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The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies.
India’s Indoco has reported double-digit growth despite a slow recovery of its domestic business during its financial third quarter ended 31 December 2020. The Indian company reported 18% sales growth overall, lifted by 73% growth in its International business in Q3.
Additional views from the virtual J.P. Morgan Healthcare Conference on ways the COVID-19 pandemic has affected business practices and lessons learned for the future.
After seeing a spike in demand due to the coronavirus pandemic in Q1, with a corresponding dip in Q2, the generics industry has largely seen single-digit drops in net revenues in the third quarter of 2020. Meanwhile, the Indian pharma market has seen recovery after facing a challenging coronavirus-induced slump in the first two quarters of 2020.