It is not very common to see tailwinds emerging for an industry at a time when it is ideal to own stocks from that space. But in the case of pharmaceutical companies, tailwinds have emerged at a time when valuations of the overall market are expensive and it makes sense to look at pharma stocks as they tend to act as defensive stocks in volatile times with bearish bias. However they should not be clubbed together; each company has its own operating matrix. A company which has a strong domestic brand in the generic drugs segment, will not be getting impacted by what is happening in the US pharma market or what USFDA does. But yes, if it might be impacted by what happens in China.
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