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* The India pharma market (IPM) grew 9.3% YoY in Mar’25 (vs. 1% in Mar’24 and 4.1% in Feb’25).

* Considering a CAGR of 20% in Mar’24 over Mar’22, YoY growth of 9.3% in Mar’25 seems healthy.

* The growth was driven by strong outperformance in Cardiac/Gastro/Urology therapies, which outperformed IPM by 340bp/280bp/780bp.

* Acute therapy growth stood at 8% in Mar’25 (vs. -1% in Mar’24 and 3% Feb’25) owing to seasonality.

* For the 12 months ending in Mar’25, IPM grew 8% YoY, led by price/new launches/volume growth of 4.3%/2.3%/1.4% YoY.

* Out of the top 10 brands, Electral/Ryzodeg clocked a growth of 41%/22% YoY to INR550m/INR560m in Mar’25.

* During Mar’25, Mixtard and Glycomet-GP witnessed a decline of 9%/4% to INR600m/INR640m.

* Out of the top 40 brands, Alburel/Rybelsus/Electral/Influvac/Dytor grew by more than 25% in Mar’25.

JB Chemicals/Cipla/Ipca outperform in Mar’25

* In Mar’25, among the top-20 pharma companies, JB Chem (up 17.1% YoY), Cipla (up 16.3% YoY), and Ipca (up 14.3% YoY) recorded higher growth rates vs IPM.

* Alembic and Sanofi were the major laggards in Mar’25, up 0.9%/2.3%.

* IPCA outperformed IPM, led by strong double-digit growth across key therapies, like Pain/Cardiac/Antineoplast/Gastro.

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

* Cipla outperformed IPM, led by double-digit growth in Cardiac/AntiDiabetic/Urology.

* IPCA reported industry-leading price growth of 6.6% YoY on the MAT basis. Pfizer reported the highest volume growth of 6.3% YoY on MAT basis. Dr. Reddy posted the highest growth in new launches (up 4.2% YoY).

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

* On the MAT basis, the industry reported 8% growth YoY.

* Chronic therapies witnessed 11% YoY growth, while acute therapies displayed 8% YoY growth in Mar’25.

* Cardiac/Gastro/Antineoplast/Urology grew 11.7%/9.7%/13.1%/13.6% YoY. Respiratory/ Gynae/Anti-infectives underperformed IPM by 460bp/400bp/ 290bp on YoY basis.

* The acute segment’s share in overall IPM stood at 61% for MAT Mar’25, with YoY growth of 8%.

Domestic companies outperform MNCs in Mar’25

* As of Mar’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 9%, while MNCs grew 10.4% YoY.

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