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Dermatology Sector To Boom In India: Akums Drugs

Opportunity India Desk
Opportunity India Desk Jun 29 2022 - 3 min read
Dermatology Sector To Boom In India: Akums Drugs
This spike in dermatology drug sales is a result of the increase in demand for anti-acne, emollients, hair restorers, anti-fungal, and skin-brightening formulations, as people are resuming their normal activities.

As people are facing factors such as lifestyle changes, environmental changes, pollution, and also short-term factors like heat, humidity, and pollution, Akums Drugs and Pharmaceuticals suggested that the dermatology sector is set to boom in the country.

“While consumers are becoming more aware and conscious about their skin and hair, rising disposable income is also allowing Indian consumers to spend more on skincare products for a better skincare regime. Since patient footfalls for dermatology consultations are resuming after a two-year hiatus, the segment is booming and only set to grow further,” Akums Drugs said in a press statement.

According to a recent AWACS AIOCD report, the segment has increased to 30 per cent in May 2022. This spike in dermatology drug sales is a result of the increase in demand for anti-acne, emollients, hair restorers, anti-fungal, and skin-brightening formulations, as people are resuming their normal activities.

“Akums Drugs also sees this development coinciding with the return to normalcy conditions, with people finally stepping out of their homes, consulting doctors to resume pending treatments and wanting to take care of their skin and hair again in the face of changing climatic conditions and higher levels of pollution. In India, the anti-infectives, cardiac and diabetes segments have been known to dominate the market; but Akums believes dermatology is strengthening its presence gradually. As per the report, the segment is valued at INR 11,043 crore in May 2022, and it looks to be one of the fastest growing therapies going forward,” the company stated.

Sanjeev Jain, Co-Founder, Promoter and Director, Akums Drugs and Pharmaceuticals said, “As per the report, for the first time since the pandemic, domestic pharmaceutical market has declined -4.8 per cent in April 2022 and fallen further to -3.3 per cent in May 2022 — marking a slowdown in the overall growth from the same months last year. On the other hand, the dermatology segment sales have risen 30 per cent last month, due to increased demand for skin- and hair-related formulations as people are resuming their normal lives. Given that dermatology was much ignored in the past two years, we anticipated the return to this one-time leading segment as soon as the pandemic-led concerns subside. We see this opportunity as promising and are happy to boost supplies of novel dermatological medicines to allay the increasing skin & hair complaints. We also hope to capture a larger market share for being the pioneers in dermatology manufacturing, by having a vast array of products both through our R&D and in-licensed collaborations.”

Meanwhile, Co-Founder, Sandeep Jain said, “With people finally resuming life outside their four walls, everyone wants to look good and be presentable and investing in skincare and haircare are the basic requirements. Akums Drugs is equipped to keep up with the growing demands of the domestic dermatology segment by offering novel derma products targeted on various skin & hair ailments among various age groups.”

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