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Motilal Oswal Report
The India pharma market grew 9.6% YoY in May 2023 (versus 11% in April 2023). IPM declined 5.9% YoY in May 2022.
It was the second consecutive month of double-digit growth YoY for IPM, compared to April-22 and May-22 (down 9% and 6% respectively), due to a low base effect.
Among therapies, cardiac/ophthal/neuro/derma were the major drivers of IPM with YoY growth of 12.2%/11.3%/11.2%/10.6% in May-23.
IPM YoY growth was affected by a moderation in respiratory, anti-infective, gynae, and vitamins-minerals-nutrients therapies.
For the 12 months ended in May-23, IPM grew 11.3% YoY.
Prices/volume/new launches witnessed 5.2%/3.5%/2.6 % YoY growth for the 12 months ended in May-23.
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