2 weeks ago
India pharma sales jump 12.1% led by Sun, Zydus
In 2026, the medicine business in India is growing again after a few slow years.
In July, people bought about 12% more medicines than they did a year before.
A big reason is that some medicines got more expensive, and companies launched new medicines.
Another big reason is that medicines for diabetes are selling very fast.
These medicines are called GLP-1 drugs, and they are also used for weight loss.
Two companies, Zydus and Sun Pharma, grew faster than most others.
Almost every medicine company grew more than the whole market.
Only one company, called IPCA, grew slower because some of its medicines did not sell well.
Experts at the company Nomura say big medicine companies will keep growing by launching new products.
India's pharmaceutical market grew 12.1% year on year in July 2026, according to brokerage firm Nomura.
Zydus Lifesciences (20.8%) and Sun Pharma (17.8%) led company growth, with almost every tracked drugmaker beating the market except IPCA.
Price increases contributed about 6% to growth, new product launches added 3.7%, and volumes contributed 2.3%.
The GLP-1 market reached Rs 2,213 crore on a MAT basis for July 2026, up from Rs 661 crore, with Tirzepatide at 63% and Semaglutide at 32% share.
Sun Pharma overtook Torrent Pharma in the generic Semaglutide pre-filled device segment, and Nomura reiterated 'Buy' calls on key pharma stocks.
- Who
- Indian pharmaceutical companies tracked by brokerage Nomura, led by Zydus Lifesciences and Sun Pharma
- What
- India's pharmaceutical market sales grew 12.1% year on year in July 2026
- Where
- India
- When
- July 2026
- Why
- Growth was driven by price increases, new product launches and a recovery in patient volumes, with chronic therapies and GLP-1 drugs as key contributors
Key facts
- Market growth (July 2026)
- 12.1% year on year
- Fastest-growing companies
- Zydus Lifesciences (20.8%), Sun Pharma (17.8%), Cipla (17.3%), Torrent Pharma (16.1%)
- Growth drivers
- Price increases ~6%, new launches 3.7%, volumes 2.3%
- GLP-1 market (MAT July 2026)
- Rs 2,213 crore, up from Rs 661 crore a year earlier
- GLP-1 segment shares
- Tirzepatide 63%, Semaglutide 32%
- Generic Semaglutide users
- ~2.9 lakh patients, up 16% month on month
- Nomura target prices
- Sun Pharma Rs 2,400; Dr Reddy's Rs 1,740; Alkem Rs 6,890
- Growth laggard
- IPCA, due to weak anti-malarial and anti-infective sales
Quotes
Nomura
Research analyst at Nomura, the brokerage firm reporting the data
“"The recovery in growth rate is driven by the low volume in the base, a pick‑up in new launch contributions like GLP‑1 (~80bps) and a pick‑up in chronic therapies such as cardiac, neuro and strong growth in vitamin, mineral and nutritional supplements (VMNs) and oncology,"”
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