Indian Pharma Market (IPM) is expected to grow in the range of 4.0%-4.5% in Q2FY24E compared to 13.1% in Q2FY23, driven by significant reduction in volume growth (-4% YoY in Q2FY24 against +4.9% YoY in Q2FY23) and a slight dip in price growth (+5% YoY in Q2FY24E against +6.5% YoY in Q2FY23); however, new product launches will witness slightly higher growth (+3.1% YoY in Q2FY24 compared to +1.6% YoY in Q2FY23), despite a slower offtake in acute segment in Q2FY24E and a higher base.