Indian pharma market's double-digit growth momentum is likely to continue further: Equirus
New Delhi, June 17
The Indian Pharmaceutical Market is expected to maintain its double-digit growth trajectory, driven by strong volume growth and broad-based demand across therapies, according to a report by brokerage firm Equirus.
The brokerage described May's performance as one of the strongest demand trends in recent years, with both chronic and acute therapies witnessing robust growth.
According to the report, the IPM "posted monthly growth of 12.1 per cent in May'26, marking the sixth consecutive month of double-digit expansion - the most sustained high-growth run in over two years."
On a moving annual total basis, the market grew 10.7 per cent, supported by a balanced contribution from "Volume (+3.2 per cent), Price (+4.6 per cent) and NI (+3.0 per cent), confirming the expansion is broad-based."
Equirus said chronic therapies remained a key growth driver, noting that "chronic growth has hit a series-high 14.6 per cent", raising the segment's share in the market to 40.6 per cent.
The report also highlighted improving demand in acute therapies. It said acute growth reached "a series-high 8.3 per cent", indicating that the market's expansion is being supported by both major segments.
Demand remained strong across therapy categories. Equirus noted that "May data underscored an unusually broad-based demand environment, with nine of the ten key therapies growing in double digits."
Cardiac and anti-diabetic therapies continued to lead growth, while respiratory therapies recorded a strong rebound. Even anti-infectives, which remained the weakest segment, showed signs of recovery.
On growth drivers, Equirus said, "Volume growth accelerated to 3.2 per cent," reflecting a sustained improvement in prescription volumes. It added that new introductions contributed 3.0 per cent growth, "the highest in the five-period series", aided by successful chronic therapy launches.
The brokerage added that the IPM's current growth momentum is now "genuinely broad-based", with strong demand trends likely to support continued expansion in the coming months.
— ANI
Reader Comments
Interesting data. The chronic therapy growth at 14.6% is impressive. With India's aging population and rising lifestyle diseases, this trend seems sustainable. Good news for investors, though I echo concerns about pricing pressures on end consumers.
Finally some good economic news! 🇮🇳 The fact that even anti-infectives are recovering shows the overall health system is bouncing back. But ek baat - price growth (4.6%) still outpacing volume growth (3.2%). That's concerning for patients on long-term medications.
Main problem is, pharma companies are making record profits but patients still struggle. My mother's diabetes medicines cost Rs 2,500 per month. If volume growth means more people are buying, great, but if prices keep rising, this "growth" is just inflation masquerading as economic progress.
Good to see respiratory therapies bouncing back - post-COVID, many people in my family developed asthma-like symptoms. But I hope the rebound isn't due to worsening air quality in cities. Need policy action too, not just pharma growth. Pharma + prevention = real health progress!
Equirus is spot on about 'broad-based demand.' The 9 out of 10 therapies growing in double digits is remarkable. India's pharma industry is a global bright spot. My concern is price regulation - NPPA needs to ensure 4.6% price growth doesn't hurt lower-income households disproportionately.
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