IQVIA’s Market Feedback Report (MFR) and PharmaTrac’s Acquaint report both analyze the Indian Pharmaceutical Market (IPM) for November 2025, revealing consistent growth trends driven by chronic therapies despite minor data discrepancies.
MFR reports MAT sales at ₹246,846 Cr with 8.2% growth, while PharmaTrac shows ₹238,968 Cr at 8.8% YoY and 8.8% 5-year CAGR. Critical analysis highlights strong chronic momentum but questions volume sustainability amid price hikes and new launches.[1][2]
Market Growth Comparison
| Metric | IQVIA MFR (MAT Nov25) [1] | PharmaTrac Acquaint (MAT Nov25) [2] |
|---|---|---|
| Total IPM Value | ₹246,846 Cr (8.2% growth) | ₹238,968 Cr (8.0% YoY, 8.8% CAGR) |
| Monthly Nov25 Sales | ₹21,679 Cr (8.6% MoM adjusted) | ₹21,182 Cr (9.1% YoY) |
| Incremental Value | Not specified | ₹1,759 Cr YoY |
| Acute Growth | 6.3% | 5.4% (44% market share) |
| Chronic Growth | 11.1% | 13.3% (35% share, led Cardiac/Anti-Diabetic) |
Both confirm IPM resilience with chronic therapies (e.g., Cardiac at 12.1-15.8%, Anti-Diabetic 9.3-13.1%) outperforming acute segments, signaling shift toward lifestyle disease management. Discrepancies (e.g., ~3% value gap) likely stem from methodological differences—IQVIA’s TSA dataset vs. PharmaTrac’s secondary sales audit—urging triangulation for precision.[2][1]
Top Performers
- Companies: Sun Pharma leads both (8.0-8.1% MS, 9.8-10.2% growth), followed by Abbott (6.2-6.4%, 5.4-7.6%) and Cipla (5.4-5.7%, 7.7-8.2%). Eli Lilly surges via Mounjaro (MAT ₹674 Cr, 999% MoM).[1][2]
- Brands: Foracort (Cipla), Augmentin (GSK), Glycomet-GP (USV) dominate; Mounjaro ranks top monthly despite lower MAT MS.[2][1]
- Therapies: Cardiac, Anti-Diabetic, Neuro-CNS lead growth; MNCs outpace Indians (10.4% vs. overall) due to premium launches.[1]
PharmaTrac emphasizes therapy leaders (e.g., Sun/Torrent in Cardiac), while IQVIA details regional dominance.[2][1]
Regional Insights
Top metros (e.g., Mumbai 15.4%, Hyderabad 12.1%) grew faster than IPM (10.7% vs. 8.2%), contributing 34.8% value; states like Jharkhand (12%), Bihar (11%) excel. PharmaTrac notes South Zone leadership, North volume anchor, with S-N-W-E balance. Urban pollution (AQI effect) boosted Respiratory demand, blending seasonal/winter factors.[1][2]
Critical Analysis
Chronic therapies drive 35-44% incremental value, fueled by GLP-1 innovations (Mounjaro/Wegovy) and price rises (5.5% per PharmaTrac), but volume growth lags (0.6%)—raising sustainability concerns amid economic pressures. New intros (2,839 SKUs, ₹2,121-3,658 Cr, 0.9-1.5% IPM) innovate (Anti-Diabetic leads), yet MNC dominance (43% NI value from 76 brands) signals Indian firms’ premium gap. Risks include over-reliance on few blockbusters and seasonal distortions; opportunities lie in tier-2/3 markets and sub-chronic expansion.[2][1]
Key Takeaways
- Growth Engine: Chronic > Acute; target Cardiac/Anti-Diabetic for 11-15% gains.
- Innovation Impact: Mounjaro adds ₹674 Cr; NI contributes 11% incremental IPM.
- Regional Focus: Prioritize West/North metros, East states like Bihar/Jharkhand.
- Watchpoints: Verify data sources; monitor volume vs. price sustainability.[1][2]
Sources
[1] MFR-Nov25.pdf https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/12063389/7d8c6280-e341-4239-bb86-54558f458e09/MFR-Nov25.pdf
[2] PharmaTrac-Acquaint-Nov-25.pdf https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/12063389/7d43495f-161e-478e-932c-a90059691153/PharmaTrac-Acquaint-Nov-25.pdf
