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MOSL: HEALTHCARE-Price growth on uptrend; Volume growth slides

HEALTHCARE: Price growth on uptrend; Volume growth slides

 

• Indian pharmaceutical market’s (IPM) secondary sales posted healthy growth of 7.5% YoY in September 2018, a tad lower than growth of 8.7% in August 2018. This growth can be attributed to the low base (+2.8% YoY growth in September-2017), on the back of GST-led disruption, in the past year.  
• For 2QFY19, prices have witnessed gradual growth for the third consecutive month, up 5% YoY, aiding the overall IPM growth. After 6-9 months of high growth (6-8%) in volumes, growth moderated to ~2% YoY in the quarter ending September 2018, despite low base of past year. Growth from new launches came in at 2.6% YoY.
• The YoY growth was 8.9% for 12M ending September, v/s 8.4% YoY in 12M ending August.  

 

IPCA, Biocon and Glenmark witness highest YoY growth for the quarter

• While all the companies have witnessed growth during the quarter owing to a low base, IPCA reported the highest growth, at 25%. This was followed by Biocon (+20.2%, led by strong growth in Anti-Neoplastic), Glenmark (+16.8%, led by >25% growth in its top three products) and Lupin (+15.3%).
• For the month, Sanofi India (-3.8%), GSK Pharma (-1.9), Merck (+5.7%) have largely underperformed the IPM, despite low base of past year. 
• While majority of the companies have seen increase in prices, growth in Alembic was highest (+2.9%). Elder Pharma witnessed highest volume growth (+37.4%), while Natco Pharma witnessed highest new launches growth (+12.5%).