New Delhi

TheIndian Pharmaceutical Market (IPM) posted 12.1 per cent year-on-year growth in May 2026, marking its sixth consecutive month of double-digit expansion and the most sustained high-growth run in over two years, a report said on Wednesday.

The report from Equirus Securities said Indian pharmaceutical companies, which account for 83 per cent of the IPM, registered growth of 11.9 per cent in May, while multinational companies grew 13.3 per cent during the month.

IPM growth improved to 10.7 per cent on a moving annual total (MAT) basis in May 2026, supported by a well-balanced growth mix of volume at over 3.2 per cent, price at over 4.5 per cent and new Introductions at over 3 per cent.

The report noted that all three growth levers improved simultaneously, indicating broad-based market expansion.

The firm highlighted simultaneous strength in both chronic and acute therapies during the month. Chronic therapies reached a series-high growth of 14.6 per cent, with their share rising to 40.6 per cent of the market, led by cardiac segment at over 14.7 per cent and anti-diabetic at over 14.5 per cent.

Acute therapies also touched a series-high growth of 8.3 per cent, the report noted.

Therapy growth remained broad-based, with nine of the 10 key therapies recording double-digit growth during the month compared with six therapies in March.

Vitamins, Minerals, and Nutrients (VMN) therapy segment led growth at 15.6 per cent, followed by cardiac and anti-diabetic therapies.

Respiratory therapies rebounded to 10.9 per cent, while anti-infectives remained the only therapy below double-digit growth at 8.1 per cent, although this represented a recovery from earlier lows. “Within anti-diabetics, Mounjaro (GLP-1) continued to drive growth, followed by the Dapagliflozin-Metformin-Sitagliptin combination. In the cardiac segment, Cilnidipine-Telmisartan recorded the highest growth of 28 per cent, followed by Sacubitril-Valsartan,” the report said.