The Indian pharmaceutical market (IPM) grew 7.5% YoY in June 2017 against 7.2% YoY in May. It grew 7.6% YoY for the quarter ended June 2017 (1QFY18). Volume growth in 1QFY18 was lower at 2.6% compared to 4% in 4QFY17. The industry saw a moderate rise in price growth to 2.1% after being subdued for 6-8 months; new product growth in the quarter was 3%. We expect industry growth to remain muted in the coming months due to GST impact.
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