India's pharma, healthcare deal values remain resilient at $13.9 bn in Q2 2026
New Delhi, July 23
India's pharma and healthcare sector recorded 65 deals worth $13.9 billion in the second quarter of 2026, a report said on Thursday.
Despite lower activity, overall deal values remained resilient, the report from Grant Thornton Bharat said. Excluding a $11.8 billion deal which was the largest overseas purchase by an Indian pharmaceutical company, overall deal values still rose 12 per cent over the previous quarter.
"The quarter reflects a clear strategic shift in India's pharma and healthcare sector. Indian companies are increasingly pursuing acquisitions that strengthen specialty portfolios, expand global market access and build differentiated capabilities rather than scale alone," said Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader, Grant Thornton Bharat.
"Meanwhile, investor interest remains firmly focused on innovation-led healthcare businesses across areas such as AI-enabled care, genomics, oncology and advanced diagnostics. As healthcare delivery and life sciences continue to evolve, we expect strategic acquisitions and targeted investments to remain the key drivers of deal activity," Kalmath added.
Mergers and acquisitions strengthened, with 35 deals worth $13.2 billion as transaction volumes increased 17 per cent quarter on quarter and values reached an all‑time high.
Outbound transactions accounted for 96 per cent of total M&A value, highlighting the growing global ambitions of Indian pharmaceutical companies as they expand specialty portfolios, strengthen innovation capabilities and increase their presence in regulated international markets.
Inbound activity also revived with four transactions, while domestic deals continued to account for the majority of M&A volumes.
Public market activity remained steady, with two IPOs raising $58 million and two QIPs raising $161 million.
Sectorally, pharma & biotech led the quarter with 23 deals worth $12.7 billion, driven by strategic acquisitions across specialty pharma, biologics, APIs, established brands and therapeutic portfolios.
— IANS
Reader Comments
Impressive numbers, but I'm more interested in what this means for healthcare delivery on the ground. How many new jobs will these 65 deals create in India? And will patients see better treatments or just higher costs? Need more transparency about where the money really goes.
AI-enabled care and genomics focus is exactly what we need. India has the talent pool for this. But we need more domestic investment too—why are 96% of M&A values outbound? Are we not confident in our own market? Seems like we're funding foreign healthcare while our own rural clinics struggle for basic equipment.
As someone who works in global pharma, this is really interesting. India's move from generics to specialty pharma and biologics is a big strategic shift. The $11.8B deal for overseas acquisition signals serious ambition. But I wonder if the regulatory environment in India is keeping up with this pace of change.
Great that deal values are resilient, but I wish we'd see more domestic M&A to strengthen our own ecosystem. The focus on specialty portfolios is smart, but at what cost? Our public healthcare system still faces shortages. Let's hope some of this investment trickles down to making medicines cheaper for the common man. 🏥
The 12% rise excluding the big deal shows underlying strength. India is clearly becoming a major player in global pharma, especially in biologics and APIs. But the investor focus on innovation-led businesses like AI and genomics is telling—this is where the future is. Canada should take notes!
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