The growth in Indian pharma industry slowed to 5.3% year-on-year in December 2021, as compared to 8.5% growth in December 2020, as per a report by Motilal Oswal. According to India Ratings and Research, volumes declined 1.5% year-on-year, while price growth was at 5.4%. New product launches surged 1.4% over the preceding year, it said.