Despite weak market conditions, the domestic pharmaceutical market reported growth of 6.8 per cent at Rs 6,370 crore for the month of May 2013, IMS Health said in its report here.
For the 12-month period ended May 2013, the pharmaceutical market was reported at Rs 74,117 crore, with a growth of 10 per cent, over the same period last year.
"The pharma market reported total sales of Rs 6,370 crore in the month of May 2013 registering a growth of 6.8 per cent in the previous year. However, we have seen a slight dip in the market as compared to previous month. The market reported a sales of Rs 6744 crore, a growth of 13.9 per cent in April 2013," IMS Health senior director, Strategy Planning, (Business Development, Pharma & Payer Solutions), Kumar Hinduja said in a report here.
Though traditionally the market in May is relatively weak as compared to April on account of summer vacations and the prevalent heat conditions, we believe that some market factors have further dampened sales uptake in May, this year, Hinduja said.
"One factor was the apprehension in the trade on the imminent implementation of DPCO 2013 and its implication on their business, including recall / re-labelling of formulations which would undergo price revisions".
"Uncertainty around this appears to have prompted majority of dealers to maintain lower inventory levels of drugs during the month - both at retail as well as stockist levels. For the same reasons, trade schemes which generally induce higher uptake of goods, were almost absent in the market, this May," Hinduja added.
For the month of May 2013 - Cipla with Rs 302 crore sales, Sun Rs 297 crore, Alkem Rs 222 crore and Sanofi Rs 186 crore sales were the fastest growing corporations among the top 10 companies.