MOSL: HEALTHCARE-IPM – Recovery in growth continues

​HEALTHCARE: IPM – Recovery in growth continues

• Indian pharmaceutical market's (IPM) secondary sales continued to grow at a its healthy growth rate in November, led by strong volume growth. Price growth, however, exhibited witnessed a downtrend in the month. IPM grew by 8.1% YoY in November 2017 and 5.7% YoY over September-November 2017.
  
• After declining 0.5% YoY over June-August 2017, industry volumes grew by 4.7% over September-November 2017. Growth in new products came down to 2.7% YoY over September-November 2017. After declining 0.7% in the June-August quarter, prices further declined further during the current last quarter. We believe that the negative impact from GST transition-related issues is now behind, and expect a gradual recovery over the coming months.
  
• Moving annual total (MAT) growth for November stood at 5.6%, as against -6% YoY in October.
  

Natco and Mankind witness highest growth

• Natco (+35.9%) posted robust growth for November, followed by Mankind (+27.6%). More than 60% of the companies posted high-single-digit to high-double-digit growth during the month.
  
• IPCA’s secondary sales continued to decline (-4.6%) in November, while GSK Pharma, after posting significant growth of ~24% in the previous month,, grew at a posted muted growth of 0.7% YoY.