Hypertension, diabetes, high cholesterol now account for 40% of Indian pharma market

India’s pharmaceutical market grew 10.7% in March 2026, its fourth consecutive month of double-digit expansion, led by rising prescriptions for heart disease, diabetes and neurological conditions, data from IQVIA compiled by Equirus Securities showed.

On a moving annual total basis, 12-month growth rose to 9.9%, the strongest in at least five quarters. Volume, price and new product introductions all improved simultaneously for the first time in the period tracked by Equirus analysts Bharat Celly and Vinay Jain. The moderation from February’s 12.5% was partly due to a firmer base from the same month last year.

“The MAT March 2026 growth mix is the strongest blended MAT print in at least five quarters, and the composition is uniquely constructive, all three growth levers improved simultaneously,” they said.

Chronic therapies, medicines taken daily for conditions such as hypertension, diabetes and high cholesterol, now account for 40.4% of the Indian pharma market, up from 39% a year ago, growing 610 basis points faster than acute therapies. Cardiac, the market’s largest segment at nearly 14% of total sales, grew 14.9% in March. Anti-diabetic therapies grew 14.2%.

Diabetes segment draws new competition

Within anti-diabetic therapies, competition is intensifying following the patent expiry of semaglutide, the active ingredient in Novo Nordisk’s Ozempic.

Seven of the top 10 anti-diabetic companies have launched branded generics. Torrent leads with Rs 35 million in March sales across its Semalix and Sembolic brands, spanning oral tablets, prefilled pens and injections. Lupin’s Semanext and USV’s Usema have also entered the market.

The pricing gap is significant. Prefilled pens at 1 mg are priced at around Rs 828 per dose, while oral tablets range between Rs 114 and Rs 194, a difference that matters in a largely out-of-pocket market.

“The molecule is rapidly transitioning from a niche innovator play to a high-volume branded generic battleground across all delivery formats,” Celly and Jain said.

The entry of generics is also affecting incumbents. Abbott India’s anti-diabetic segment declined 6.1% in March, its eighth consecutive month of contraction, even as the broader segment grew 14.2%. “This is not a mix problem inherited from the past; this is an active deterioration happening in real time,” the analysts said.

Winners and laggards

Company-level performance remained uneven. Dr Reddy’s posted 18.2% growth, supported by price gains and new launches rather than volume. “Dr Reddy’s growth architecture remains distinctly premium-led,” Celly and Jain noted.

Lupin, in contrast, delivered volume-led growth. Volume rose to 5.6% in MAT March 2026 from -0.7% a year ago, even as price growth moderated.

Sun Pharma grew 12.5% despite a high base and remains one of the few companies outperforming in both acute and chronic segments.

Cipla grew 5.9% in March, its sharpest deceleration in a year, largely due to seasonal moderation in respiratory therapies, which account for over a third of its portfolio.

At the lower end, Alembic declined 1.4% in March and has reported negative growth in three of the past five months. Its key antibiotic brand Azithral fell to Rs 291 million, while volume has remained under pressure.

“Anti-infectives continued to disappoint,” the analysts said, noting growth of just 2.3% in March, the weakest among major segments.