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The Top 10 Pharmaceutical Companies in India
From: Business Insight
- The Indian pharmaceutical market will grow approximately at a CAGR of 13.2% during 2009–14 to reach a value of $15,490m in 2014.
- Increasing disposable income, growing investment in healthcare infrastructure, introduction of product patent legislation coupled with cost advantage will drive the growth of the industry.
- Generics will thereby continue to retain significant scope in Indian pharmaceutical market owing to inadequacies in the new patent law.
- The Indian pharmaceutical market is highly competitive and fragmented with the top 10 players accounting for 36.1% of the total sales in 2008.
- Indian companies with significant exposure to the US market are targeting complex, difficult to make products to reinvigorate revenue growth.
- Pharmaceutical companies are increasingly deploying their sales infrastructure in rural India to tap its potential.
- Multinational companies (MNCs) are planning to launch patented products from its parent’s pipeline in the Indian market in a bid to capitalize on the stronger IPR regime in India post 2005.
- The Indian government’s initiatives to promote the development of the biopharmaceuticals sector have helped in forging collaborations with foreign companies in this arena.
- Improving foreign direct investment (FDI) in the biopharmaceutical space will enable companies to move from low-cost production of marketed products such as insulin to novel products and technologies.
- Cipla leads the Indian pharmaceutical industry with a market share of 5.3%, representing $411m in sales in 2008.
- Cipla is moving away from its low risk partnership model by directly filing ANDAs in the US generics market to mitigate the risks arising from consolidations.
- Cipla’s low risk partnership model allows quick and easy entry in new markets while limiting the risk of setting up and litigation related to regulatory compliance.
- It lacks direct marketing experience in international markets due to the limitation of its low-risk business model.
- Ranbaxy ranked second in the Indian pharmaceutical market with a market share of 5.0% in 2008. It generated $384m in sales in 2008, an increase of 16.1% over 2007.
- Ranbaxy plans to overcome pricing pressure in the US generics market by shifting focus to complex and difficult to make products and by monetizing the FTF opportunities.
- Ranbaxy has a dominant position in Indian acute therapeutic areas particularly anti-infectives on the back of robust product portfolio and regular launches.
- Its margins are under pressure driven by a high cost structure, restrictive prescription drug pricing in Romania and continued pricing pressure in the US generics markets.
- GSK (India) ranked third among the top 10 pharmaceutical companies in India, with a market share of 4.4% based on 2008 sales. It revenues totaled $340m in 2008, representing a decline of 6.3% over 2007.
- It has started launching patented products from its parent’s pipeline in the Indian market in a bid to capitalize on the stronger IPR regime in India post 2005.
- GSK (India) holds a dominant position in the Indian vaccines market on the back of a robust portfolio across numerous disease areas.
- Its product-mix is substantially exposed to DPCO category. Any further increase in exposure to DPCO due to shift in product mix towards lifestyle segments will adversely impact its margins.
- Piramal Healthcare garnered 3.9% share by sales value in the Indian pharmaceutical market, making it the fourth largest company in 2008. Its 2008 sales amounted to $300m, an increase of 12.7% over 2007.
- Piramal Healthcare has been scaling up capabilities at its research and manufacturing facilities apart from expanding its contract research and manufacturing services (CRAMS) business across geographies mostly through acquisition to capitalize on the potential of CRAMS.
- Its brand management capabilities, sales and marketing network and FDA approved manufacturing facilities have made it a preferred licensing partner for new entrants in India.
- Aggressive laboratory acquisitions and Greenfield projects have drained its cash flows.
- Zydus Cadila is ranked fifth among the top 10 India pharmaceutical companies with a market share of 3.6% based on sales in 2008. It recorded sales worth $282m in 2008, an increase of 14.4% over 2007.
- Zydus Cadila is following an inorganic growth strategy to enhance its presence in the global generics market and to fill gaps in its portfolio.
- Its low cost manufacturing base in India will aid expansion in international markets.
- Withdrawal of export subsidy and stringent compliance norms in China will create pricing pressure on Zydus Cadila’s API business.
- Sun Pharma is the sixth largest Indian pharmaceutical company based on 2008 sales. It had a market share of 3.6%, representing sales worth $275m in 2008, an increase of 19.7% over 2007.
- It intends to overcome competition and price erosion in the US by capitalizing on FTF and difficult to make product opportunities and aligning its product portfolio towards high margin chronic therapeutic segments in the Indian market.
- Sun Pharma’s strong balance sheet and robust cash flows supports its aggressive inorganic strategy.
- It lacks products in dermatological therapeutic area and has limited exposure to European pharmaceutical markets.
Lupin Laboratories (Lupin)
- Lupin is the seventh largest company in the Indian pharmaceutical market with a share of 2.8% in 2008. It recorded sales worth $214m in 2008, an increase of 24.1% over 2007.
- Lupin has moved into the biosimilars space in order to in-license molecules in early stages of development to build a pipeline that could be out-licensed after further development to earn milestone and royalty revenues after commercialization.
- Its extensive product portfolio in anti-TB segment helped it garner dominant position with 48.0% market share.
- Volatility in prices of Pen-G, a raw material for cephalosporins, could adversely impact its margins.
- Alkem recorded sales of $213m in 2008 while holding eighth rank among the top 10 pharmaceutical companies in India, representing a market share of 2.8% in 2008.
- Alkem is planning to enter into collaborative agreements with MNCs, doing bio-equivalence studies for its partners and enter the US market through submission of ANDA on its own or by acquiring them from other companies to establish a global footprint.
- It has a significant anti-infectives share from market leading drugs in cephalosporin formulations in India.
- Shortage in supplies of raw materials from China used in some of its drugs will impact its production schedule and financial performance.
- Sanofi-Aventis (India) is the ninth largest pharmaceuticals company in India, with a market share of 2.4% in 2008, from sales of $189m in 2008.
- Sanofi-Aventis (India) plans to leverage Aventis Pharma’s sales force to promote its products to doctors and specialists in underserved and underpenetrated rural India to accelerate its growth rate.
- Sanofi-Aventis (India) holds substantial share in the Indian diabetes and vaccines segment backed by its parent company’s product portfolio.
- Termination of its distribution agreement for Rabipur ($27m sales in 2008) with Novartis will adversely impact its financial performance.
Mankind Pharma (Mankind)
- Mankind outperformed the Indian pharmaceutical market, generating $188m in sales in 2008, an increase of 24.8% over 2007. It ranked tenth among the top 10 Indian pharmaceutical players with a market share of 2.4% based on sales in 2008.
- It is strengthening its pharmaceutical capabilities to attain cost competitiveness and cater to medical requirements in international markets in the long term.
- Its robust product mix including over-the-counter (OTC) medicines in most therapeutic classes has helped it outperform the Indian pharmaceuticals market during 2004–08.
- Its price lowering policy coupled with rising operating expenses has adversely impacted its margins.
What is this report about?
This report profiles the leading players in the Indian pharmaceutical market comprising both India-based and multinational companies. This report analyzes the Indian pharmaceutical industry in terms of market size, key drivers and resistors, trends and competitive positioning in the global market. It includes profiles of the top ten companies in the industry and also involves a brief summary of top 11 to 20 players. The top 10 companies in the Indian pharmaceutical industry were assessed on following parameters:
- Each company’s market share in the Indian pharmaceutical market;
- Each company’s marketed products and therapeutic focus;
- Each company’s growth strategies and major acquisitions and divestments in this market;
- Key partnerships and alliances formed by these companies;
- Business-related strengths and weaknesses of these companies, and insights into the opportunities and threats facing them.
This report gives an insight into the top 10 players in the Indian pharmaceutical market. The rank ordering of the companies within this report is based on prescription drug revenues (retail and hospitals combined) as audited by IMS from their domestic pharmaceutical operations and do not account exports from international business, which apparently makes up a significant portion of the company’s overall revenues for some key Indian drug majors. Additionally, the total revenues do not reflect sales from the complementary businesses segments. Therapeutic area analysis is based on the IMS use of the Anatomical Classifications Guidelines (ATC). Companies whose financial years ended in March 2008 were considered under fiscal 2007 in this report. The report provides detailed profiles of the top 10 pharmaceutical companies in India and brief profiles of 11 to 20 companies. Detailed profiles contain description of business, market products, R&D and therapeutic focus, growth strategies and SWOT analysis. Brief profiles give a snapshot of business structure, marketed products, and therapeutic and R&D focus of the players.
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