Indian pharma faces US revenue slowdown amid scrutiny, tariffs: ICRA

ICRA projects Indian pharma firms' US revenue growth to slow due to price erosion, USFDA scrutiny and tariff risks, while high dependence on Chinese APIs persists despite PLI

The outlook for Indian pharmaceutical companies in the United States remains uncertain, with revenue growth expected to slow due to price erosion, regulatory scrutiny and the imposition of 50 per cent tariffs on Indian goods by the US, credit rating agency ICRA said.   According to a report by ICRA, its dataset of 25 Indian pharmaceutical companies is projected to report moderated year-on-year revenue growth of 3–5 per cent in financial year 2025-26 (FY26), compared to 9.9 per cent growth in FY25.   “The growth is expected to slow due to price erosion