The domestic pharma market continues to track strong growth trajectory with 16% growth in May 2012. Growth break-up over the past twelve months indicates volume growth of 8.6%, new products growth of 4% and price growth of 3.6% (versus earlier average 1-2% for the industry). Price contribution to growth for acute therapies has moved up to 4-6% versus 2-3% earlier. We highlight that with pricing policy on the horizon, companies have been taking price increases in acute segments which have a rub off effect on growth in the industry. Among frontline players, acute focused companies such as Pfizer, Glaxo, Glenmark and IPCA outperformed industry.
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Key takeaways from trends during June
· The domestic pharma market remains on strong growth trajectory with 16.5% growth (ex-bonus) for May.
· The acute segment has been posting strong growth traction over the past three months with anti-infectives, gastro, derma and multi-vitamins catching up.
· Among the Top 10 players, Sun Pharma has moved up to the No. 2 position for the month with 21.7% growth.
· Pfizer and Glaxo, among MNCs, continue to outperform while Ranbaxy’s growth for the month is just 4%. Ranbaxy’s growth is reflective of negative growth in anti-infectives (-3.1%).
· Cipla, Cadila and Lupin reported 15-17% growth for the month. Dr Reddy’s growth for the month was 8.7%.
· Among midcaps, Glenmark (up 29%) and IPCA (21%) did well while Torrent grew 11%. Glenmark has seen meaningful expansion in contribution from chronic segment to total franchise (up 5%, from 22% n May 2011 to 27% in May 2012).
· CVS and Diabetes have maintained strong growth momentum while dermatology is also catching up with the trend.
· Growth in CNS and respiratory segment has declined over April-May to 11-12% from 17-18% earlier.
· Outperformers: Pfizer, Glenmark, GSK, Sun Pharma, IPCA, and Cadila
· Underperformers: Dr. Reddy’s, Abbott and Ranbaxy among large caps and Torrent in midcaps
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