Indian Pharma Industry Performance Report 2024: Key Highlights
The Indian Pharma industry witnessed significant growth in the demand for anti-infective, gastrointestinal, and respiratory medicines in 2024. Despite stagnant sales in certain therapy categories, the overall market showed positive growth. Leading treatments such as cardiac, anti-infectives, and gastrointestinal medicines saw strong volume growth, contributing to the industry's success.
Main Keyword: Indian Pharma Industry Performance
Demand for anti-infective, gastrointestinal, and respiratory medications in the Indian pharmaceutical market grew by double digits in 2024 compared to the previous year. According to the Indian Pharma Industry Performance report by Pharmarack, market research firm, the growth rates were 17.2%, 10.7%, and 19.2%, respectively. Overall, the pharma industry witnessed an 8.8% growth in 2024, with positive growth in all therapy categories.
Top Selling Medicines
Augmentin, an antibiotic manufactured by GlaxoSmithKline (GSK), emerged as the top-selling medicine in 2024 according to the report. The sales trends for various therapy categories have been analyzed, with cardiac therapy showing stagnant sales but other categories like pain and analgesics, gynaecological therapy, derma therapy, and neuro and central nervous system therapy maintaining steady growth.
Industry Insights
The moving annual turnover (MAT) for the Indian pharmaceutical market increased by 7.6% between July 2023 and June 2024, reaching a total turnover of nearly $2 trillion. Key treatments such as cardiac, anti-infectives, and gastrointestinal medications exhibited strong volume growth in their MATs, comprising about 38% of the market share.
Future Trends
Despite certain therapy categories showing stagnant growth, the Indian Pharma industry remains optimistic about future prospects. Companies are seeking better incentives to boost investments in research and development, aiming to expand the market size to $120-130 billion.