Top 10 takeaways
1.Pharma always outperformed broader index till 2015. Frm 2016-2019 it underperformed
2.Export to US & pricing issues, IPM growth slowdown led to sub optimal return ratios
4. Leading cos showed high single digit volume growth n 13-15% earnings growth in last 5-6 qtrs
5. Domestic business share improved from 30% in 2015 to 50% plus giving stability
7. US-after a double decline in prices for 2 yrs,decline is now 3-4% implying stabilization
9. 8-10% vol growth in 20 yrs, level of under-penetration & chronic disease profile of Indians (diabetes,cardiac,thyroid)
1. Pharma
-Domestic business
-Export opportunity
2.Hospitals
-overall scale & quality infrastructure needs improvement
3.Diagnostics
4. US medical devices
Top holdings - IPCA, Divis ,DRL, Abbott, cipla ,sun, thyrocare,Apollo ,Abiomed Inc(US)