However, given the high base, the volume contracted by 1.2 per cent for the nine-month period of FY2023, ICRA said. The steps being taken by the companies towards new product introductions and enhancements in field force are expected to support their growth going forward, it added. ICRA noted that drugs listed under National List of Essential Medicines (NLEM) accounted for 17-18 per cent of the IPM, with some companies deriving around 30 per cent of their revenues from such medications. In terms of emerging trends in the industry, e-pharmacies have gained significant traction in recent years and now account for 10-15 per cent of the IPM currently, it added.