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The Indian Pharmaceutical Market (IPM) concluded 2025 with a valuation of approximately Rs 2,40,672 crore, reflecting a value growth of 8.1 per cent. According to the Pharmarack Indian Pharma Industry Performance report, IPM is likely to maintain the same growth range of 7.8-8.1% in 2026 as well.
This realistic scenario aligns with current market realities, where value growth remains robust despite fluctuating volume trends. The data indicates that the industry continued to show resilience, with all primary therapy segments maintaining positive value trajectories as of December 2025. The growth in the market is primarily driven by three key levers: price increases, new product launches, and volume adjustments. In the period ending November 2025, the industry recorded a 5.4 per cent growth attributed to pricing and a 2.1 per cent contribution from new products. Although volume growth remained marginal at 0.5 per cent, the overall value growth of 8 per cent closely matched forecasted expectations. By December 2025, the IPM demonstrated a consolidated value growth of 10.6 per cent and a unit growth of 2.6 per cent, signaling a steady acceleration in consumption patterns across the country. A notable highlight of the industry's performance is the rapid expansion of the anti-obesity segment, specifically driven by GLP-1 agonists. This category gained substantial momentum since 2022 following the launch of Rybelsus by Novo Nordisk. The report notes that this is a "predominantly premium category" where the segment delivered "rapid value growth" while "volumes remain measured." Strategic partnerships formed in late 2025 between global innovators like Novo Nordisk and Eli Lilly with Indian firms Cipla and Emcure are expected to improve penetration and accessibility in the coming months. Looking ahead to 2026, the market expects the entry of branded generics starting in March. The report observes that "historically, branded generics are launched at ~20-35% of innovator pricing," which typically triggers a "2x-5x surge in unit consumption over the initial 2-3 months." While this shift is expected to accelerate volume growth, the report cautions that "value growth is likely to moderate" as price erosion sets in. Domestic companies such as "Dr. Reddy's Laboratories, Sun Pharma, and Zydus Lifesciences" are identified as being well-positioned to capitalize on these emerging opportunities in the chronic and lifestyle-led therapy segments. The IPM continues to be categorized into four distinct segments: high-growth lifestyle therapies, demographics-driven treatments for an ageing population, mature acute therapies, and OTC-oriented categories. Leadership positions remain steady at the Moving Annual Total (MAT) level, with Augmentin and Glycomet GP retaining their top rankings. However, recent monthly data show Mounjaro and Foracort moving to the number one and two positions, respectively, in December 2025. For the 2026 outlook, the realistic growth forecast for the total IPM stands between 7.8 per cent and 8.1 per cent, supported by strong projections in the urology and anti-diabetic sectors. (ANI)
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