A view from the founder's desk.
Each month we write down how we read Indian pharma, the macro forces, the structural shifts, and what they mean for everyone building in this market. We teach what we see. We don't talk anyone down.
Three companies move more than 90% of US drug distribution today. Fifty years ago, that market looked a lot like India does now, thousands of regional wholesalers, no centre of gravity. The forces that consolidated it are the same forces switching on here. A look at what the precedent does, and doesn't, tell us.
Read the full note →Why the average Indian pharmacy works with around twenty distributors, and what that fragmentation quietly costs the entire chain, from manufacturer to patient.
Read note →Anyone can stack companies into a holding company. Wiring them into one system is a different craft entirely, and it's the one that compounds.
Read note →Distribution consolidates; retail mostly doesn't. The reason sits in human behaviour at the counter, and it shapes where the real value pools.
Read note →