Here are my notes on just concluded presentation from @AdityaKhemka5 on Indian Healthcare Sector.

PS : This my understanding from the presentation if there are any mistakes/errors/misinterpretation please indicate so in comments.

Indian Pharma is not tactical but structural growth story for next 15-20 years. BSE Healthcare India has outperformed Nifty 50 in last decade.

Indian Pharma Business has on high level 3 components - 1. Domestic Branded Business (Crocin)
2. US Generic Business (Paracetamol)
3. API/Rest of the world business

In US branding is not allowed for medicines, so customer chose lowest price option. So business becomes commodity player as lowest cost seller grabs market share.

Between 2009-2015, supply was limited and demand was more in US and hence generic players grew which in turn improved profitability and hence valuation multiples. All this while Indian business was steady.