Greater Noida: Ind-Ra-Mumbai-8 September 2025: India’s pharmaceutical market (IPM) grew at 7.3% yoy in September 2025, led by price hikes and new product introductions, highlights India Ratings and Research (Ind-Ra).
Positive volume growth was observed in key therapies such as respiratory (13.2%), anti-neoplastics (12.1%) and cardiac (4.8% yoy) during September 2025. “IPM might grow 7%-8% yoy during FY26, with sustained growth momentum in chronic therapies”, says Nishith Sanghvi, Director, Corporate Ratings, Ind‑Ra.
Therapy-wise Performance: Therapies such as cardiac, CNS, anti-diabetic and derma therapies showed strong value growth, higher than IPM in September 2025. Acute therapies such as gastro-intestinal, pain/analgesics and derma witnessed sales growth of 6.6% and 6.2% yoy, respectively. Chronic therapies such as cardiac, derma and CNS grew at 11.3% yoy, 7.8% yoy and 8.6% yoy, respectively.
| Sun Pharma = Sun Pharmaceutical Industries Ltd; Torrent Pharma = Torrent Pharmaceuticals Ltd (debt rated at IND AA+/Stable); Lupin = Lupin Ltd; Alkem = Alkem Ltd (debt rated at IND A1+); USV = USV Ltd; Cipla = Cipla Ltd (debt rated at IND AAA/Stable); Mankind = Mankind Pharma Ltd; Abbott Labs = Abbott Laboratories Ltd; Dr. Reddy’s Labs = Dr. Reddy’s Laboratories; Sanofi India = Sanofi India Ltd; Macleods = Macleods Pharmaceuticals Limited; Aristo Pharma = Aristo Pharmaceuticals Pvt Ltd; Glenmark = Glenmark Pharmaceuticals Ltd (debt rated at IND AA/Stable) |
Company-wise Performance: Torrent Pharma, Sun Pharma, and Intas outperformed the market at 12.3% yoy, 11.7% yoy, and 11.7% yoy, respectively in MAT September 2025, led by the improving performance of chronic therapies.
