Indian Pharma Defies GST Jolt, Posts 7.3% Growth in September: Report
New Delhi: The Indian Pharmaceutical Market (IPM) has recorded a 7.3% value growth in September 2025, driven primarily by new product introductions and price growth, according to the latest PharmaTrac MAT September 2025 data released by Pharmarack.
Despite a slight disturbance in the distribution channel following the reduction of GST from 18% to 5% announced on September 3, 2025, the overall industry maintained steady growth momentum. The analysis indicates that while acute and sub-chronic therapy segments—together contributing over 65% to the IPM—faced temporary disruptions in distributor purchases, market normalization is expected within a month.
IPM Therapy Trends
For the 12 months ending September 2025, the Indian Pharma Market (IPM) stood at ₹2,35,007 crore, reflecting a 7.5% value growth and 0.5% unit growth.
All major therapy segments showed positive value growth, with Cardiac (11.3%), Urology (15.0%), Anti-Neoplastics (12.4%), and Respiratory (7.1%) emerging as top-performing categories.
The Anti-Diabetic segment also reported a robust 7.8% value growth, supported by strong double-digit brand performances. Meanwhile, Gastrointestinal (6.6%), Pain/Analgesics (6.2%), and Dermatology (7.8%) continued to maintain steady momentum despite moderate volume contraction.
Growth Drivers
The report attributes market expansion to new product launches and price growth, while volume growth remained subdued in several key categories such as Gastro, Nutritionals, and Pain/Analgesics.
Price growth contributed 5.5%, and new introductions contributed 2.5%, while overall volume declined marginally by 0.6% for the month.
Top Corporate Performers
Among corporates, Sun Pharma retained its leadership position with an 8.1% market share and 8.8% monthly value growth. It was followed by Abbott (5.7%), Cipla (5.7%), Mankind (5.5%), and Alkem (4.4%).
Other notable performers included Intas (11.2%), Torrent (11.1%), and Dr. Reddy’s (10.1%), all recording strong double-digit growth.
Emerging players such as La Renon (13.4%), Ajanta Pharma (12.3%), and Corona Remedies (18.7%) also reported robust performances, reinforcing the expanding footprint of mid-sized Indian pharma companies.
Also Read: Indian Pharma Market Grows 8.7% in August, Records Rs 20,984 Crore Sales: PharmaTrac
Top Performing Brands
Augmentin (GSK) and Glycomet GP (USV) continued to lead the market at the MAT level. However, Eli Lilly’s Mounjaro emerged as a major disruptor, becoming the No. 2 brand in the IPM for September 2025 with ₹80 crore turnover for the month and a cumulative ₹233 crore since its March 2025 launch.
Other brands showing double-digit growth included Mixtard (Abbott), Thyronorm (Abbott), Duolin (Cipla), Telma (Glenmark), and Cilacar (JB Chemicals).
At the therapy level, brands such as Budecort, Lantus, Brilinta, and Dytor showed strong double-digit value and unit growth, reflecting positive physician and patient adoption trends.
Pharmarack’s analysis concludes that the GST rate cut, while a short-term disruptor for the supply chain, has been a “welcome move for consumers” due to the reduction in treatment costs.
With the communication on revised GST impact gradually stabilizing across distributors and retailers, the report anticipates normalization of demand and seasonal sales patterns by October 2025.
