BMI View: Pharmaceutical firms continue to post varying results in India due to the government’s introduction of policies targeting the pharmaceutical industry. These include patent disrespect and pricecontainment policies for both generic and patented drugs. We maintain our bearish view on the sector and highlight that domestic firms with a large exposure to overseas markets will continue to fare well. Headline Expenditure Projections Pharmaceuticals: INR840.0bn (US$15.7bn) in 2012 to INR921.2bn (US$16.5bn) in 2013; +9.7% in local currency terms and +4.6% in US dollar terms. Forecast broadly in line with Q313, although growth in US dollar terms was impacted by the …
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