- Indian pharma market grew 10.7% YoY in August 2026, driven by price and new launches
- Chronic therapies, vitamins, and gynecology fueled growth; acute categories showed muted gains
- Zydus Lifesciences and Glenmark led company performance with double-digit revenue increases
The Indian pharmaceuticals market (IPM) maintained its double-digit expansion path in August 2026, delivering a 10.7% year-on-year (YoY) revenue jump. The performance cements a sustained growth revival across the domestic formulation landscape following subdued demand throughout CY24 and CY25, according to a report by brokerage firm Nomura citing Pharmarack data.
The monthly expansion was largely anchored by steady price realizations (+6.1%) and a steady flow of new launches (+3.5%), alongside a 1.1% uptick in volumes. Strong traction in chronic therapies, a low base effect, robust demand in vitamins and gynecology, and high-impact launches like GLP-1 treatments (which added 60 basis points to total market growth) underpinned the performance.
Analysts at Nomura highlighted that while cyclical growth has recovered, structural challenges from trade generics and private-label formulations persist. However, large organized pharma companies are countering this through differentiated pipelines, in-licensing agreements, and brand scale, positioning them to continually outpace overall industry benchmarks.
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Zydus, Glenmark Lead Company Performance
A majority of companies within Nomura's coverage universe outpaced the broader IPM in August. Zydus Lifesciences and Glenmark Pharmaceuticals posted the strongest YoY value expansion.
Among other major players:
Glenmark topped the Moving Annual Total (MAT) charts through August 2026 with a 14.9% YoY growth, followed closely by Torrent Pharmaceuticals (+14.8%) and Zydus (+14.1%).
IPCA Laboratories was the primary outlier among covered names, growing slightly below the broader market rate. While IPCA logged strong double-digit gains across its core cardiology and pain franchises, performance was weighed down by its anti-malarial and anti-infective portfolios.
Non-rated players such as Emcure Pharmaceuticals and Alembic Pharmaceuticals witnessed relatively softer domestic traction.
Chronic Portfolios Spark Growth; Acute Stalls
Performance across therapy segments remained heavily tilted toward chronic and specialized care:
Vitamins, Minerals, and Nutrients (VMNs), Cardiac, and Anti-Diabetes emerged as the fastest-growing major therapy baskets by value. While VMN and cardiac gains were largely price-led, anti-diabetes growth was predominantly driven by product introductions. GLP-1 medicines contributed roughly 53% of the incremental growth within the diabetes segment.
Double-digit growth was logged across Gastrointestinal, Pain, Neurology, Dermatology, Gynecology, and Oncology. In contrast, acute categories such as Anti-Infectives and Respiratory lagged with muted single-digit upticks, pressured by stagnant volume throughput.
Semaglutide Landscape: Generic Demand Climbs 2% Sequentially
Demand for semaglutide-spurred by the critical patent expiry on March 20, 2026-continued to scale. Combined sales of innovator and generic semaglutide grew 1% month-on-month (MoM) in August, while generics alone advanced 2% MoM.
An estimated 299,000 patients (+3% MoM) in India are now on generic semaglutide regimens. Injectables command approximately 80% of patient share, while oral solid formulations account for the remaining 20%-a dynamic noticeably higher than the US, where oral penetration remains sub-10%.
The competitive dynamics across generic delivery mechanisms show sharp fragmentation:
Pre-Filled Devices: Out of the 17 generic entrants, 15 market pre-filled pens. Sun Pharma retained clear market leadership in the format with a 21% market share in August. Eris Lifesciences scaled its share to 13% (up from 10% in July). Meanwhile, Hetero, serving as contract manufacturer for Dr. Reddy's Laboratories following earlier supply recalls, expanded its brand footprint to 6% from 3% in July.
Reusable Cartridges: Four players compete in this niche. Torrent Pharma took the pole position from Zydus with a 34% market share in August. However, Torrent relies on a licensing partnership with Zydus, making Zydus the dominant upstream manufacturer with a 20% total share of manufacturing volumes. Hetero's manufacturing share similarly spiked to 7% (up from 1% in July).
Oral Solids: Generic oral solid formulations fell 6% MoM in August, though injectable formats grew 4%. The oral segment is dominated by Torrent and Dr. Reddy's, with Torrent commanding an overwhelming 90% share of oral generic sales.
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