IPM touches Rs. 1.8 trillion for the year ended in August 31

The Indian pharmaceutical market (IPM) grew an annual 17.7 percent in August 2021, accelerating from 13.7 percent in July.

The growth was led by improving sales of non-COVID-19 products in a sign of returning normalcy following the disruption caused due to the second wave of the pandemic. The demand for COVID-19-related drugs remained strong but has tapered as the second wave receded in most parts of India.

The size of the Indian pharmaceutical market is Rs. 1.8 trillion for the year ended August 31.

The non-COVID-19 drugs range, which makes up 63 percent of the market, is now growing in mid-teens, while the COVID-19 portfolio still continues to grow faster.

The market is recovering after sales of medicines grew just 2 percent in FY21, hit by COVID-19-related lockdowns and disruption of non-COVID-19 care. In the first quarter of FY22, it grew 37.8 on YoY basis due to the low base of 2020.