Indian pharma market grows 12.1% in July, but volumes lag at 1.6%
India's pharma market grew 12.1% in value in July 2026, but unit growth was just 1.6%, driven by pricing and new products.
The Indian Pharmaceutical Market (IPM) expanded by 12.1 per cent year-on-year in value terms during July 2026, according to the latest industry data from PharmaTrac. However, the volume of units sold grew by only 1.6 per cent during the same period, underscoring a widening gap between headline value growth and actual consumption.
On a moving annual total (MAT) basis, the market's value grew 10.2 per cent, while unit growth stood at a modest 1.1 per cent. The monthly figure marks an acceleration from the 7.3 per cent value growth recorded in the preceding period.
PharmaTrac's analysis attributes the July value growth to three components: pricing contributed approximately 5.9 percentage points, new product launches added 3.8 percentage points, and volume growth contributed 2.4 percentage points. While pricing remains the dominant driver, the slight improvement in volume growth is seen as a positive indicator for the sector.
Among major therapy areas, Cardiac remained the largest segment with sales of Rs 3,299 crore, growing 14.7 per cent. Gastro Intestinal followed at Rs 2,820 crore, and Anti-Infectives recorded Rs 2,470 crore. Anti-Diabetic therapies grew 17.6 per cent to Rs 2,237 crore, while Vitamins, Minerals and Nutrients rose 15.7 per cent to Rs 2,206 crore.
Other segments also posted healthy gains: Respiratory grew 11.2 per cent, Pain/Analgesics rose 11.4 per cent, and Neuro/CNS expanded 13.4 per cent. Vaccines and Anti-Neoplastics were among the fastest-growing categories, with growth of 17.5 per cent and 21.1 per cent, respectively.
At the brand level, Eli Lilly's Mounjaro stood out with sales of Rs 1,228 crore, reporting a dramatic 880 per cent growth and adding Rs 1,103 crore to the market.
The July data reflects continued strength in India's pharma market, though the low unit growth suggests that the headline expansion is being driven substantially by price increases and premium product mix rather than broad-based volume gains.