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* IPM grew 13.6% YoY in Jul’26, compared to 7% in Jul’25 and 16% in Jun’26. On a 12-month (MAT) basis, IPM growth stood at 11.7% YoY.

* Growth was driven by strong outperformance in Anti-diabetic, VMN, and Cardiac therapies, which exceeded overall IPM growth by ~550bp, 300bp, and 240bp, respectively, in Jul’26.

* Acute therapies continued to maintain the growth momentum, with 12% YoY growth in Jul’26, compared to 13% in Jun’26 and 5% in Jul’25.

* The chronic therapy segment remained robust, registering double-digit growth of 16% YoY, supported by increased focus on chronic portfolios amid evolving lifestyle trends in the domestic market.

* For the 12 months ending Jul’26, IPM growth was driven by 4.7%/3.8%/3.2% YoY growth in prices/volume/new launches.

* Mounjaro remained the top-selling drug in Jul’26 with sales of INR1.8b, according to IQVIA.

* Mixtard continued to decline, reporting a 33% YoY decline in Jul’26, according to IQVIA data.

Lupin/Intas/Glenmark outperform in Jul’26

* Among the top 20 pharma companies, Lupin (+16.3% YoY), Intas (+16.2% YoY), and Glenmark (+15.7% YoY) outperformed overall IPM in Jul’26.

* Emcure (+4.4% YoY), Sanofi (+6.7% YoY), Eris (+7.6% YoY), and Alembic (+8.2% YoY) were the key underperformers during the month.

* Lupin outperformed IPM, driven by strong momentum across AntiDiabetic/Cardiac/AI.

* Glenmark outperformed IPM, driven by strong momentum in Cardiac/AI.

* Corono Remedies reported industry-leading price growth of 8.8% YoY on a MAT basis. Intas reported the highest volume growth of 10.1% YoY on a MAT basis. Ajanta Pharma/Pfizer posted the highest growth of 5.8% YoY in new launches on a MAT basis

Cardiac/Anti-Diabetic/VMN lead YoY growth on a MAT basis

* On a MAT basis, the industry reported 11.7% YoY growth.

* On a MAT basis, chronic therapies posted 15.7% YoY growth, while acute therapies recorded 9.1% YoY growth in Jul’26.

* The acute segment’s share in overall IPM stood at 59.3% for MAT Jul’26

* Cardiac/Anti-Diabetic/VMN grew 15.7%/15.5%/13% YoY. AI/Gastro/Derma underperformed IPM by ~600bp/320bp/310bp on a YoY basis for 12 months ending in Jul’26.

MNCs continue to outperform domestic companies in YoY growth

* As of Jul'26, Indian pharma companies retained a dominant 84% market share in IPM, with the remainder held by MNCs.

* In terms of growth, Indian companies expanded 13% YoY, while MNCs outpaced them with 16% YoY growth in Jul'26.

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