You are right that Pharma stocks have been on a downtrend since late 2015 when the US FDA first started raising questions about the quality of manufacturing facilities and testing facilities in India. Since then, many Indian pharma companies have received Form 483 objections from the FDA. There have also been challenges in other areas like increasing competition from other EMs and price caps due to consolidation of pharmacies in the US.

Regarding specific stocks, pharma industry is quite varied and hence it is hard to call the industry as a whole. But the specific stock mentioned by you, Glenmark Pharma, is a good investment idea for the medium to long term. Here is why.

· The stock of Glenmark has corrected sharply on expectations of weak sales and the delay in launch of Rylatris, a drug to treat allergic rhinitis. However, with the launch set to happen shortly, the concerns may be overdone.

· There had been concerns about the rising debt levels of the company. But the company is addressing this on two fronts. Firstly, there is a rationalization of personnel costs and secondly the company is planning to sell a stake in its API business to reduce its debt. That should address the immediate concerns.

· The company should see improved profitability in the coming years with focus on new launches and a bottoming out of margins.

Glenmark is a good bet for an investor but you will need to be patient with the stock. It needs to fight with tight market conditions and also negative sentiments in the pharma sector among investors. But fundamentally, it can be a good pick.