India pharmaceuticals

Research evidence excerpt

India pharmaceuticals

Global Markets Research

13 July 2026India pharmaceuticals

EQUITY: HEALTH CARE & PHARMACEUTICALS

IPM growth trends – June-2026 Research Analysts

India Pharmaceuticals

Lupin and Zydus’ growth the strongest among our Saion Mukherjee - NFASL

saion.mukherjee@nomura.comcoverage stocks; Alkem/Sun gain share in semaglutide

+91 22 403 74184

The India pharmaceuticals market (IPM) posted a robust 13.3% y-y growth (in terms of

Kushal Chovatia - NFASLsales) in June 2026, driven by price increases (+5.9%), followed by new product launches kushal.chovatia@nomura.com

(+4.0%) and volume growth (+3.3%). This is the highest reported growth since Oct-2023. +91 22 403 74013

After a lull in CY24 and CY25, IPM growth has picked up in CY26 and has been trending

in double-digits in CY26. The recovery in growth rate is driven by the low volume in the

base, a pick-up in new launch contribution like GLP-1 (~90bps) and a pick-up in chronic

therapies such as cardiac, neuro, VMNs and respiratory. Overall price increase has

remained steady. Owing to the upbeat growth in 1HCY26, Pharmarack has revised its

growth estimates for the IPM for CY26E to 11.3% from 7-9% earlier (Fig.16). 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 June 2026, among large therapies (by value), Anti-diabetes grew the fastest followed

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

launches, and GLP-1 in particular, which contributed ~50% to the segment’s growth.