American
firm Abbott Laboratories consolidated its top position in the Indian drug
retail market by growing at a faster than its closest competitors.
According to the IMS Health Information and Consulting Services data, Abbott's market share for the year ended May 2011 stood at 6.8%. The company's sales grew 15.1%. Its two closest competitors-Cipla and Ranbaxy Laboratories grew 12.8% and 13.7% respectively, below industry's growth rate of 15%. Cipla is the second largest player in the Rs 58,000 crore drug retail market with 5.1% market share followed by Ranbaxy Laboratories at 4.6%.
Abbott has emerged as the country's largest drugmaker by sales, after it acquired Piramal Healthcare's domestic formulation business in May last year. Among the top 10 companies, Delhi-based Mankind Pharma clocked the highest growth at 27.2%.
Among drug brands, British company GlaxoSmithKline's antibiotic Augmentin retained its position as the country's best selling medicine, with annual sales of Rs 244 crore, followed by Danish company Novo Nordisk's insulin brand Human Mixtard and Pfizer's cough syrup Corex with annual sales of Rs 219 crore and Rs 216 crore.
India is among the fastest growing drug markets in the world and all major drugs firms have adopted various strategies to increase sales in the country such as alliances, new product launch, increasing sales force, acquiring brands or firms.
For the month of May alone, the latest data, Abbott posted 26.3% growth in sales, the fastest among the top 10 companies. Cipla and Ranbaxy grew 6.5% and 17.4% respectively. American firm Pfizer registered the slowest growth at 2.9% among the top 10 firms.
According to the IMS Health Information and Consulting Services data, Abbott's market share for the year ended May 2011 stood at 6.8%. The company's sales grew 15.1%. Its two closest competitors-Cipla and Ranbaxy Laboratories grew 12.8% and 13.7% respectively, below industry's growth rate of 15%. Cipla is the second largest player in the Rs 58,000 crore drug retail market with 5.1% market share followed by Ranbaxy Laboratories at 4.6%.
Abbott has emerged as the country's largest drugmaker by sales, after it acquired Piramal Healthcare's domestic formulation business in May last year. Among the top 10 companies, Delhi-based Mankind Pharma clocked the highest growth at 27.2%.
Among drug brands, British company GlaxoSmithKline's antibiotic Augmentin retained its position as the country's best selling medicine, with annual sales of Rs 244 crore, followed by Danish company Novo Nordisk's insulin brand Human Mixtard and Pfizer's cough syrup Corex with annual sales of Rs 219 crore and Rs 216 crore.
India is among the fastest growing drug markets in the world and all major drugs firms have adopted various strategies to increase sales in the country such as alliances, new product launch, increasing sales force, acquiring brands or firms.
For the month of May alone, the latest data, Abbott posted 26.3% growth in sales, the fastest among the top 10 companies. Cipla and Ranbaxy grew 6.5% and 17.4% respectively. American firm Pfizer registered the slowest growth at 2.9% among the top 10 firms.
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