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Slight uptick in acute/steady chronic therapies drives IPM growth for Jan’25

* The India Pharma Market (IPM) grew 8.4% YoY in Jan’25 (vs. 6.6% in Dec’24 and 7.9% in Dec’23).

* Acute therapy growth stood at 8% in Jan’25 (vs. 6% in Dec’24 and Jan’24 each) owing to the seasonality benefit.

* The growth was driven by strong outperformance in Cardiac/Gastro/Urology. These therapies outperformed IPM by 230bp/170bp/460bp, respectively.

* For the 12 months ending in Jan’25, IPM grew 7.7% YoY, led by price/new launches/volume growth of 4.3%/2.3%/1.1% YoY.

* Out of the top 10 brands, Electral/Duolin clocked a growth of 38%/22% YoY to INR730m/INR620m each in Jan’25.

* In Jan’25, Mixtard and Foracort witness a decline of 5%/1%, respectively, to INR680m/INR820m.

* Out of the top 40 brands, Alburel/Rybelsus/Electral grew more than 25% in Jan’25.

IPCA/JB Chemicals/Sun outperform in Jan’25

* In Jan’25, among the top 20 pharma companies, IPCA (up 15% YoY), JB Chem (up 12.6% YoY), and Sun (up 12.3% YoY) recorded higher growth rates vs IPM.

* Eris and Alembic were the major laggards during Jan’25, which reported a growth of 4.8%/-2.2%.

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

* JB Chemical outperformed IPM, marking strong growth of 34.1% YoY in ophthal therapy, supported by 16.1% YoY growth in cardiac therapy.

* Sun outperformed IPM, led by double-digit growth in Anti-diabetic/Pain/Gastro.

* IPCA reported industry-leading volume growth of 5.7% YoY on a MAT basis. Torrent reported the highest price growth of 7.0% YoY on a MAT basis. Eris posted the highest growth in new launches (up 4.0% YoY)

Cardiac/Derma/Gastro lead to YoY growth on MAT basis

* On a MAT basis, the industry reported a 7.7% growth YoY.

* Chronic therapies witnessed 9% YoY growth, while Acute therapies displayed 8% YoY growth in Jan’25.

* Cardiac/Gastro/VMN grew 10.7%/10.1%/10% YoY. Respiratory/Antiinfectives/Anti-diabetic underperformed IPM by 500bp/410bp/50bp.

* The acute segment’s share in overall IPM stood at 61% for MAT Jan’25, with a YoY growth of 6.3%. The chronic segment (39% of IPM) grew 10% YoY.

MNC outperforms domestic companies in Jan’25

* As of Jan’25, Indian pharma companies held a majority share of 84% in IPM, while the remaining was held by multi-national pharma companies.

* In Jan’25, Indian companies grew to 8.1%, while MNCs grew 10.2% YoY.

* In MNCs, Pfizer registered the highest growth of 12% YoY, while Sanofi registered a slow growth of 4% in Jan’25.

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