Torrent Pharmaceuticals and Glenmark Pharmaceuticals emerged as top performers among listed companies, with their domestic sales surging by 16.7-17.7% in April 2024. Alkem Laboratories followed closely, witnessing a 14.8% year-on-year growth in sales value. Sun Pharmaceutical, Lupin Ltd, and Cipla Ltd also demonstrated robust growth, with domestic sales increasing slightly over 12% in value terms, according to data from Pharmatrack, a pharmaceutical market research company.
The Indian pharmaceutical market experienced a year-on-year growth of 8.9% in April 2024. While the value growth stood at 9.2%, volumes saw a slight decline of 0.3% year on year, as reported by Pharmatrack. A strong domestic market growth is crucial to support and drive the earnings of Indian pharmaceutical majors, despite the notable success of US sales contributing to the Nifty Pharma index rising more than 50% over the past year.
Zydus Lifesciences, Mankind, Ipca Laboratories, and Dr. Reddy’s Laboratories were among the notable companies whose sales exceeded the overall growth of the Indian Pharmaceutical Market (IPM) during April.
Sales in the acute segment remain subdued, affecting the overall growth of the pharma market, while the chronic segment continues to show momentum. Growth in segments such as cardiac, dermatology, and anti-diabetic drugs propelled the performance of the Indian Pharma market in April. However, segments like respiratory, vitamins, minerals, and nutrients (VMN), and pain management reported subdued growth. The pickup in growth in these segments is expected to drive overall growth in the Indian Pharma market.
