The present invention relates to the use of Saroglitazar Magnesium of formula (1) for the treatment of or the prevention delay of progression or treatment of a disease or condition which is selected from chylomicronemia syndrome familial chylomicronemia syndrome and Type V hyperlipoproteinemia. The present invention further relates to the use of a pharmaceutical composition comprising Saroglitazar Magnesium for the prevention delay of progression or treatment of a disease or condition which is selected from chylomicronemia syndrome familial chylomicronemia syndrome and Type V hyperlipoproteinemia.