For the Quarter Ending December 2025
APAC
• In India, the Dolutegravir Price Index fell by 0.64% quarter-over-quarter, reflecting softer export call-offs nationwide.
• The average Dolutegravir price for the quarter was approximately USD 169653.06/MT, with balanced institutional demand.
• Dolutegravir Spot Price remained near monthly averages as Hyderabad production and logistics maintained steady supply.
• Dolutegravir Price Forecast shows mild year-end softness then modest export-driven support into early next quarter.
• Dolutegravir Production Cost Trend stayed broadly flat as key fluorinated intermediate prices remained stable month-on-month.
• Dolutegravir Demand Outlook remained steady with NACO and Global Fund orders absorbing substantial Indian export volumes.
• Dolutegravir Price Index reflected mild downward pressure as inventories rose and producers offered small rebates.
• Operational capacity additions in Hyderabad and Visakhapatnam eased tightness, prompting competitive pricing to clear inventory.
Why did the price of Dolutegravir change in December 2025 in APAC?
• Incremental output from Hyderabad and Visakhapatnam increased supply, easing spot tightness and pressuring prices modestly.
• Export call-offs reduced after major Global Fund cycle, lowering overseas demand and softening ex-works prices.
• Stable fluorinated intermediate costs and smooth logistics limited input inflation, enabling producers to concede discounts.
Europe
• In Europe, the Dolutegravir Price Index edged slightly lower quarter-over-quarter, reflecting softer import call-offs from regional buyers.
• Dolutegravir market conditions remained import-led, with shipments from Indian manufacturers largely meeting European demand.
• Dolutegravir Spot Price stayed near monthly averages, as steady port arrivals and distributor inventories balanced short-term needs.
• Dolutegravir Price Forecast indicates mild near-term softness, with gradual support expected from renewed institutional orders in early 2026.
• Dolutegravir Production Cost Trend for importers remained stable, as landed costs were largely aligned with steady Indian export pricing.
• Dolutegravir Demand Outlook stayed balanced, with European health programs and private procurement absorbing standard volumes.
• Dolutegravir Price Index reflected minor downward pressure, as distributors held adequate stocks and exercised selective buying.
• Smooth logistics and consistent supply flows from India helped maintain market stability, preventing sharp price movements.
Why did the price of Dolutegravir change in December 2025 in Europe?
• Softer European call-offs reduced immediate import demand, applying mild downward pressure on landed prices.
• Steady Indian supply ensured consistent arrivals, keeping spot tightness minimal.
• Stable landed costs and reliable logistics allowed distributors to manage inventories without urgent price adjustments.
North America
• In North America, the Dolutegravir Price Index showed mild quarter-over-quarter softness, influenced by steady import availability and balanced institutional demand.
• Dolutegravir market conditions remained import-led, with Indian-origin shipments supplying key government and healthcare programs.
• Dolutegravir Spot Price stayed near monthly averages as distributors maintained adequate inventory, limiting immediate pricing pressure.
• Dolutegravir Price Forecast anticipates modest recovery in early 2026, supported by renewed Global Fund and institutional procurement cycles.
• Dolutegravir Production Cost Trend for importers remained stable, as landed costs were steady due to consistent overseas intermediate pricing and predictable freight.
• Dolutegravir Demand Outlook remained firm, driven by government healthcare programs, NGO purchases, and consistent ART program consumption.
• Dolutegravir Price Index reflected mild downward pressure in December as distributors drew from existing inventories and negotiated term discounts.
• Smooth port operations and reliable logistics supported timely deliveries, reducing urgency-driven spot premiums.
Why did the price of Dolutegravir change in December 2025 in North America?
• Adequate Indian exports ensured supply coverage, limiting upward price pressure and softening spot activity.
• Reduced year-end call-offs from institutional buyers eased immediate demand, contributing to mild price declines.
• Stable landed costs and consistent logistics prevented input-driven cost escalation, allowing distributors to maintain negotiated offers.
For the Quarter Ending September 2025
APAC
• In India, the Dolutegravir Price Index fell by 2.76% quarter-over-quarter, reflecting reduced production costs and inventory.
• The average Dolutegravir price for the quarter was approximately USD 170746.69/MT, reflecting inventory cost influences.
• Dolutegravir Spot Price remained subdued as Chinese API oversupply lowered input costs influencing the Price Index downward.
• Dolutegravir Production Cost Trend showed moderation due to falling API costs and improved plant efficiency.
• Dolutegravir Demand Outlook remained cautious with conservative procurement and high supplier inventories limiting fresh order volumes.
• Dolutegravir Price Forecast indicates recovery as restocking and steady pharmaceutical demand support upward price adjustments.
• Dolutegravir Price Index stability depended on inventory normalization, export demand pickup, and reliable plant operations.
• Currency-driven import pressures and higher Chinese API quotations pushed costs, affecting overall Dolutegravir Spot Price.
Why did the price of Dolutegravir change in September 2025 in APAC?
• Chinese API availability tightened and higher export quotations increased imports costs and domestic production pressure.
• High supplier inventories and conservative procurement restrained demand, leading to softer Price Index and weaker offtake.
• Improved logistics and plant efficiencies lowered manufacturing expenses, offsetting cost inflation and moderating price changes.
Europe
• In the Netherlands, the Dolutegravir Price Index declined quarter-over-quarter, primarily due to softer import quotations and stable regional inventory levels.
• Dolutegravir Spot Price remained subdued as abundant API supply from Asia and moderate restocking activity limited upward price movement.
• Dolutegravir Price Forecast suggests near-term stabilization, supported by seasonal restocking and consistent pharmaceutical formulation requirements across Europe.
• Dolutegravir Production Cost Trend for importers reflected easing input costs and favorable freight adjustments, lowering overall landed costs.
• Dolutegravir Demand Outlook remained cautious, with steady consumption from pharmaceutical end-users and distributors maintaining lean inventories.
• Price Index movement was influenced by reduced procurement urgency, normalized logistics, and steady API inflows from Asian exporters.
• Stable domestic operations and predictable shipping schedules minimized volatility, maintaining balanced pricing throughout the quarter.
• Limited demand growth and competitive import offers kept transaction levels moderate, restraining significant price fluctuations in the regional market.
Why did the price of Dolutegravir change in September 2025 in Europe?
• Lower Asian export quotations and favorable freight rates reduced landed costs, exerting downward pressure on the Dolutegravir Price Index.
• Adequate inventories and steady but cautious procurement activity limited immediate restocking demand across major European buyers.
• Softer API costs from China and India combined with stable logistics lowered overall import expenses, moderating price movement during the month.
North America
• In the USA, the Dolutegravir Price Index declined quarter-over-quarter, driven by lower import quotations and steady supplier availability.
• Dolutegravir Spot Price softened as global API oversupply and moderated export quotations from Asia reduced landed import costs.
• Dolutegravir Price Forecast indicates potential stabilization in early Q4, supported by restocking and steady pharmaceutical formulation demand.
• Dolutegravir Production Cost Trend for importers remained moderate, reflecting lower input costs and improved supply chain efficiency.
• Dolutegravir Demand Outlook stayed cautious, with procurement aligned to existing inventory levels and stable production across key formulators.
• Price Index movements were influenced by subdued import demand, favorable freight trends, and consistent API availability from Asian suppliers.
• Distributor inventories remained sufficient, reducing the urgency for bulk purchases and maintaining a balanced supply-demand environment.
• Reliable logistics and stable import flows kept market volatility low, supporting predictable price behavior through the quarter.
Why did the price of Dolutegravir change in September 2025 in North America?
• Softer API offers from Asian producers lowered landed import costs, pressuring domestic pricing levels.
• Adequate inventories and measured procurement from pharmaceutical manufacturers limited upward momentum in spot prices.
• Improved logistics and favorable freight rates further reduced landed costs, reinforcing a subdued pricing environment.
For the Quarter Ending June 2025
North America
• The Dolutegravir Sodium (IP) Price Index in North America registered a slight downward movement during June 2025, reflecting persistent weakness in the Spot Price due to subdued buying momentum.
• Why did the price change in June 2025?
The price declined as ample inventory levels, improved import logistics, and falling input costs pressured regional suppliers to lower quotes.
• The Spot Price softened throughout the month, with distributors adjusting offers downward to remain competitive against increased low-cost imports.
• The Dolutegravir Sodium Price Forecast for Q3 2025 indicates a potential rebound, backed by anticipated recovery in prescription volumes and a gradual tightening of available stock among wholesalers.
• The Dolutegravir Sodium Production Cost Trend remained favorable due to declining global API prices and stable operational expenses across North American formulation facilities.
• The Dolutegravir Sodium Demand Outlook was relatively muted, as procurement remained limited to short-cycle orders amid cautious inventory management by healthcare institutions and pharmacy chains.
• Why did the price change in July 2025 – increase or decrease? The price increased in July 2025 due to renewed prescription demand, early restocking by hospitals, and a mild rise in API procurement costs.
Europe
• The Dolutegravir Sodium (IP) Price Index in Europe trended downward in June 2025 amid weakened Spot Price levels and oversupplied conditions across key markets, including Germany.
• Why did the price change in June 2025?
The decline was driven by subdued end-user demand, excess inventory at distributor levels, and competitive pricing from parallel import channels.
• The Dolutegravir Sodium Spot Price fell gradually through the month, as suppliers in the region offered discounts to stimulate movement in a slow, overstocked market.
• The Dolutegravir Sodium Price Forecast for Q3 2025 suggests limited upside potential unless procurement volumes increase or excess inventories are cleared across European pharmaceutical supply chains.
• The Production Cost Trend remained steady, though manufacturers reported lower margins due to pricing pressure and limited cost pass-through in a competitive environment.
• The Demand Outlook remained soft, as hospital tenders and generic procurement programs in Germany and surrounding EU nations focused on existing stock rotation rather than fresh orders.
• Why did the price change in July 2025 – increase or decrease? The price increased in July 2025 due to reduced inventory levels, early Q3 procurement activity, and slightly firmer API costs passed through the supply chain.
APAC
• The Dolutegravir Sodium (IP) Price Index in India recorded a slight decline in June 2025, settling at USD 174,134/MT Ex-Hyderabad due to softened Spot Price levels and reduced procurement appetite.
• Why did the price change in June 2025?
The price declined as improved supply chain efficiency, high inventory levels, and softened input inflation collectively pressured prices downward.
• The Dolutegravir Sodium Spot Price weakened amid discounting by suppliers seeking to clear excess stock, while buyers focused only on immediate requirements.
• The Dolutegravir Sodium Price Forecast for Q3 2025 indicated a likely upward movement, driven by expectations of higher export orders and restocking by downstream pharmaceutical units.
• The Production Cost Trend remained stable, supported by optimal manufacturing operations, falling raw material prices, and increased domestic API availability.
• The Dolutegravir Sodium Demand Outlook showed a modest decline, as buyers adopted a conservative approach due to shortened lead times and ample on-hand inventories.
• Why did the price change in July 2025? The price increased in July 2025 due to strengthening export demand, rising input costs, reduced discounting, and renewed restocking activity.
For the Quarter Ending March 2025
North America
The U.S. Dolutegravir market experienced price fluctuations throughout Q1 2025, driven by shifting procurement trends, trade policy developments, and changing downstream demand. In January, prices moved upward as pharmaceutical companies front-loaded purchases in anticipation of supply disruptions tied to the Lunar New Year and early-year logistical bottlenecks. Higher freight rates and steady demand for antiretroviral therapies added to cost-side pressures, while limited spot availability prompted more aggressive procurement from key distributors.
February marked a shift in sentiment, with pricing easing as supply conditions improved and shipping costs from Asia began to moderate. Although a 10% tariff on Chinese pharmaceutical imports came into effect, several exporters adjusted their pricing to remain competitive, helping temper the impact on U.S. import costs. At the same time, softer offtake from hospitals and public health programs, along with constrained federal healthcare spending, led to more conservative buying behavior and moderated market momentum.
By March, prices continued to fluctuate as oversupply conditions became more evident. Declining export offers from China, coupled with sustained weakness in the U.S. Manufacturing PMI and a pullback in public sector procurement, contributed to a more subdued market tone. Retaliatory tariff announcements added further uncertainty, prompting some buyers to delay decisions. Overall, the U.S. Dolutegravir market in Q1 2025 reflected a trajectory of early firmness followed by cautious retracement, influenced by evolving cost inputs, shifting demand patterns, and complex global trade developments.
Asia Pacific
In Q1 2025, Dolutegravir prices in the Indian market followed a distinct three-phase trend—beginning with a strong upward surge in January, followed by consecutive declines in February and March. January saw a sharp increase in prices, supported by robust demand from the pharmaceutical, personal care, and food and beverage sectors. Consumer interest in health and wellness products surged, driving the use of Dolutegravir as a functional ingredient. Despite global supply chain improvements and steady import flows, tightening international availability and elevated production costs intensified pricing pressure.
In contrast, February experienced a notable price correction. The January spike led buyers to pause procurement and reassess their inventory positions. Simultaneously, oversupply in the domestic market, coupled with price competition from lower-cost Chinese exports, placed further pressure on Indian sellers. A dip in India’s inflation rate to 4.1% and weaker industrial activity dampened market sentiment. The slowdown in pharmaceutical production and reduced export demand compounded the softening trend, resulting in a steep price decline.
The downward trajectory persisted in March, with prices falling by 3.23% due to improved supply-side dynamics. Government support via the PLI scheme boosted domestic production, while enhanced logistics and lower raw material costs increased operational efficiency. However, soft demand from the pharmaceutical sector led to inventory buildup, prompting aggressive price reductions. Competitive pricing strategies and cautious buyer behavior further reinforced the bearish sentiment. Overall, Q1 closed with a clear shift from a demand-driven surge to supply-led price moderation in the Indian Dolutegravir market.
Europe
The German Dolutegravir market exhibited fluctuating pricing patterns across Q1 2025, reflecting evolving procurement behavior, global supply dynamics, and shifting downstream demand. In January, prices showed modest upward movement as pharmaceutical manufacturers accelerated purchases ahead of the Lunar New Year in Asia. This front-loaded procurement strategy, aimed at mitigating potential disruptions in supply chains, supported consistent offtake. Simultaneously, elevated freight rates and tight container availability contributed to increased landed costs, influencing early-quarter pricing sentiment despite stable domestic inventories.
February brought a shift in momentum, with pricing reflecting more tempered market activity. The impact of January's inventory buildup became more pronounced, leading to a slowdown in fresh procurement. Buyers adopted a more selective purchasing strategy, influenced by softening demand signals and slightly improved shipping conditions. At the same time, a depreciating euro added to import cost volatility, encouraging caution in pricing negotiations across key pharmaceutical supply chains.
By March, prices fluctuated again as bearish market fundamentals emerged. A combination of stable supply inflows, easing export offers from major producing countries, and reduced urgency from downstream sectors contributed to a softer tone. Additionally, macroeconomic uncertainty and subdued production activity weighed on buyer sentiment. Despite marginal improvements in logistics efficiency, oversupply and restrained offtake kept pricing trends on a downward path. Overall, the German Dolutegravir market in Q1 2025 transitioned from early-quarter firmness to late-quarter caution, shaped by evolving demand conditions and shifting cost pressures.
