One would think that the one industry that rapidly shot up last year during the pandemic would be pharma. One would be wrong. India’s pharma industry, worth $20 billion, which was previously growing at the rate of 9.5-10% year-on-year, slumped to less than half at 3-4% over the last year.
India is home to more than 3,000 pharma companies, but 26 companies control up to 70% of all drug sales. Of these, the top five domestic players are Sun Pharmaceutical Industries, Abbott India Ltd, Cipla Ltd, Mankind Pharma and Zydus Cadila. To understand the industry’s drop in growth, The Ken analysed sales values for the top 26, and presented the top five in Covid and Non-Covid drug categories.