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News: As per IQVIA data, the domestic pharma market grew at 19% and 8% YoY for the month and MAT level in March, 2023, respectively. Leading therapy-wise YoY growth for March 2023 - Anti-infectives: 50%, Respiratory- 49% ,Pain:22%, Gastro : 15%. Notable monthly growth for the leading companies - Cipla - 25%, IPCA - 25%, Glenmark- 24%, Indoco - 23%, Zydus- 17%, Torrent-13%, DRL- 12% , Sun - 10%. Notable company-wise MAT growth for February 2023 – Ajanta:16%, IPCA - 14%, Torrent :13% , Sun : 11%, Cipla :7%, Lupin :6, DRL: 2% . Acute and chronic therapies both grew 22% and 15%, respectively. For Q4FY23, IPM MAT growth was 13.9% YoY and -1.2% QoQ
Views: FY23 IPM growth was at 8% against earlier estimates of 6% mainly on account of significant traction from Anti-infectives and respiratory therapies in the last two months. Going ahead, we expect growth to be in the range of 10-12% to be driven by chronic therapies. That said, growth can be higher with higher traction from acute therapies
Impact: Positive