I am not able to understand the moat here and doubt if there exists one.
- Animal vaccine has established players (IIL, Globion India, Indovax) most of whom are WHO-GMP.
- From their website “Hester Biosciences Limited is a WHO-GMP, ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007 & GLP certified company, manufacturing animal vaccines and health products”. Most of these certifications do not appear to be exploitable moats. Any established player should be able to get these certifications.
- I am unable to find goverment regulations/permits that can give
advantage to particular vaccine maker. Drug related concerns seems to be with the veterinarians/farmers (such as ensuring Maximum Residue Limits, contaminations, etc.,) and not much with the drug maker.
Please let me know if I am missing anything?
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