nothing new.
"However, India has yet to establish itself as a base for innovative pharmaceutical research."
while this is true, some firms like Biocon, Glenmark, Dr Reddy's will soon(5 years) have their new drugs come to market. some of em are outlicensed.. wherewithal and ecosystem (venture capital, very few research universities , etc) to come up with new innovation was just not there...slowly changing
company like Dr. Reddy's which has revenue of 1.7 billion does spend >100 million in R&D.
Anyway, Dr. Reddy's is my bet on the larger investment theme with following attributes
1. very well run
2. shareholder friendly - management owns 25%
3. in emerging growth like RI markets
4. will transition to higher margin research/innovative.
5. aggressive ANDA pipeline with ton of FTF's. Next 2 years there are very interesting products to be released in the US. Keep in mind they have guided 2.7 billion in revenue in 2 years timeframe...much of that 1 billion will from US in para 4 products or settlements
6. cost competitive with base in India. (I don't see Rupee/Dollar rate going anywhere. )
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