Indian Pharma Market Grows By 9.7% In October

According to total sales data from IMS, the Indian Pharmaceutical Market (IPM) grew by 9.7% yoy in Oct'21 vs. 12.7% yoy in Sept'21, Emkay Global has said in a report. On a MAT basis, IPM grew by 17%, driven by volume growth (8%), new product growth (5%), and pricing growth (4%). 'Within our coverage, Ipca grew the fastest at 17% yoy, followed by DRL at 12% and Sun at 10%. Lupin and Cipla both grew at 8% each. Cadila's growth was the slowest at 5%. Other notable outperformers were JB Chem (27%), Macleods (25%) and Aristo (21%)," Emkay Global has said.

All major therapies, except Antiviral, maintained growth momentum, with Respiratory posting the highest growth of 36% yoy in Oct'21, as the winter leads to more respiratory illnesses. Anti-
infectives also registered 22% yoy growth. Growth in Chronic therapies was subdued due to the high base from last year.

"We expect domestic revenue growth for our coverage companies to be in the mid- to high-teens in FY22 on the back of super-normal growth in Q1 from the second Covid wave and the lower
base of FY21. A potential third Covid wave could represent an upside to our estimates," the brokerage has said.