These various companies drove the growth of the pharma market in August
Business: Today’s Stock Market: The Nifty Pharma index has grown by around 37% year-on-year. This growth is due to the strong sales growth of Indian pharmaceutical companies in the US, which is supported by the Indian market.
Overall, the Indian pharmaceutical market grew well in August 2024 compared to the previous year. According to the report, the Indian pharmaceutical market is expected to grow by 7.6% in August 2024 (11.2% in July 2024 and 6% in August 2023). Among the top 20 pharmaceutical companies, JB Chemical & Pharmaceuticals recorded a growth of 13.7% YoY in August 2024, followed by Glenmark Pharma (13.5% YoY) and Motilal Oswal (unlisted) of Intas – Pharmaceuticals Ltd. Financial Services. Sales grew by 11.4% compared to the same period last year. Notably, the growth recorded is higher than the Indian pharmaceutical market.
Other top performers include Sun Pharmaceutical Industries Ltd and Zydus Lifescience Ltd, which grew 9.9% and 9.7% year-on-year, followed by Ajanta Pharma Ltd and Abbott, which grew 9.4% and 9%, respectively, compared to the previous year. Lupin, Torrent Pharma and Dr. Reddy’s also recorded growth of over 8%
Analysts expect Indian drugmakers to own a controlling 84 per cent stake in IPM by August 2024, while the rest will be held by multinational drug companies. Both multinationals and Indian companies recorded single-digit sequential growth in August 2024.
