FDA concern leading to worry on Indian pharma: Sonam Udasi, IDBI Capital

In a chat with ET Now, Sonam Udasi, Head of Research, IDBI Capital, shares his view on the Pharma sector. Excerpts:
ET Now: Sun Pharma is not doing well again in the pharma pack on Tuesday. Tarot has lost more of its market share. Glenmark has got an approval for the generic version of Topicort for which it has 89 per cent market share. That may lead to some erosion. Do these concerns weigh in on a stock of Sun Pharma’s pedigree?

Sonam Udasi: It will have an impact because if the valuations are priced to perfection, any marginal bad news is not welcomed by the investors. Also, the US FDA overhang on Indian pharma, which is also leading to worry on the entire space.

Hence, within the export oriented sectors, the view continues to be more bullish on the IT space than on pharma space in the near term.