After a Covid-hit FY21 (when the IPM grew by only 2.2%), the market recorded a growth of 14.7% in FY22, on a low base. Data from Pharmarack AWACS shows the growth in FY23 is driven by price growth.

Companies including Abbott, Cipla, Mankind are in the top ranks contributing to the growth of the pharma market in FY23. The latter accounts for 16.6%, followed by the former with 11.8%. The others in the top-five list include Sun Pharma, and Zydus.

Ophthalmology, urinology, dermatology, and respiratory therapies have caused the drive in IPM. These constitute around 30% of the market according to a statement from Sheetal Sapale, vice-president of Commercial Pharmarack AWACS.