Pharma MNCs with domestic focus continue to drive investor's interest on the back of 1) consistency in stable growth despite higher competition and regulatory changes, 2) strong focus on legacy power brands as well as introduction from the global parent's stable, 3) consistent free cash-flow generation, 4) debt-free balance sheet and strong core RoEs and 5) healthy dividend payout track record. The domestic pharma industry is expected to grow in the range of 9-11% per annum. Issues such as NLEM and other regulatory aspects are mostly in the price. On the flip side, the looming...