New Delhi [India], December 10 : The growth of the Indian pharmaceuticals market (IPM) continues to remain muted in November, staying in single-digit territory for the past 32 months, Nomura said in its latest report.
The report highlighted that the India pharmaceuticals market (IPM) grew 9.1 per cent year-over-year (y-o-y) (in terms of sales) in November 2025, reflecting a modest slowdown from the previous month, but still indicating some recovery in the recent past.
It stated "The India pharmaceuticals market (IPM) grew 9.1 per cent y-y (in terms of sales) in Nov-2025....... IPM growth has remained in single-digits for the past 32 months".
According to the report, the IPM recorded price growth of 5.5 per cent, while new products contributed 2.9 per cent to the y-y growth. Volume growth remained low at 0.6 per cent y-y, highlighting slow demand momentum in the market.
The report noted that except for the double-digit growth seen in October 2023 due to seasonal variations, the IPM growth has stayed within single digits for nearly three years.
It reiterated that the growth rate of branded generics continues to be impacted by market share gains by trade generics, generics, and private-label medicines.
These segments have increasingly captured demand, limiting the expansion of branded generic products in the domestic market.
The report highlighted that the top-10 companies in terms of MAT Nov-2025 are performing better than the overall market.
The Moving Annual Total (MAT) is the total value of sales (or another variable) over the immediately preceding 12 months, ending in the month specified.
These companies recorded y-y sales growth of approx. 9.5 per cent for MAT Nov-2025 compared to 8 per cent y-y growth seen in the IPM.
The report believed that greater regulatory control over product quality and marketing practices supported market share gains of larger players, helping them stay ahead of the broader industry trend.
However, performance among key brands remained below market growth. In Nov-2025 and MAT Nov-2025, the top-40 brands on an aggregate basis recorded y-y growth of 5.4 per cent and 7.0 per cent, respectively, trailing behind IPM growth of 9.1 per cent and 8.0 per cent.
It said that while the 9.1 per cent y-y growth in November reflects a moderate slowdown from the previous month, it still signals some recovery in recent months.
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