Indian pharma leaving generics era behind, but the Street hasn't caught up yet: Nandan Kulkarni

Expert Nandan Kulkarni argues that Indian pharma is undergoing a structural transformation from a generics-led model to an innovation-driven biopharma story involving complex biotech, specialty therapies, and orphan drugs, which consensus models have not yet priced in. He highlights GLP-1 drugs as a major growth driver, projecting insulin's market share to fall to ~50% by FY31 as GLP-1s gain traction, benefiting Indian players on both manufacturing and formulation sides. He also views the China-plus-one supply chain shift as finally translating into real execution, with Indian biopharma positioned as a structural beneficiary.