Zydus Lifesciences and Glenmark Pharmaceuticals recorded the strongest growth among companies covered by Nomura in August 2026, while sales of semaglutide generics increased 2 percent month-on-month, the brokerage said in a September 8 note. The India pharmaceuticals market (IPM) grew 10.7 percent year-on-year in August, supported by a 6.1 percent increase in prices, a 3.5 percent contribution from new product launches and 1.1 percent volume growth. The brokerage attributed the recovery to a low volume base, increased contribution from new launches such as GLP-1 drugs, which accounted for around 60 basis points of growth, and stronger performance in chronic therapies including cardiac and oncology. Growth in vitamins, minerals and nutrients (VMNs) and gynaecology products also supported the overall market. Among the major therapy segments, VMNs recorded the fastest growth in August, followed by cardiac and anti-diabetes therapies. Growth in VMNs and cardiac medicines was primarily driven by higher prices, while the anti-diabetes segment benefited mainly from new product launches. GLP-1 drugs were a key contributor, accounting for approximately 53 percent of the growth in the anti-diabetes segment. Overall, Nomura said the August data points to a broad-based recovery in the Indian pharmaceutical market, with pricing, new launches and improving chronic therapy demand providing key growth drivers.

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