Nomura on IPM Growth – April 2025 | Growth in April (%) | the sector-specific impacts of the India-UK Free Trade Agreement [FTA]

 

Nomura on IPM Growth – April 2025

The Indian pharma market (IPM) grew 7.8% in April 2025 compared to last year.

This growth was mainly due to higher prices and new product launches. Prices went up by 5.1%.

New products added 2.3% to growth. Sales volume barely grew — only 0.4%.

IPM growth has stayed below 10% for the last 25 months.

Acute therapies are still showing weak growth.

In April 2025, most therapy areas saw weak volume growth.

Most of the overall growth came from price increases between 4% and 6%.

Oncology saw the highest volume growth.

Gynaecology and respiratory segments saw the biggest drop in volumes in April and over the last 12 months.

Therapies like cardiac, neuro/CNS, blood-related, cancer drugs, urology, hormones, and oral care performed better than the overall market.

Growth in acute therapies such as anti-infectives, pain/analgesics, and gynaecology remained weak and below IPM growth.

Anti-diabetic, VMN (vitamins, minerals, and nutrients), and derma therapies also grew behind the broader market.

The GLP-1 Semaglutide oral brand Rybelsus was among the top 40 brands in India with MAT April 2025 sales of ~4.0bn, up 35% y-o-y, driven by volume growth. This suggests high potential demand for generic Semaglutide, expected to launch in March 2026.

Growth in April (%)

Torrent Pharma ~ 14.1

Sun Pharma ~ 13.7

Alkem 12.1

Cipla ~ 11.6 Dr Reddy ~ 11.1

IPCA Labs ~ 11

Lupin ~ 8

Zydus ~ 8.4

Glenmark ~ 7.6

This infographic summarizes the sector-specific impacts of the India-UK FTA:

• Jewellery:
  
  
• Titan, Rajesh Exports gain access to UK’s high-value market.

• Pharma:
  
  
• Cipla, Sun Pharma will benefit from faster UK drug approvals.

• Agri & Foods:
  
  
• ITC, Tata Consumer face tariff cuts on tea, spices, RTE food.

• Auto & Auto Parts:
  
  
• JLR, Bharat Forge to benefit from lower taxes on high-end cars and parts.

• Infra & Capital Goods:
  
  
• L&T, Cummins see demand uplift from UK infrastructure sector.

• Footwear:
  
  
• Bata, Relaxo benefit from UK cutting import taxes on shoes.

• Medical Devices:
  
  
• Poly Medicure, Indegene will see lower duties on UK imports.

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