Strongest Growth In Pharma Sales Was Recorded In March 2021
Medical research company AIOCD-AWAS stated that the pharma market grew by 10.3% compared to last year in March, the best growth observed after the outbreak, however, this was hugely due to the fall in the corresponding time last year because of the COVID-19 associated lockdown in India.
Market research company claimed that normalization within monthly data for March 2021 was shown due to the lockdown declaration in March 2020, which in turn led to comparatively increased growth for the Cardio-Diabetes sector in March 2020 and fall in other therapy segments.
The data indicated that the pharmaceutical sales for the fiscal year 2020-21 was ₹1.47 trillion, up 2.1%.
While anti-diabetic and cardiac care drugs had 0.3% and 6.3% in marketing respectively, most other sectors, except for anti-malarial drugs, vaccines, and respiratory drugs, grew 8.5 1030.3%, mainly because of the reduced base from the fall in marketing in March last year.
Anti-malarial medications collapsed 22% in March due to the high sales of hydroxychloroquine, an anti-malarial drug, last year, which was spotting strong sales because of its initial reuse for COVID-19 treatment.
While the pill demonstrated promise against the novel infection initially, afterwardresearch indicated the medication instead elevated the risk of a heart attack in patients while offering no important advantage against COVID-19.
Among corporates, all leading 20 medical companies reported a market bloom of 1-33% in March. The biggest supplier of favipiravir within India, Glenmark Pharmaceuticals, showed a 23% growth in the market mainly due to the robust sales of therapeutics for COVID-19 and the previous year’s low base.
For 2020-21, Glenmark’s market was around 15% on account of favipiravir sales, making it the quickest growing firm among the leading 20 drug manufacturers, with Ipca Laboratories, the biggest producer of hydroxychloroquine globally, also spotting 11% market bloom, the only other medicine maker to see a double-digit rise.
Rajiv Singhal, General Secretary, All India Organisation of Chemists & Druggists asserted that the pharma market has not yet recuperated from the covid-19 outbreak and most acute sectors are still fighting.
Pharma Market Hit Double-Digits, Pharma Growth In Double Digits, Pharma Sales In India, Strongest Growth In Pharma Sales, Pharma Growth In Double Digits, Pharma Sales In India, Pharma Market Hit Double-Digits
Also Read: Biofuel & Green Chemistry: The Dynamics Of A Key Photoenzyme Decoded