Updated on 24 September 2013
Sales of drugs in India saw a slow pace due to lower stock intake by distributors and retailers, favourable weather conditions and weakening of the rupee against the US dollar
Singapore: As per latest data released by pharma market researcher, IMS Health, India witnessed a decline in the sale of drugs from $1.09 billion in August as compared to $1.11 billion in July.
The report stated that the sales of drugs in the country grew at a tepid 4.9 percent in August, which is the slowest pace of growth in atleast eight months. It cited that this was mainly due to lower stock intake by distributors and retailers, favourable weather conditions and weakening of the rupee against the US dollar.
The $12.24 billion (Rs75,933 crore) local drug market grew at an average 12-to-13 percent during January-to-July. The report added that August also saw dramatic changes in the rankings of leading drugmakers and their top-selling brands.
Drugs worth $1.09 billion (Rs 6,793 crore) were sold in August compared with $1.11 billion (Rs 6,883 crore) in July. It stated that local companies posted an average sales growth of 5.7 percent and foreign drugmakers grew at only 2.8 percent in August.
The report also mentioned that the new drug price control order notification seeking to regulate prices of 348 essential medicines that came into effect on July 1 this year proved to be a major contributor to the sluggishness of the market. The national list of essential medicines accounted for close to 17 percent of the total drug market and IMS report said that prices of these medicines will drop by 25-to-30 percent.