Nilaya Varma, Co-founder and Group Chief Executive Officer, Primus Partners, shares his view on the US generics market. He highlights that several Indian pharma companies reported subdued growth in North America in Q1FY26, primarily due to sustained price erosion in the US generics segment. He notes that this is more of a “structural erosion”, driven by buyer consolidation—where three major groups control over 90% of the US market—squeezing supplier margins. An oversupply in several molecules further suggests that low pricing and high competition will remain long-term challenges.