Indian Pharma to grow 7-9% in FY26 despite US headwinds: ICRA

India’s pharmaceutical industry is set to record healthy revenue growth of 7-9 per cent in FY26, even as challenges in the United States market continue to weigh on performance, noted rating agency ICRA in its latest sector outlook.

- TBG NETWORK

According to ICRA, the growth momentum will be driven by 8-10 percent expansion in the domestic market and 10-12 per cent gains in Europe, while sales in the US are likely to moderate to 3-5 percent, compared with nearly10 per cent growth achieved in FY25.”The domestic market continues to be a key growth driver for Indian pharma companies. Sales force expansion, improved productivity of medical repre-

sentatives, deeper rural distribution, and new product launches are expected to support 8-10 per cent revenue growth in FY2026 in the domestic market,” said Kinjal Shah, Senior Vice President & Co-Group Head ICRA.