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Industry growth at high single digit for 2nd straight month

* The India pharma market (IPM) grew 7.7% YoY in Feb’24 (vs. 8.0% in Jan’24 and 24.3% in Feb’23).  

* Major therapies driving growth were Cardiac/Derma/Neuro (up 13.1%/10.1%/ 9.7% YoY) in Feb’24.  

* Respiratory/Anti-infective therapies declined 1.9%/1.0% YoY, dragging down the overall performance of IPM.

* For the 12 months ending in Feb’24, IPM grew 9.0% YoY. Prices/volume/new launches witnessed 4.0%/2.0%/3.0% YoY growth.  

* Out of top 10 brands, Udiliv and Foracort (INR490m/INR790m) grew at 31%/20% YoY in Feb’24. Rybelsus (INR300m) also registered the highest YoY growth of 88% in Feb’24 in top 40 brands.

* Top anti-infective drugs such as DOLO/Calpol/Azithral/Clavam (INR320m/INR360m/INR370m/INR520m) saw a decline of 20%/17%/17%/9% YoY, resulting in an overall decline in anti-infective therapy.  

IPCA/Intas/Eris outperform in Feb’24

* In Feb’24, among the top-20 pharma companies, IPCA (up 15.6% YoY), Intas (up 13% YoY) and Eris (up 11.7% YoY) recorded notably higher growth than IPM.  

* IPCA outperformed IPM, led by strong performance of all the therapies and top drugs.

* Intas outperformed IPM, with Gynae/Anti-diabetic/Neuro posting growth of 20.3%/10.4%/12.3% YoY in Feb’24.

* Alembic saw a decline of 0.5% YoY due to a double-digit decline in Antiinfective/Respiratory and deterioration across all key brands.

* JB Chemicals reported industry-leading volume growth of 7.1% YoY on the MAT basis. Macleods Pharma registered the highest price hike of 7.3% YoY on the MAT basis. Eris posted the highest growth in new launches (up 10.6% YoY). 

Cardiac/Pain/Neuro lead YoY growth on MAT basis

* On the MAT basis, the industry reported 9.0% growth YoY.

* Urology/Cardiac/Pain grew 14.2%/10.3%/9.6% YoY.  

Derma/Anti-Diabetic/Respiratory sales underperformed IPM by 370bp/360bp/230bp, hurting overall growth.

* For the fourth consecutive month, Chronic therapy has outperformed acute therapy. The Acute segment’s share in overall IPM was 62% for MAT Feb’24, with YoY growth of 8.1%. The chronic segment (38% of IPM) grew 10.5% YoY. 

MNCs outperform Indian firms after long time

* As of Feb’24, Indian pharma companies hold a major share of 83% in IPM, while the remaining is held by multinational pharma companies.

* In Feb’24, multinational pharma companies have, for the first time in the last 12 months, posted better performance than Indian pharma companies. 

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