CLSA on Tuesday said domestic pharma market growth for March 2019 has been slowed down to 6.4 percent YoY due to weak growth from the acute market as the winter season comes to an end.

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“For FY19, the market grew 10.5 percent YoY and we expect 10-12 percent growth for FY20 based on current trends. Key chronic segments anti-diabetic and cardiac saw strong growth of 14.9 percent YoY and 12 percent respectively. Derma market has been consistently witnessing double-digit growth,” the brokerage firm said in its report.

“Glenmark, Lupin and Cipla outperformed the market, whereas Sun Pharma and Cadila grew below market mainly due to the ongoing restructuring in their India business. Dr Reddy’s grew only 1 percent YoY on March 19, but its TTM (Trailing 12 months) growth is 11.3 percent”, the report added.

Furthermore, according to the report, Glenmark and Lupin have been delivering fast growth with March 19 sales rising 10.2 percent. Cipla’s growth was aided by seasonal factors while Torrent moved ahead of the market at 8 percent in March, CLSA said, adding that Cadila’s growth has significantly lagged the industry in FY19.

However, key brands that performed well were five brands of Sun Pharma that registered revenue of at least Rs 2 billion. Losar-H and Losar acquired by Torrent and Unichem also grew 13 and 17 percent respectively. Lupin's top two brands- Gluconorm- G and Huminsulin continued their growth momentum.

First Published:Apr 16, 2019 10:36 AM IST