Indian Pharma Market Posts 9% Surge in November Even as Volumes Stay Flat: PharmaTrac

Meanwhile, acute segments such as Gastrointestinal (4.1% MoM) and Anti-infectives (4.2% MoM) continued to lag, weighed down by reduced seasonal triggers and competition-induced pricing pressure. The divergence between chronic and acute demand is becoming more structural with each passing quarter.

Among the top 20 corporates, Sun Pharma held its commanding position, clocking 14.8% month-on-month growth, ahead of Abbott, Cipla, Mankind, and others. Torrent, Glenmark, Zydus, and Dr. Reddy’s also recorded double-digit monthly growth, signalling broad-based buoyancy across large players.

In brands, the November spotlight was on PAN, PAN-D, Clavam, Thyronorm, and Cilacar, all showing strong incremental gains. Chronic respiratory and diabetic brands continued to hold ground, contributing significantly to incremental market value.

Quarterly performance (Nov’25 quarter) reveals that while price growth (5.6%) and new product contributions (2.6%) continue to support the market, volume growth remains modest at 0.5%, signalling ongoing stress in real demand.

This combination—pricing strength but volume softness—suggests that the market’s current expansion is not being driven by higher medicine consumption but by price-led value accretion and the entry of higher-value therapies.

The November numbers show an industry that is expanding, but not necessarily accelerating. Value growth continues to outpace unit growth, and the divide between chronic and acute therapies is widening. As India’s healthcare system evolves, this pattern may define the next stage of the pharmaceutical market: more chronic care, more specialised therapies, and a persistent reliance on price-led growth.

The month-on-month uptick offers optimism—but also highlights the need for a more balanced, volume-driven recovery if India's pharma market is to sustain stronger long-term momentum.

The Anti-obesity Market has grown almost 10 fold in the last 5 years. While the overall GLP1 Agonist market has shown aggressive growth at MAT as well as 5 year CAGR level, one sees a lot of regional variations.

Although obesity is more prevalent in urban India, anti-obesity product sales are disproportionately concentrated in a few states—indicating market skew and under-penetration in high-need regions.

High Growth but Uneven Adoption The GLP-1 Agonist category is showing strong MAT and 5-year CAGR growth, but uptake varies significantly by geography, reflecting differences in awareness, affordability, and access.

A simple reduction in MRP led to a 70% surge in Wegovy consumption, demonstrating that price remains the single strongest accelerator for category expansion. With multiple Indian companies preparing generic semaglutide launches post-2026, pricing strategies may need recalibration. Innovators who balance affordability with brand equity are positioned to lead.

Despite rising demand, India’s obesity market remains significantly underdeveloped, signaling major growth headroom for both innovators and upcoming generic entrants.