Question is valid. One moat that I am aware of is the regulatory approvals from various export markets it serves. Any API going in to regulated markers need those approvals in it manufacturing plants and the associated supply chains. So even if the API formulations are copyable, it is not easy to secure regulatory approvals. This is why it is a big deal when Beta secures an ANVISA approval.
I am also interested in knowing if there are any other moats.
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