India’s pharmaceutical market (IPM) grew at 7.3% yoy in September 2025, led by price hikes and new product introductions, highlights India Ratings and Research (Ind-Ra).

Positive volume growth was observed in key therapies such as respiratory (13.2% yoy), anti-neoplastics (12.1% yoy) and cardiac (4.8% yoy) during September 2025. “IPM might grow 7%-8% yoy during FY26, with sustained growth momentum in chronic therapies”, says Nishith Sanghvi, Director, Corporate Ratings, Ind‑Ra.

Therapy-wise Performance: Therapies such as cardiac, CNS, anti-diabetic and derma therapies showed strong value growth, higher than IPM in September 2025. Acute therapies such as gastro-intestinal, pain/analgesics and derma witnessed sales growth of 6.6% yoy and 6.2% yoy, respectively. Chronic therapies such as cardiac, derma and CNS grew at 11.3% yoy, 7.8% yoy and 8.6% yoy, respectively.

Company-wise Performance: Torrent Pharma, Sun Pharma, and Intas outperformed the market at 12.3% yoy, 11.7% yoy, and 11.7% yoy, respectively in MAT September 2025, led by the improving performance of chronic therapies.