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Regulatory and statutory developments in the domestic market, such as channel destocking prior to GST implementation, demonetization, expansion of drugs under government price control and increasing government initiatives for low-cost generics only heightened the sector’s suffering.
Despite all of these short-term disruptions, generic drugs remain a vital pillar of affordable healthcare globally. Indian drug manufacturers, on the back of their proven prowess, will remain key beneficiaries of structural demand for affordable medicines. The headwinds which have impacted sales and profitability for Indian generics are abating, improving conditions in both export and domestic markets.