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%.
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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.
Key Highlights
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.
MAT Performance
The moving annual total—or the 12-month rolling sales of overall pharma products—increased 8.1% in February.
Outperformers
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.
In-Line Performers
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.
Underperformers
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.
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