With signs of revival in the global retail market, the Indian drug retail market has experienced an upsurge in sales. According to market research firm ORG IMS’ analysis on the basis of sales by stockists to chemists, the Indian drug retail market witnessed a soar in sale by 29.24% in terms of value during the month of October 2009. About one-third of the revenues of domestic drug sales are contributed by the pharma companies. “Revenues earned by pharmaceutical companies are mainly from export of drugs as well as from hospitals and institutions, where there is huge demand for medical drugs,” says Deepak Kumar, manager of Asian Drugs Private Limited, a small-sized drug manufacturing company in Faridabad. Although there has been a rise in the sale of Indian drugs, the ranking of the various established companies remains the same in terms of domestic drug sales. According to the ranking, Cipla continues to maintain its top position in the retail market. Other companies such as Ranbaxy Laboratories and GlaxoSmithKline follow in line. Piramal Healthcare’s cough syrup named Phensedyl earned the highest sale worth Rs 18.8 crore, which is followed in line with Corex earning Rs 18.6 crore. Looking back In 2008, there was a decline in drug sales. “The drop witnessed in the domestic drug sales last year was due to cash crunch experienced by stockists, who procure medical drugs from drug manufacturers to sell it to the chemists and retailers, who in turn make the same accessible to consumers,” says Vishal Yadav, proprietor of Sanjeev Private Limited, a small-sized drug manufacturing company in Allahabad. Another reason for the decline in drug sales last year was due to shortage of codeine, which is one of the key components used in manufacturing cough medicines. The ban imposed by the Drug Controller General of India on the fix dose combination medicines such as lactobacillus combinations also caused a decline in drug sales. |
