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Pharmaceuticals sector analysis report

The pharmaceutical sector has steady overall growth and volume are expected to shoot up

 The sales in pharmaceutical market has a growth rate of 8.9% YOY in March 2019. This
growth was contributed to prices (+4.9% YOY), Volumes (1.5% YOY) and new launches (2.4%
YOY)
 On a MAT basis the YOY growth is 9.6% for the 12 months ended on March 2019

Price Growth:

 The price growth was due to the price growth in non-DPCO products. Secondary sales
grew by 9.4% YOY for non- DPCO products. 86% of the Indian Pharmaceutical market
consists of non- DPCO products. There was also price growth from DPCO listed products
(3.8% YOY). The growth is also led by volume and new products.

Major Players:

 In FY19 The highest growth in this sector is by NATCO (+26.4% YOY) . The next 2 players
are IPCA (+21.4% YOY) and Biocon (+18% YOY)
 NATCO growth is due to the growth in its anti-infectives business. IPCA got its major
growth from Pain and cardiac pills. Biocon exhibited its strong performance due to
growth in Anti Neoplastic , Blood related and Derma products.
 There was a muted growth in Sun Pharma, Abbott and Merck. Sun saw a less than 3%
YOY growth due to Cardio, Neuro and gastro products which dragged its overall growth.
 The sales growth rate for Indian companies is 9.2% but MNC’s grew at a much slower
rate that is 7.6%

The Volume growth of this sector can be represented as:

The Key highlights of Q4FY19 in Pharmaceutical sector:

 There was a 9.9% QOQ growth in Q4. The growth was mostly due to Anti Diabetics, Cardiac,
Gastro- intestinal, Anti-infectives, Respiratory and Derma. These drugs were the
outperformers in this quarter.
 US Market: There were 52 ANDA approvals in the US market for companies which are in
India’s coverage. Dr Reddy has 4 approvals, Lupin got 9 , Alembic Pharma got 6, Sun pharma
12, Zydus Cadila got 16 and Torrent Pharma has received 5 approvals.
 Key traction in the market is mostly due to launch of gSuboxone by Dr Reddy Laboratories
and Diovan , Celebrax and Pristiq for Alembic Pharma. They gained market share this quarter
due to these new products.
 Appreciation of rupee against US dollar, Yen and has depreciated 6.3% against Ruble and
GBP by 2.7% on quarter basis. Rupee movement also affected the pharmaceutical industry
this quarter due to the increase in investments and ANDA approvals.

Dr Reddy Laboratories

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