While global stock markets take a COVID-19 beating, Indian drugmakers doing well

At a time when most sectors on the stock markets have taken a beating, courtesy of the COVID-19 pandemic, the pharmaceutical industry has outperformed, with some Indian pharma stocks that have higher contribution to the domestic business registering a stronger performance than peers. Pharma stocks have clocked massive buying in the last 10 days, reports The Pharma Letter’s India correspondent.

Despite the massive sell-off in the stock market in March and April in India, shares of pharma companies outper.formed benchmark indices. This month, stocks of drug companies further appear to have a new lease of life, as the coronavirus pandemic gained a tighter grip on the country, resulting in the S&P BSE Healthcare index readying to post its biggest monthly gain in 21 years.