India pharma market grows 6.9 pc in May, chronic therapies lead

In May, Indian companies grew 6.6 per cent, while MNCs grew 8.4 per cent YoY.

Acute therapy growth stood at 5 per cent in May, the second consecutive month of muted YoY growth, according to the report by Motilal Oswal Financial Services Ltd.

For the 12 months ending in May, IPM growth was led by price/new launches/volume growth of 4.2 per cent/2.3 per cent/1.1 per cent YoY.

As of May, the Indian pharma companies held a majority share of 83 per cent in IPM, with the remaining held by multi-national pharma companies (MNCs).

In May, among the top 20 pharma companies, JB Chem (up 11.6 per cent YoY), Glenmark (up 11.8 per cent YoY), and Ajanta (up 10.6 per cent YoY) recorded higher growth rates vs IPM.

Ajanta outperformed IPM, led by strong double-digit growth across key therapies like Anti Diabetic/Ophthal. JB Chemicals outperformed IPM, led by a strong show in Cardiac/Ophthal/Anti Parasitic.

On a MAT basis, the industry reported 7.6 per cent YoY growth. Chronic therapies witnessed 10 per cent YoY growth, while acute therapies displayed 5 per cent YoY growth in May, said the report.

Meanwhile, India’s pharmaceutical industry, which has emerged as the largest supplier of affordable generic medicines, is poised to grow at 7.8 per cent year-on-year in April 2025 driven by strong demand and new products, according to experts at India Ratings.

The country’s pharma sector is now ranked 3rd in volume and 14th in value globally and contributes as much as 20 per cent of the world’s supply of medicines. The turnover of the Indian pharma industry touched Rs 4,17,345 crore in 2023-24 growing steadily at over 10 per cent annually for the past five years.