Indian Pharma Market Grew Marginally Lower At 7.5% In February 2025

Indian Pharmaceuticals Market has delivered marginally lower revenue at 7.5% year on year in February 2025, compared to 8.7% year on year in January 2025. Overall, growth in February was driven by growth in price (5.2% YoY) and new launches (2.4% YoY), while volume growth continued to remain muted at negative 0.2% YoY.

Year-to-date in FY25, IPM reported growth at an average of 7.3% year on year, led by price growth at 5.5%, new launches growth at 2.7% and volume growth at negative 0.8%.

Among the top 10 therapies, cardiac, gastro, neuro/CNS, and derma outperformed IPM growth, while weak growth was seen in anti-infectives, respiratory, and gynaec therapies in February.

Ind-Ra expects IPM growth to be at 7.5-8.0% year on year for FY25 (FY26: 8-9% year-on-year) against 6.5% year-on-year in FY24 and 9.9% YoY growth in FY23, Krishnanath Munde, associate director at India Ratings and Research, told NDTV Profit.

• Volume growth decreased 0.2%. It saw 0.2% growth in February 2024.

• Price growth of 5.2% in February, as compared to 5.8% over the same period last year.

• New launches increased 2.4%, as against 3% in February 2024.

The moving annual total—or the 12-month rolling sales of overall pharma products—increased 8.1% in February.

Zydus Lifesciences Ltd. led the market with the highest growth at 12.7%, followed closely by Ajanta Pharma Ltd. with 11.8% and Torrent Pharma Ltd. with 11.6%.

FDC and JB Chemicals also demonstrated strong performance, achieving growth rates of 11.3% and 11.0%, respectively. Sun Pharmaceutical Industries Ltd., Pfizer India, Dr. Reddy's, Ipca Labs, and Lupin Ltd. all outperformed the overall market growth, indicating robust market traction and successful strategic execution.

Mankind Pharma and Glenmark Pharmaceuticals both reported a 7.8% growth, aligning closely with the overall market performance.

Abbott India achieved a 7.7% growth, while Alkem Labs and Emcure Pharmaceuticals saw growth rates of 7.5% and 7.2%, respectively, indicating stable operational performance consistent with the market average.

Cipla and Eris Lifesciences experienced slower growth at 5.3% and 5.4%, respectively.

Alembic Pharma and Indoco Remedies both reported a 3.7% growth, while GlaxoSmithKline Pharma saw a 2.7% increase.

Sanofi India reported a negative growth of 0.5%, indicating potential challenges or market-specific factors adversely affecting their performance.