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Motilal Oswal Report
The Indian pharma market grew 9.8% YoY in May 2024 (versus 8.9% in April 2024 and 10.2% in May 2023). Chronic category remained the key growth driver, supported by recovery in Acute therapies.
Cardiac/Gastro-intestinal therapies registered healthy YoY growth of 12.0% each. Respiratory/Gynae/Neuro/Ant-diabetic underperformed IPM by 500bp/300bp/300bp/200bp in May 2024.
For the 12 months ending in moving annual turnover May 2024, IPM grew 7.4% YoY. This growth was led by price/new launches, which contributed 4.1%/2.9% YoY to overall growth over the same period. Volume growth remained muted on MAT basis.
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