Indian Pharma Market Shows Moderated Growth in November 2023

Indian Pharma Market Shows Moderated Growth in November 2023

VoM News Desk | December 14, 2023 | 02:35 PM IST | Breaking News | Follow on Google News

Indian Pharma Market Shows Moderated Growth in November 2023

Indian Pharma Market Shows Moderated Growth in November 2023

After a robust double-digit surge in October 2023, the Indian Pharma Market (IPM) witnessed a slowdown in growth during November, dropping to a 3.5% year-on-year increase compared to the 15% in November’22 and 16.5% in October’2023. Analysts attributed this moderation to various factors.

According to Kotak Institutional Equities, the growth moderation was due to the start of the festive season, a high base of 15% year-on-year, and inventory destocking. Meanwhile, analysts at Motilal Oswal Financial Services pointed to weaker seasonal trends combined with November’s festive period as contributing factors. Consequently, all therapy sectors experienced mid-to-high single-digit growth, with all therapies, except Anti-neoplastic, underperforming IPM during November’2023.

However, despite the November slowdown, the 12-month period ending in November’23 witnessed a strong 10.5% year-on-year growth in IPM. Analysts anticipate a continued buoyancy in the growth rate ahead.

The growth moderation in November was influenced by weaker growth in the acute segment, while Chronic therapies performed better. Chronic therapies achieved a 6% year-on-year growth during November, while acute therapies managed only a 2% year-on-year increase in November 2023.

IPCA Laboratories, Cipla, and JB Chemicals and Pharmaceuticals led the growth during November’23, outperforming the IPM. IPCA’s 10% year-on-year growth in November was attributed to double-digit growth in pain relief, Cardiac, Dermatology, and Anti-neoplastic, offset by a decline in gastro, according to analysts at Motilal Oswal Financial Services. Cipla’s 8% growth in November was driven by double-digit growth in respiratory, Cardiology, and Urology, offset by declines in Anti-Diabetic and Gastro products.

JB Chemicals reported a 7.4% year-on-year growth, registering double-digit growth in Gastro, Gynecology, and Anti-infective therapies, outperforming the IPM.

In the listed space, Sun Pharma and Torrent Pharma showed outlier performances, with November growth of 6.7% yoy and 5.8% yoy respectively.

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