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Indian Pharma Market grew at 16% YoY for the month of June 2026

ICICIdirect Research 13 Jul 2026 DISCLAIMER

News: Indian Pharma Market grew at 16% YoY for the month of June 2026 to ₹ 23060 crore, as per IQVIA data. On MAT (trailing 12 months) basis, IPM witnessed a growth of ~11% to ₹ 264900 crore. As per data, the growth was mainly driven by Cardiac and Anti-diabetic- 20% each; VMN- 19%; Pain management, Gynaecology and Neurology- 16% each. Among other therapies- Respiratory grew 14%; Anti-infectives grew 13% and Gastroenterology and Dermatology grew 12% each. Company wise growth numbers - Torrent - 20%;  Cipla- 19%; DRL – 18%; Sun and Lupin- 17%; Abbott- 16%; Zydus- 20%; Glenmark-19%; Ipca and Pfizer- 15%; Ajanta- 18%; P&G Health – 15%. Acute therapies have grown at 13% whereas Chronic therapies have registered a growth of 20% for the month

View: June growth was driven by chronic, but the noteworthy growth was from acute subsegment which registered a significant high growth of 13%. Overall, IPM growth has been consistently witnessing higher traction, outpacing the 7-9% growth band which was observed during FY24 and FY25. This incremental growth was mainly driven by increased patient volumes, increased penetration of players in to extra-urban areas via MR addition and continued traction from chronic therapies in general and Cardiology / Diabetology in particular. We expect domestic formulations of Indian pharma companies to remain in good stead with additional tailwinds from GLP 1 opportunities and opportunities stemming from Schedule M driven vacuums. 

Impact: Positive

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