A report published by India Ratings and Research (Ind-Ra) shows that the pharmaceutical market (IPM) in India continued its growth in April with 7.8 percent year-on-year (yoy) growth in revenue. The growth was driven by companies' price hikes, with volume growing 1.3 percent yoy.

Almost all major chronic therapies also showed positive value and volume growth.

“Ind-Ra expects IPM to grow to the tune of 7-8 percent yoy during FY26, with sustained growth momentum in the chronic therapies, led by price increases and product launches,” said Nishith Sanghvi, Director, Corporate Ratings, Ind-Ra.

The anti-diabetic segment experienced a volume growth of 2.8 percent yoy in April, due to genericisation opportunities. Volume growth was also observed in key therapies such as gastrointestinal (5.5 percent), derma (3.1 percent) and cardiac (2.2 percent).

Further, there had been a stable performance in April 2025, where value growth was observed across therapies.

Therapies such as cardiac, gastrointestinal, anti-diabetic, and derma showed higher volume growth than IPM. Acute therapies like gastrointestinal, vitamins, pain/analgesics, and anti-infectives recorded sales growth of 10.1 percent, 7.5 percent, 8.5 percent, and 6.5 percent yoy, respectively. On the other hand, chronic therapies like derma grew 10.8 percent yoy, cardiac grew 10.6 percent yoy, anti-diabetic grew 7.7 percent yoy, and CNS grew 9.1 percent yoy.

The March report of Ind-Ra's March shows sales of the acute segment grew 6.4 percent yoy (March 2024: 6.7 percent yoy) while the chronic and sub-chronic therapy segment rose 8.0 percent yoy (12.8 percent) and 8.4 percent yoy (12.3 percent), respectively.