The Indian pharma market (IPM) grew 12.6% YoY to Rs 98bn in Sep-16 and 12.8% YoY in 2QFY17, continuing steady recovery post updated NLEM list and confusion over the FDC ban. Most notably, volumes grew 6.5%YoY in Sep-16 along with new product growth of 3.4%YoY. Normalcy is being restored with IPM growth numbers returning to the long term average of 12-13% approximately