The Indian pharmaceutical market is showing initial signs of a recovery. The Rs57,390 crore market slowed during 2011-12, reversing a higher period of growth that was seen in the previous year. Falling sales growth of anti-infectives, the largest segment with a 16.2% market share, was a key reason. This segment grew by 17.7% in November. A sharp improvement was visible in other large therapeutic categories, too. Pharma firms had disappointed investors with their performance in the home market. If the current uptrend sustains, the story may play out differently in the December quarter, and onwards. Nomura believes that the Indian pharma market is a secular growth story, led by new products, higher market penetration, and better access to healthcare.
Graphic by Sandeep Bhatnagar/Mint
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