Cipla, Sun Pharma, Ipca Labs, JB Pharma drive Indian pharma market growth in March’2025

Pharma Stocks; Indian Pharma market grew a a healthy 9.3% year on year during the month of March'2025 suggest reports. Cipla, Sun Pharmaceutical Industries, Ipca Laboratories Ltd, JB Chemicals & Pharmaceuticals Ltd (JB Pharma), Glenmark Pharmaceuticals Ltd were the key drivers of Indian pharma market growth during the month of March’2025.

Pharma Market outperformers

In March 2025, among the top-20 pharma companies as per Motilal Oswal Financial Services, JB Chemicals & Pharmaceutical marked a growth of 17.1% YoY, while Cipla Ltd saw sales grow 16.3% YoY. Ipca Laboratories on the other hand marked a growth of 14.3% YoY. All these firms recorded higher growth rates compared to Indian Pharma Market. Among other outperformers were Sun Pharmaceutical Industries and Glenmark Pharmaceuticals. Sun Pharmaceuticals marked a growth of 12.6% year on year and Glenmark Pharmaceuticals with growth of 13.5% year on year were among key drivers of Indian Pharma Markets (IPM), outperforming the IPM growth.

The growth of IPCA outperforming IPM was led by strong double-digit growth across key therapies, like Pain relief, Cardiology, Cardiology, Antineoplast and Gastro, as per Motilal Oswal Finacial Services. JB Chemicals outperformance on the other hand was led by strong show in ophthalmology and Gastro . Cipla outperformed IPM, driven by double-digit growth in Cardiac, Anti-Diabetic and Urology segments

Other key trends

Indian Pharma Market growth during the month of March 2025 remained healthy considering the fact that IPM growth stood at just 1% during the month of March 2024 and 4.1% in the month of February 2025

Acute therapy growth stood at healthy 8% in March 2025 which was also much stronger compared to 1% in the month of March 2024 and 3% in the month of February 2025, which analysts attributed to seasonality

As of March 2025, Indian pharma companies hold a majority share of 83% in IPM, while the remaining is held by multi-national pharma companies (MNCs), as per MOFSL data. Nevertheless in March’25, Indian companies grew 9%, while MNCs grew 10.4% YoY.

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