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IPM growth slows again on acute therapy weakness

* The Indian pharma market (IPM) grew 7.1% YoY in Jul’25 (vs. 11.7% in Jul’24 and 11.5% in Jun’25).

* The growth was driven by strong outperformance in Cardiac/Urology therapies, which outperformed IPM by 500bp/360bp in Jul’25.

* Acute therapy growth slowed to 5% in Jul’25 (vs. 11% in Jul’24/Jun’25) owing to seasonality.

* For the 12 months ending in Jul’25, IPM growth was led by price/new launches/ volume growth of 4.2%/2.3%/1.2% YoY.

* Mounjaro remains highest growth brand with Jul’25 sales of INR600m, as per IMS. This is followed by Telma with YoY growth of 27% in Jul’25.

* In Jul’25, Mixtard/Liv-52 witnessed maximum YoY decline of 13%/9%, as per IMS.

Ajanta/Dr Reddy/Glenmark/JB Chemicals outperform in Jul’25

* In Jul’25, among the top-20 pharma companies, Glenmark (up 11.9% YoY), JB Chem (up 11.2% YoY), Ajanta (up 12.9% YoY), and Dr Reddy (up 10.2% YoY) recorded higher growth rates vs. IPM.

* Alembic/Glaxo were the major laggards in Jul’25 (down 1.9%/up 2.4% YoY).

* Ajanta outperformed IPM, led by strong double-digit growth across key therapies like Anti-Diabetic/Opthlal/Derma.

* JB Chemicals outperformed IPM, led by strong show in Cardiac/Gynaec/anti Parasitic.

* Dr. Reddy outperformed IPM, led by double-digit growth in Vaccines/Derma/ Cardiac.

* Glenmark outperformed IPM, led by strong performance in Cardiac/Respiratory therapies.

* Glenmark and JB reported industry-leading price growth of 6.3% YoY each on the MAT basis. JB reported the highest volume growth of 5.7% YoY on MAT basis. Corona Remedies posted the highest growth in new launches (up 5.3% YoY).

Cardiac/Urology lead YoY growth on MAT basis

* On the MAT basis, the industry reported 7.7% growth YoY.

* Chronic therapies posted 11% YoY growth, while acute therapies recorded 5% YoY growth in Jul’25.

* Cardiac/Urology grew by 11.6%/12.5% YoY. Gastro/Derma therapy grew largely in line with IPM. AI/Gynae/Respiratory underperformed IPM by 350bp/380bp/ 200bp on YoY basis for 12 months ending Jul’25.

* The acute segment’s share in overall IPM stood at 60.7% for MAT Jul’25, with YoY growth of 6.3%.

MNCs outperform domestic companies in Jul’25

* As of Jul 25, Indian pharma companies hold a majority share of 84% in IPM, while the remaining is held by multi-national pharma companies (MNCs).

* In Jul’25, Indian companies grew 6.6%, while MNCs grew 9.7% YoY.

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