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Corporates  Pharmaceuticals  2011 Outlook: Indian Generics India  Outlook  Pharmaceuticals  Rating Outlook  Rating Outlook  S T A B L E  Stable Outlook for 2011: The earnings and profitability of Indian generics‐based S T A B L E pharmaceutical companies will benefit from continued demand for generics. However, liquidity will remain a concern for the sector, mainly on account of high Analysts  working capital requirements. Ashwini Picardo +91 224 0001787 US Generics Business to Drive Growth: Significant patent expiries coupled with pro‐ ashwini.picardo@ generics healthcare reforms will drive the growth of generics in the US market. Priyamvada Balaji Indian pharmaceutical companies, with their strong chemistry, manufacturing and +91 224 000 1742 regulatory skills, are well placed to benefit from expected growth in the generics priyamvada.balaji@  industry. Indian pharmaceutical companies will also see demand for generics from Related Research  the European markets, but a stiff pricing environment will limit exposure. Other Outlooks Additional Revenue Generators: Increasing interest in generics among global outlooks innovator companies will prompt them to either set up shop in India or forge alliances and partnerships with Indian pharmaceut