Mumbai: Contrary to apprehensions of a slower growth due to imposition of the Goods and Services Tax, the pharma retail market witnessed a fair growth of over 7 percent.

The organised pharma retail market continued the trend of steady upward rise this year, starting in January with 10%, then 7% in February, nearly 10% in March, and 8.3% in April. Ten therapies including gastrointestinal drugs, which outgrew the market and anti-diabetic drugs showing strong double-digit growth helped in gathering numbers.

With this, it looks like the pharma retail market has been able to successfully debunk fears that it would witness a lower growth in May before the GST rollout as there would be the need to maintain a low inventory at both distributors’ and retail levels. According to a report in TOI, analysts reckon the upward trend in April and May indicates the return of real demand in the pharma retail market. Another positive indicator is that the market has expanded substantially even in the absence of viral fever, seasonal flu and monsoons setting in. The organised retail market was valued at Rs 9,401 crore in May.

Zydus registered the highest growth at 15.7%, followed by Lupin 13.2% and Macleods at 13.1%. According to data, Glaxo has been recovering by recording 6.4% growth, while Glenmark and USV also recorded robust expansion during the month. Glenn Saldanha, CMD, Glenmark Pharmaceuticals, said, "We have seen a revival of industry growth after more than six months.This revival in growth is being seen across major therapeutic areas."