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Softness persists in acute therapies for third consecutive month

* The Indian pharma market (IPM) grew 6.1% YoY in Sep’25 (vs. 5% in Sep’24 and 8% in Aug’25).

* The growth was driven by strong outperformance in Respiratory/Cardiac/AntiDiabetic therapies, which outperformed IPM by 900bp/450bp/270bp in Sep’25.

* Acute therapy continues to show muted growth at 3% in Sep’25 (vs. 4% in Sep’24/ 6% in Aug’25) owing to seasonality.

* For the 12 months ending in Sep’25, IPM growth was led by price/new launches/ volume growth of 4.1%/2.3%/1.3% YoY.

* Mounjaro remains the highest growth brand, with Sep’25 sales of INR1.1b, as per IMS. This is followed by Thyronorm with YoY growth of 19% among the top10 brands in Sep’25.

* In Sep’25, Mixtard witnessed the maximum YoY decline of 19%, as per IMS.

Macleods/Intas/Glenmark/Ajanta outperform in Sep’25

* In Sep’25, among the top-20 pharma companies, Macleods (up 13.2% YoY), Intas (up 10.9% YoY), and Glenmark/Ajanta (up 10.8% YoY) recorded higher growth rates vs. IPM.

* Emcure/Alembic were the major laggards in Sep’25 (down 0.2%/up 0.1% YoY).

* Macleods outperformed IPM, led by strong double-digit growth across all key therapies, with the highest growth in Respiratory/Anti-infective/hormones.

* Glenmark outperformed IPM, led by robust growth in Respiratory/Cardiac. ? Ajanta outperformed IPM, led by double-digit growth in Derma.

* Glenmark reported industry-leading price growth of 6.2% YoY on the MAT basis. Corona Remedies reported the highest volume growth of 6.7% YoY on MAT basis. Zydus posted the highest growth in new launches (up 3.6% YoY

Cardiac/Neuro/Anti-diabetic/Respiratory lead YoY growth on MAT basis.

* On the MAT basis, the industry reported 7.8% growth YoY.

* Chronic therapies posted 11% YoY growth, while acute therapies recorded 3% YoY growth in Sep’25.

* Cardiac/Neuro/Anti-diabetic/Respiratory grew by 11.7%/8.6%/8.5%/8.2% on MAT basis. AI/Gastro underperformed IPM by 350bp/150bp on YoY basis for 12 months ending in Sep’25.

* The acute segment’s share in overall IPM stood at 60.4% for MAT Sep’25, with YoY growth of 6.2%.

MNCs outperform domestic companies in Sep’25

* As of Sep 25, Indian pharma companies hold a majority share of 83% in IPM, while the remaining is held by multi-national pharma companies (MNCs).

* In Sep’25, Indian companies grew 5.2%, while MNCs grew 10.7% YoY.

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