Is it the end of Pharma growth story?

Now a days, I have lot of rush in my clinic!

I see more MR's (Medical representatives) than patients.
While the  patient load has not gone down ( Thanks God!);
The number of MR's has increased drastically, what with so many new companies in the market, selling the same drugs. Remembering symptoms of rare syndromes is a easier task, then remembering the different brand names of the same drugs.

This observation about the fierce competition in the domestic market along with other indicators like:
1. Two major Pharma promoters ( Ranbaxy and Piramal) cashing out.
2. No new drugs to copy by process patent
3. Difficulties faced by Indian firms to launch Generic versions of off patent drugs in the Western market, that too after spending a fortune on legal fees.
4. Prolonged recession in the West coupled with reduced Medicaid spending.

It makes me wonder if it is the end of growth of Indian pharma.

Do they deserve the rich 20+ P/E valuations.?

While I may be skeptic about Indian Pharma;
Health care delivery sector may be a different game!

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