Multinational pharmaceutical companies are dominating the Indian vaccine market, capturing up to 60% of its total value share. Following the impact of the pandemic, India’s vaccine sector is gradually recovering, with multinational corporations steadily regaining momentum, as evidenced by data from PharmaTrac, a research firm.
Multinational corporations are experiencing accelerated growth in their value market share compared to local pharmaceutical manufacturers, thanks to their higher-priced offerings. Among these companies, GlaxoSmithKline, the British pharmaceutical giant, leads the vaccine market in India.
As reported by The Economic Times, and according to PharmaTrac, while multinational corporations are seeing relatively slower growth rates in value, they are nearly matching the unit growth rates observed among Indian corporations. Although domestically manufactured vaccines are gaining market share, certain vaccines remain predominantly under the control of multinational corporations.
Pfizer’s Prevenar 13, a pneumococcal vaccine, generated revenue of ₹61.3 crore in January, approximately three times the sales (₹21.2 crore) of SII’s Pneumocil vaccine. In the realm of adult vaccines, MSD Pharma leads with its HPV vaccine (Gardasil), achieving a moving annual turnover of ₹41.8 crore in January. In comparison, SII’s recently launched HPV vaccines, Cervavac 1 DS and Cervavac 2 DS, generated ₹2.1 crore and ₹40 lakh, respectively. However, SII’s rotavirus vaccine outperformed MSD’s, with sales of ₹4 crore against the rival’s ₹11.5 crore.
