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MOSL: HEALTHCARE-IPM delivered moderate growth in April 2017

​Healthcare: IPM delivered moderate growth in April 2017

• ​Indian pharmaceutical market (IPM) grew 8.3% YoY in April 2017 (9.4% YoY in March). IPM grew 8.2%YoY for three month period February-April 2017.
  
• April-17 quarter witnessed a volume growth of 3.4%, growth due to new launches at 1.4% and price growth of 3.3%. Price growth was the lowest since 4QFY15, which has been consistently falling down from 1QFY17. We expect industry growth to remain muted in the coming months due to GST impact.
  
• Moving annual (MAT) growth for April stood at 10.5%YoY, primarily driven by 5.3%YoY increase in volume; new products contributed 3.2%YoY growth; while price growth contributed 1.9% of MAT growth.
  

Alkem, Ajanta, Torrent and Glenmark witness highest growth in Apr-2017

• ​Biocon and Glenmark Pharma posted robust growth for the month of April growing 20.9% and 17.8% respectively followed by Torrent Pharma at 15.6% and Ajanta Pharma at 11.9%.
  
• Conversely, Pfizer largely underperformed IPM in April 2017 declining 5.8%YoY. Cipla and Alkem posted muted growth of 0.6% each.