India pharmaceuticals - IPM growth trends – May-2026

Research evidence excerpt

India pharmaceuticals - IPM growth trends – May-2026

Global Markets Research

10 June 2026India pharmaceuticals

EQUITY: HEALTH CARE & PHARMACEUTICALS

IPM growth trends – May-2026 Research Analysts

India Pharmaceuticals

Torrent’s growth is the strongest amongst our coverage; Saion Mukherjee - NFASL

saion.mukherjee@nomura.comSun gains market share in semaglutide

+91 22 403 74184

The India pharmaceuticals market (IPM) continued to grow in double digits at 10.9% y-y

Kushal Chovatia - NFASL(in terms of sales) in May 2026, primarily driven by price increases (+5.7%), followed by kushal.chovatia@nomura.com

new product launches (+3.8%) and volume growth (+1.3%). Since Oct-2023, IPM growth +91 22 403 74013

had been trending in single digit; however, over the past six months, the growth has

picked up and has been in the range of 10-11%. The recovery in growth rate is driven by

the low volume in the base, a pick-up in new launch contribution (like GLP-1) and steady

rise in prices. The cyclical growth recovery is positive, but the structural threat to the

market growth from trade generics and private-label medicines remains, in our view (link).

We believe large Indian companies will likely differentiate through new product launches

including in-licensed innovation products.

Strong growth in chronic therapies

For May 2026, amongst large therapies (by value), Anti-diabetes grew the fastest followed

by Cardiac (Fig.3). The growth in Anti-diabetes was largely driven by new product

launches, and GLP-1 in particular, contributed ~60% to the growth. Cardiac growth was

driven by price and volume growth in existing products. Some other large therapies such

as VMNs, Respiratory, Derma and Neuro grew in double-digits (Fig.2). Gastro, Anti-