The improvement in the revenue growth of the Indian Pharmaceutical Market (IPM), in August 2021 can be attributed to the increase in sales in the non-Covid product portfolio while sales traction for Covid-19 products continued. There has been a 17.7 per cent YoY revenue growth compared to the same period last year according to a research report by India Ratings and Research (Ind-Ra).

The Covid-19 influence portfolio contributed 37% to IPM for moving annual total (MAT) July 2021. Acute therapies namely anti-infectives, gastrointestinal, respiratory and pain/analgesics continued to witness strong growth, aided by the low base impact. During August 2021, volumes grew 9.0% YoY (July 2021: 4.5% YoY), while price growth was 5.9% (5.7%) and new product launches were 2.9% (3.5%), driven by acute therapy products.

Ind-Ra expects IPM revenue to grow over 12% YoY in FY22.

Historical Growth Trends of Key Therapies

Company-wise Performance: During MAT August 2021, Cipla, Glenmark and Emcure significantly outperformed the market, with YoY growth of 19.8%, 28.9% and 27.8%, respectively. This was led by higher sales of Covid-19 related products and the continued outperformance of chronic therapies.