India Ratings and Research (Ind-Ra) opines the month-on-month growth in India formulations market during December 2020 was led by a rebound in volumes due to a pick-up in prescribers’ interactions with patients and medical representatives.
The growth in November 2020 was impacted due to the festivities and the threat of a second wave of COVID-19 pandemic, leading to patients seeking medical help only in case of urgency. The Indian pharmaceutical market (IPM) grew 8.5% yoy during December 2020, due to volume growth of 0.3% yoy (November 2020: declined 6.9% yoy), price growth of 5% (4.7%) and products launches at 3.1% (3.2%).
During 3QFY21, IPM grew 6.4% yoy, led by a volume decline of 1.9% yoy (2QFY21: declined 6.3% yoy), price growth of 4.9% (4.6%) and products launches at 3.4% (2.8%). IPM reported total sales of Rs130.9 billion for December 2020. On moving average total (MAT) for the past 12 months basis, the growth was 3.1% for December 2020.
Therapy-wise Performance: Acute therapies such as anti-infectives, gastro and vitamins witnessed growth of 5.2% yoy, 16.2% yoy and 14.0% yoy, respectively, during December 2020, while a growth outperformance was observed in chronic therapies with cardiac and anti-diabetic growing 14.9% yoy and 9.9% yoy, respectively.
Company-wise Performance: During December 2020,
Cipla,
Glenmark Pharmaceuticals Ltd (IND AA-/Stable) and Emcure Pharmaceuticals Ltd significantly outperformed the market, with yoy growth of 15.3%, 13.6% and 17.1%, respectively. During 3QFY21, these entities significantly outperformed the market, with yoy growth of 16.6%, 17.0% and 13.7%, respectively. This was led by higher sales of COVID-19 related products and the continued outperformance of chronic therapies.