India Pharma - Weak Seasonality Drags Overall IPM Growth For November: Motilal Oswal

Motilal Oswal Report

The India pharma market grew 3.5% YoY in November 2023 (versus 15% in November 2022 and 16.5% in October 2023). The growth moderated on a YoY and QoQ basis, largely impacted by weaker seasonal trends and the festive month of November. Consequently, all therapy sectors experienced a mid-to-high single-digit growth.

All the therapies, except Anti-neoplast, underperformed IPM during the month of Nov-23.

For the 12 months ending Nov-23, IPM grew 10.5% YoY.  Prices/volume/new launches witnessed 4.5%/3.0%/3.0% YoY growth for 12 months ending Nov-23

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