The generic pharma business model in the US is undergoing a gradual shift and companies with specialised R&D skillsets will likely be able to tide over the transformation better. Windfall from gRevlimid and slowdown in intensity of pricing pressures have helped US sales of India companies to grow 6% in 9MFY23, while rationalisation of R&D spend (savings of 100bps in past 3 years) has aided margins.