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India’s pharma sector grew ~7-9% expected in FY26
According to ICRA, India’s pharmaceutical sector is likely to witness revenue growth of 7-9% in FY26, driven by robust demand from the domestic market at 8-10% and European markets at 10-12%, partly offsetting the slower growth of 3-5% expected from the US market, which continues to face pricing challenges and regulatory pressures. This growth reflects a strategic shift towards complex therapies, increased R&D, and significant capex in specialty products, balancing global headwinds with domestic market potential.
Key Drivers for Growth:
- Domestic Market: Strong growth on the back of wider rural reach, sales force expansion, and new product launches.
- Europe: healthy growth, driven by new approvals and stable prices.
- Specialty Focus: Companies invest in R&D for complex molecules and specialty products to reduce dependence on generics.
Challenges & Moderation:
- US Market Slowdown: it is expected to slow down to 3-5% growth due to pricing pressures, increased regulatory scrutiny (USFDA), and import alerts.
- Regulatory Scrutiny: Continued USFDA challenges make product launches difficult and costly.
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