New Delhi, April 1 -- No matter how high the inflation is, their demand is inelastic.

No matter how slow the current profit growth is, these companies spend on research and development (R&D) for future growth.

No matter how stiff the competition is, their patents protect them.

No matter how weak the economy is, these companies continue to receive government support.

Pharma companies truly deserve to be called 'defensive stocks' for these reasons and more.

Going by the same logic, pharma stocks should be resilient and consistent in delivering gains year after year.







However, among large Indian pharma stocks, barely any managed to fetch returns significantly higher than bank deposits on an annual basis over the past decade....