India’s domestic pharmaceutical market closed September 2026 on a stronger footing, recording high volume and price growth on account of robust demand across most therapies, according to data from market research firm Pharmarack.

The Indian pharmaceutical market (IPM) recorded year-on-year (YoY) value growth of about 13.5 per cent in September, with volume growth at 3.5 per cent, the highest seen in the past two years.

“Except the respiratory segment, almost all categories have shown a strong volume-driven growth,” said Sheetal Sapale, vice-president (commercial), Pharmarack.

The cardiac segment, which accounted for 14 per cent of the IPM by value in September, recorded volume growth of 9.1 per cent.

Sapale said sub-groups including lipid-lowering drugs, platelet aggregation inhibitors, diuretics and heart failure therapies recorded double-digit volume growth.

Therapies such as pain analgesics, neurology and gynaecology also posted volume growth of more than 5 per cent.

“A receding monsoon has led to a drop (-6.9 per cent) in respiratory drugs demand for subgroups such as anti-asthma and chronic obstructive pulmonary disease (COPD) products, along with cough and cold medications,” Sapale said.

However, demand is expected to pick up in the winter months, with more cases of cough, cold and viral infections in November and December.

The anti-diabetes segment saw relatively flat demand, with its 16.1 per cent value growth driven more by new generic introductions in glucagon-like peptide (GLP-1) drugs and oral anti-diabetic (OAD) combinations such as empagliflozin.

Anti-neoplastics, or oncology drugs, recorded 9 per cent volume growth despite most cancer medications being available primarily through hospital channels rather than retail outlets.

While volumes strengthened, pricing growth also improved steadily, rising to around 6.2 per cent compared with earlier months.

New product growth remained steady at roughly 3.8 per cent in September 2026.

Taken together, the data points to a broad-based recovery, with September’s value growth being driven by both price increases and higher consumption.

Monthly trends through 2026 indicate consistency rather than volatility.

January began with 10.2 per cent growth, followed by a peak of around 11 per cent in February, before moderating slightly to about 10.1 per cent in March.

IPM value growth remained in double digits through 2026, reaching 13.3 per cent in June before being surpassed by the 13.5 per cent growth recorded in September.

Source: Pharmarack