According to Nomura's September 8 note, Zydus Lifesciences and Glenmark Pharma recorded the highest growth among Nomura's coverage universe in August 2026. For MAT August 2026, Glenmark grew 14.9% year-on-year, followed by Torrent Pharma at 14.8% and Zydus at 14.1%. The India pharmaceuticals market (IPM) grew 10.7% year-on-year in August, driven by price increases of 6.1%, new product launches of 3.5% and volume growth of 1.1%. Among companies covered by Nomura, most outpaced the overall IPM in August, with large organised pharmaceutical companies responding through differentiated product pipelines, in-licensing agreements and stronger brands.
As reported by Nomura, after a lull in CY24 and CY25, IPM growth has picked up in CY26 and has been trending in double-digits to date. The brokerage attributed the recovery to "the low volume in the base, a pick-up in new launch contribution like GLP-1 (~60bp), a pick-up in chronic therapies such as cardiac and oncology, and strong growth in VMNs (Vitamins, Minerals and Nutrients) and gynaecology." Overall price increase has remained steady at 5-6%, according to Nomura's analysis. Growth remained concentrated in chronic and specialised therapy segments, with Vitamins, Minerals and Nutrients (VMNs), Cardiac and Anti-Diabetes being the fastest-growing major therapy categories by value.
According to Nomura's report, semaglutide sales, including generics and innovator products, grew 1% month-on-month in August, with generics rising 2%. Injectables grew 4%, while oral solid sales declined 6%. Seventeen generic companies have launched semaglutide in India since patent expiry on March 20, 2026, with 15 launching the drug in prefilled devices. Sun Pharma maintained its leadership in the prefilled-device segment with a 21% market share in August, while Eris' share rose to 13% from 10% in July and Hetero's increased to 6% from 3% following its manufacturing partnership with Dr Reddy's. An estimated 299,000 patients, up 3% month-on-month, were using generic semaglutide in August, with around 80% using injectables and 20% oral solids. Oral penetration in India remains notably higher than in the US, where it is below 10%.
Among large therapies, VMNs grew the fastest in August, followed by cardiac and anti-diabetes. According to Nomura, while VMN and cardiac growth was largely driven by price, anti-diabetes growth was largely driven by new product launches, with GLP-1 contributing around 53% to the segment's growth. In the reusable cartridge segment, Torrent surpassed Zydus to become the market leader with a 34% share, though Torrent in-licenses this product from Zydus, which led in terms of manufacturers' share at 20%. Upcoming Conferences and Events including Gastrointestinal, Pain, Neurology, Dermatology, Gynecology and Oncology also recorded double-digit growth, while acute therapy categories such as Anti-Infectives and Respiratory posted more muted single-digit growth amid stagnant volumes.
As reported by Nomura, around 299,000 patients, up 3% month-on-month, were using generic semaglutide in August, with around 80% using injectables and 20% oral solids. The brokerage noted that while the cyclical growth recovery is positive, "the structural threat to market growth from trade generics and private-label medicines remains." Despite the positive momentum, IPCA Laboratories was the main exception, growing slightly below the broader market despite strong double-digit growth in its core cardiology and pain portfolios, with its performance affected by weaker growth in anti-malarial and anti-infective products. Non-rated companies including Emcure Pharmaceuticals and Alembic Pharmaceuticals recorded comparatively softer domestic growth, highlighting the competitive advantage of large organised players in the current market environment.
