Price fix of 40 formulations by NPPA will not have an impact on listed entities. With the disruption in productions, logistical movement and manpower scarcity, IPM growth declined in first two months of FY21E. The severity of declining trend is visible in 1) acute-heavy portfolios, 2) top premium brands (with alternative cheaper/generic drugs), 3) drugs used in hospital surgeries, 4) secondary therapies like Derma, Opthal, vaccines, stimulants and hormones whose treatment can be delayed. Key listed companies such as Alkem, GlaxoSmithKline, Alembic, FDC, Indoco are to be impacted in...