Having anchor companies / early adopters doesn’t in itself seem to be a moat. It may give them a head-start in building and testing their business model but what will prevent any other entrant to offer the same service better to the same anchor companies?

I am unable to figure out what could be their actual moat –

1. Technology but with a finite set of data points to analyze and monitor, is it really that difficult to replicate this?
2. Network effect but I am unable to see how are they ensuring stickiness and preventing switching?
3. Early starter as they don’t seem to be the first starter, there are others also who are into this supply-chain financing space.

So I am still confused as to what exactly is their moat. They are definitely filling a structural void and do seem to be doing well as yet but what will ensure that they can really continue to do well consistently?

In the absence of concalls, a lot of questions remain unanswered. Anyone having crucial insights about this sector and this company’s modus operandi that may be lending them a true moat, please do share herein.

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Fairfax is ready for an “all-cash” deal to acquire IDBI Bank.

Even though there are basic generic medicine advantage is demand for such products are stable( except something like covid happens) and generally people will buy the same brand of OTC medicine once they found it effective.
In addition to points well mentioned by @Jose it seems that price erosion in OTC products seems to be less than prescription based drugs. Source:Q2FY22 concall:

Marksman’s seems to have understood it early and scaled up OTC revenue over the years to 75% of revenue.

Discl: invested