Domestic formulations: Focus on new launches, few therapies Domestic formulations comprise 30% of FY20 revenues. Main distinguishing factor is the uncanny knack of launching maximum number of first time launches with focus on new drug delivery system (NDDS). Out of 270+ actively marketed brands, ~60% were first time launches. However, a slowdown in dermatology segment due to higher competition in existing products and slow offtake in new launches are some near term challenges. We expect domestic formulations to grow at ~12% CAGR in...