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MOSL: HEALTHCARE-Slight pick-up in volumes; Price growth remains the key

HEALTHCARE: Slight pick-up in volumes; Price growth remains the key

 

• The Indian pharmaceutical market (IPM) witnessed a moderation in secondary sales in Feb'19. Sales increased 10% YoY as against 11.3% YoY in Jan'19. Growth was led by prices (up 4.9% YoY), volumes (up 2.7% YoY), and new launches (up 2.4% YoY).
• For the quarter ending Feb'19, IPM growth was at 10.4% YoY, supported by prices (up 4.9% YoY) and volumes (up 3% YoY). New product launches were up 2.4% YoY.
• The YoY growth on MAT basis was stable at 9.6% for 12M ending Feb'19. 

Gradual improvement in volume growth for Non-DPCO drugs supports overall growth

• In value terms, secondary sales grew 10.4% YoY for non-DPCO products (86% of IPM) and 6.2% YoY for DPCO-listed products (10% of IPM) during the month.
• For non-DPCO products, the YoY growth for the month was spread across prices (up 5% YoY), volumes (up 2.7% YoY) and new products (up 2.7% YoY). 

Ipca, Natco and Torrent remain growth leaders for Feb'19

• Growth momentum in secondary sales continued on superior execution in Ipca with 33% YoY growth (25-60% growth in top-10 products). Anti-infectives and blood-related therapy led 22.6% YoY growth in Natco. Torrent Pharma saw an upsurge of 21% YoY in sales, led by >20% growth in Cardiac, Gastrointestinal, Pain/Analgesics, Anti-Diabetic and Derma.
• GSK (up 5.6% YoY), Sun Pharma (up 7.8% YoY) and Pfizer (up 7.9% YoY) saw subdued growth for the quarter ending Feb'19 v/s IPM growth of 10.4% YoY.
• Particularly, for Feb'19, Ajanta exhibited lower YoY growth of 5% compared to MAT growth of 10%.
• Ipca reported highest price growth (+5.7%) and volume growth (+13.8%) on MAT basis, while Natco witnessed highest new product launches (+15.7%) on MAT basis.