Diabetes market in India crosses $700 million in FY2011-12
Mumbai, June 18, 2012: The domestic diabetes drugs market for grew 22% at $ 700 million during the last fiscal (FY2011-12), according to a Credit Suisse report. While the figure is a clear indicator of the growing prevalence of diabetes in India but considering the fact that the number of people with diabetes is likely to swell to 70 million from present 40 million, it opens up a huge opportunity for the pharmaceutical majors operating in the country. On the flip side, the surge of diabetic patients in the country will also make it the ‘diabetes capital of the world’.
The diabetes, ophthalmic and derma had the higher mix of fastest-growing molecules during the last fiscal. While the therapy split of molecules registered a growth of 30%, out of which, the diabetes molecules managed to grow by 22% to clock the $700 million figure, according to Anubhav Aggarwal, Research Analyst, Credit Suisse. He also added the fact that the overall diabetes market grew by $500 million while insulin moved up by $200 million during the last fiscal.
The pharmaceutical market is currently growing at a rate of 25% in overall diabetes and 15% in the insulin segment, the report added. As far as the other therapy molecules are concerned, cardiac moved up by 20%, pain and anti-infective grew by 7%, resp-acute by 5% while oncology and gastro grew at 3% each.
Among the other names, Sun Pharma, Glenmark and Lupin have the best product portfolio in the country, claimed the Credit Suisse report on speciality pharmaceuticals.