by 380bp/90bp/120bp.

* Acute therapy growth stood at 5% in Dec’24 (vs. 11% in Nov’24 and 3% Dec’23). The growth moderated due to weak seasonality during the month.

* For the 12 months ending in Dec’24, IPM grew 7.6% YoY, led by price/new launches/volume growth of 4.3%/2.5%/0.8% YoY.

* Out of top 10 brands, Duolin/PAN clocked a growth of 14% YoY each to INR600m/INR580m.

* Azithral/Shelcal saw a double-digit decline of 10%/11% to INR380m/INR340m.

* Out of top 40 brands, Rybelsus/Duphalac grew more than 25% in Dec’24.

JB Chemicals/IPCA/Abbott outperform in Dec’24

* Among the top-20 pharma companies, JB Chemical (up 11% YoY), IPCA (up 10.2% YoY), and Abbott (up 10% YoY) recorded higher growth than IPM.

* Alembic/Eris were the major laggards with a decline of 1.4%/0.4%.

* JB Chemical outperformed IPM, aided by strong growth of 44.7% in ophthal therapy and 12.8% growth in cardiac therapy.

* IPCA outperformed IPM, led by strong double-digit growth across key therapies, like Cardiac/Derma/Gastro.

* Abbott outperformed IPM, driven by double-digit growth in top 4 therapies.

* IPCA reported industry-leading volume growth of 5.4% YoY on the MAT basis. Torrent reported the highest price growth of 7.1% YoY on MAT basis. Eris posted the highest growth in new launches (up 4.0% YoY).

Cardiac/Derma/Gastro lead YoY growth on MAT basis

* On the MAT basis, the industry reported 7.6% growth YoY.

* Chronic therapies witnessed 8% YoY growth, while Acute therapies saw moderate growth in Dec’24.

* Cardiac/Anti-diabetes/Respiratory grew 10.3%/7.4%/7.7% YoY. Gynae sales underperformed IPM by 650bp.

* The acute segment’s share in overall IPM stood at 61% for MAT Dec’24, with YoY growth of 6.1%. The chronic segment (39% of IPM) grew 10% YoY.

MNCs outperform domestic companies in Dec’24

* As of Dec’24, Indian pharma companies hold a majority share of 84% in IPM, while the remaining is held by multi-national pharma companies (MNCs).

* In Dec’24, MNCs grew at a higher rate of 8.2%, while Indian companies grew 6.2%.

* Among MNCs, Abbott registered the highest growth of 10% YoY, while Sanofi posted slow growth of 1.3% in Dec’24.

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