Indian Pharma Market Posts 9% Surge in November Even as Volumes Stay Flat: PharmaTrac
New Delhi: The Indian Pharmaceutical Market (IPM) recorded a steady rise in November 2025, growing 9.06% month-on-month (MoM) in value, even as unit sales remained nearly flat at -0.10%, according to the latest PharmaTrac data analysed from IPM Performance, MAT Nov 2025.
Among therapies, Cardiac, Anti-Diabetic, Respiratory, and Anti-Neoplastics again provided the market’s core thrust in November. Cardiac grew 15.8% MoM, Anti-diabetic 13.1%, and Respiratory 8.4%, confirming that chronic therapies remain India’s strongest pharma engines.
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.
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