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
The US generic market is crucial for Indian pharma, contributing about 35% to its total revenue, around US$ 10.7 billion
The top 15 Indian pharma players have continued to experience anaemic growth in the US market over the five years ended FY22
Ind-Ra expects FY22 IPM to have witnessed 15% YoY sales growth, higher than the 8%-10% observed over the past five years, aided by the base effect
Ind-Ra maintains a neutral outlook for healthcare in FY23
Large players are adequately capitalised to make bigger investments to adjust for the ongoing fundamental shift in market opportunities
Ind-Ra expects revenue growth of over 12% in 2022.
Flattish volume growth and subdued new launches were key factors for last month
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Ind-Ra expects IPM revenue growth of over 12% yoy for FY22.
Contribution from the top five therapies stood at 58% of IPM in October 2021. These therapies are cardiac, anti-infectives, gastro-intestinal, anti-diabetic and vitamins
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