Prabhudas Lilladher: Indian Pharma Market’s Growth Recovery In Sept, Oct Tumble To 1% In November  

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Prabhudas Lilladher Report

After initial signs of recovery in September and October 2020, Indian Pharmaceutical Market growth tumbled to 1% YoY in November 2020 due to-

1. muted growth of anti-infective, gastro and diabetic, 2. festive season holidays and 3. volume decline of 7% during the month.

Few companies in IPM continued to benefit from Covid-19 related products (Remdesivir, Favipiravir) but their growth momentum got softer on month-on-month basis due to increasing competition.

We believe IPM growth will be better in H2 FY21E between 5-8% (versus H1 FY21 down 2.6%) and 10-12% for FY22E, only if the second wave of pandemic restricts limited number of cases.

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