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MOSL: HEALTHCARE-Steady overall growth, volumes yet to pick up

HEALTHCARE: Steady overall growth, volumes yet to pick up

 

• Indian pharmaceutical market’s (IPM) secondary sales growth moderated to 8.9% YoY in Mar’19 versus 10% YoY in the previous month. Growth was driven by prices (+4.9% YoY), volumes (+1.5% YoY) and new launches (+2.4% YoY).
• For the quarter ended Mar’19, IPM growth was at 10% YoY, supported by prices (+4.9% YoY), volumes (+2.5% YoY) and new product launches (+2.5% YoY).
• YoY growth on a MAT basis was stable at 9.6% for the 12M ended Mar’19 (volumes: +3.6% YoY; prices: +3.6% YoY; new product launches: +2.5% YoY). 

Price growth in non-DPCO products supports overall growth

• In value terms, secondary sales grew 9.4% YoY for non-DPCO products (86% of IPM) and 3.8% YoY for DPCO-listed products (10% of IPM) in the month.
• Growth in non-DPCO products was driven by prices (+5.1% YoY), volumes (+1.6% YoY) and new products (+2.8% YoY). 

Growth led by Natco, IPCA, Biocon, Lupin

• NATCO saw the highest growth (+26.4% YoY) in secondary sales in Mar’19, followed by IPCA (+21.4% YoY) and Biocon (+18% YoY).
• Growth at NATCO was primarily led by 34% YoY growth in its Anti-infectives business, while IPCA saw robust growth of 21% YoY in Pain and ~25% YoY in Cardiac. Biocon exhibited a strong performance led by high growth in Anti-Neoplastics (+33% YoY), Blood related (125% YoY) and Derma (~32% YoY), partly offset by slower growth in the Anti-diabetic portfolio (+9% YoY).
• Sun Pharma (+2.6% YoY), Abbott (+7% YoY) and Merck (+4.3% YoY) delivered muted growth for Mar’19. Sun saw <3% YoY growth in its top-3 therapies (Cardiac, Neuro and Gastro), which dragged its overall growth.
• On a MAT basis, IPCA reported highest price growth (+6.4%) and volume growth (+14.7%), while NATCO witnessed highest new product launches (+16%).