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Chronic therapies drive YoY growth; respiratory witnesses revival

* The India pharma market (IPM) grew 7.4% YoY in Apr’25 (vs. 9% in Apr’24 and 9.3% in Mar’25).

* The growth was driven by strong outperformance in Cardiac/CNS/Respiratory therapies, which outperformed IPM by 360bp/210bp/130bp. Notably, respiratory therapies saw revival in YoY growth in Apr’25.

* Acute therapy growth stood at 6% in Apr’25 (vs. 6% in Apr’24 and 8% Mar’25) owing to seasonality.

* For the 12 months ending in Apr’25, IPM growth was led by price/new launches/volume growth of 4.3%/2.3%/1.3% YoY.

* Out of the top 10 brands, Electral/Udiliv clocked a growth of 25%/22% YoY to INR900m/INR650m in Apr’25.

* In Apr’25, Mixtard/Lantus posted a decline of 11% each to INR670m/INR470m.

* Out of the top 40 brands, Alburel/Rybelsus grew 128%/54% YoY in Apr’25.

JB Chemicals/Glenmark/Dr Reddy outperform in Apr’25

* In Apr’25, among the top-20 pharma companies, JB Chem (up 12.3% YoY), Glenmark (up 13% YoY), and DRRL (up 12.1% YoY) recorded higher growth rates vs. IPM.

* Sanofi declined YoY by 2.5% while Glaxo/Alembic were the major laggards in Apr’25 (YoY growth of just 2.4%/2.2%).

* DRRL outperformed IPM, led by strong double-digit growth across key therapies, like Respiratory/Derma/Vaccines.

* JB Chemicals outperformed IPM, led by strong show in Cardiac/ophthal/Gastro.

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

* JB reported industry-leading price growth of 6.5% YoY on the MAT basis. IPCA reported the highest volume growth of 4.8% YoY on MAT basis. Dr. Reddy posted the highest growth in new launches (up 4.5% YoY).

Cardiac/Gastro/Antineoplast/Urology lead YoY growth on MAT basis

* On the MAT basis, the industry reported 7.9% growth YoY.

* Chronic therapies witnessed 9% YoY growth, while acute therapies displayed 6% YoY growth in Apr’25.

* Cardiac/Gastro/Antineoplast/Urology grew 11.3%/9.4%/12.6%/13.1% YoY. Respiratory/ Gynae/Ophthal underperformed IPM by 380bp/410bp/ 310bp on YoY basis.

* The acute segment’s share in overall IPM stood at 61% for MAT Apr’25, with YoY growth of 7.9%.

Domestic companies outperform MNCs in Apr’25

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

* In Mar’25, Indian companies grew 7.4%, while MNCs grew 7.4% YoY.

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