India Pharma: Domestic trends: Solid momentum continues, June up 16% YoY

Research evidence excerpt

India Pharma: Domestic trends: Solid momentum continues, June up 16% YoY

J P M O R G A N Asia Pacific Equity Research

14 July 2026

India Pharma

Domestic trends: Solid momentum continues, June up

16% YoY

This report looks at key trends for the India Pharma Market (IPM) and companies’ Pharmaceuticals & Healthcare

performance based on monthly IQVIA data. Our India comparison matrix provides Services

a quick snapshot of the domestic business for our covered companies. Bansi Desai, CFA AC

(91 22) 6157 3581

• IPM growth and breakdown: IPM extended its double-digit growth streak to bansi.desai@jpmorgan.com

a seventh consecutive month. Industry growth stood at 16% YoY in Jun, up Amlan Jyoti Das

from 12.2% in May. For 1Q, IPM grew 13.5% YoY. On a T12M basis through (91 22) 6157 3574

Jun 2026, IPM grew 11.1%, driven by 4.6% pricing growth, 3.4% volume amlan.das@jpmchase.com

growth, and a 3.1% contribution from new product introductions. J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

• Acute/chronic split: The acute/chronic mix stood at 59%/41% in Jun. The Registration: INH000001873, (91-22) 6157-3000.

acute and chronic segments grew 13.4% YoY and 19.9% YoY, respectively,

in Jun 2026. The acute segment delivered double-digit growth for the third

consecutive month, following a 10-month hiatus since Jun 2025. Growth

stood at 11.4% and 16.8% for the acute and chronic segments, respectively, for

the quarter.

• Strong growth in chronics; sequential uptick in acutes continued: Among

major therapies, cardiac, anti-diabetic, and vitamins/minerals/nutrients

(VMN) posted strong growth of 20%, 20%, and 19% YoY, respectively, in

Jun 2026. Anti-infectives improved to 10.6% YoY from 8.2% in May 2026,

but remained among the slower-growing therapies.