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MOSL: HEALTHCARE-Cardiac, anti-diabetes drive growth on low base

HEALTHCARE: Cardiac, anti-diabetes drive growth on low base 

 

• The Indian pharmaceutical market (IPM) saw a pick-up in secondary sales in Jan'19, with sales increasing 11.3% YoY as against 9.8% YoY in Dec'18. The growth was due to prices (up 4.8% YoY), volumes (up 3.8% YoY), and new launches (up 2.7% YoY).
• For the quarter ending Jan'19, IPM growth was at 9.3% YoY, supported by price growth (up 4.8% YoY) and new product launches (up 2.6% YoY). But, volume growth was subdued at 1.9% YoY, partly led by the high base of past year.
• The YoY growth on MAT basis was stable at 9.6% for 12M ending Dec'18.   

Non-DPCO products drive growth backed by price and volume growth

• In value terms, secondary sales grew 11.9% YoY for non-DPCO products (86% of IPM) and 6.1% YoY for DPCO-listed products (10% of IPM) during the month.
• For non-DPCO products, the YoY growth for the month was spread across price (up 5.1% YoY), volumes (up 3.7% YoY) and new products (up 3.1% YoY) 

IPCA, Natco and Biocon showcase highest YoY growth for the quarter

• Since the last four quarters, IPCA has been reporting the highest growth of >20%. IPCA reported 29% YoY growth (25-60% growth in top 10 products) for the quarter ending Jan'19. This was followed by Natco (+26% YoY, led by >75% growth in Anti-Neoplastic and Anti-infective) and Biocon (+21% YoY, led by >40% growth in Anti-Neoplastics, Blood related and Anti-Infective therapies).
• Pfizer (up 5.8% YoY), Dr.Reddy (up 5.8% YoY) and Sun Pharma (up 6.4% YoY) saw subdued growth for the quarter ending Jan'19 v/s IPM growth of 9.3% YoY.
• Particularly, for Jan'19, Glenmark exhibited lower YoY growth of 9.1% compared to MAT growth of 15%.