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Strong YoY growth in Oct’26; sustainability remains the key

* The Indian Pharma Market (IPM) grew 11.7% YoY in Oct’25 (vs. 5% in Oct’24 and 6.1% in Sep’25). Notably, October was the first month following the GST transition. We will await the performance of the subsequent months to assess the sustainability of this growth.

* The growth was driven by strong performance in the Cardiac/Respiratory/AntiDiabetic/Neuro therapies, which outperformed IPM by 4.9%/4.7%/3.4%/1.3% in Oct’25.

* Acute therapy showed strong growth of 9% in Oct’25 (vs. 2% in Oct’24/4% in Sep’25) owing to seasonality.

* For the 12 months ending in Oct’25, IPM growth was led by volume/price, which grew 6.8%/6.2% on a YoY basis. Growth from new launches was moderate at 3.9% YoY.

* Mounjaro remained the highest-growth brand, with Oct’25 sales of INR1.3b, according to IMS. This was followed by Budecort, which recorded YoY growth of 31% in Oct’25.

* In Oct’25, Mixtard witnessed the maximum YoY decline of 21%, according to IMS.

Sanofi/Ajanta/Intas/Glenmark outperform in Oct’25

* In Oct’25, among the top-20 pharma companies, Sanofi (up 20% YoY), Ajanta (up 19.3% YoY), Intas (up 18.9% YoY), and Glenmark (up 17% YoY) recorded higher growth rates vs. IPM.

* Emcure/Alembic were the major laggards in Oct’25 (up 2.8% YoY/up 5% YoY).

* Ajanta outperformed the IPM, driven by strong double-digit growth across all key therapies, with the highest growth seen in Derma/Ophthal.

* Glenmark outperformed IPM, led by robust growth in Respiratory/AI/Cardiology.

* It reported industry-leading price growth of 6.2% YoY on a MAT basis. Corona Remedies reported the highest volume growth of 6.8% YoY on a MAT basis. Zydus posted the highest growth in new launches (up 3.9% YoY).

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

* On a MAT basis, the industry reported 8.4% YoY growth.

* Chronic therapies posted 16% YoY growth, while acute therapies recorded 9% YoY growth in Oct’25.

* Cardiac/Respiratory/Anti-Diabetic/Neuro grew 12%/10%/9%/9%. AI/Gastro/Derma underperformed IPM by 310bp/180bp/170bp on a YoY basis for 12 months ending Oct’25.

* The acute segment’s share in overall IPM stood at 60.3% for MAT Oct’25, with YoY growth of 11%.

Domestic companies outperform MNCs in Oct’25

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

* In Oct’25, Indian companies grew 11.7%, while MNCs grew 11.2% YoY.

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