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CIPLA

Background
Cipla was founded by the late Dr K A Hamied as Chemical, Industrial & Pharmaceutical Laboratories, in 1935. The company launched its first products in 1937. The Hamied family is the single largest shareholding group in the company.

Manufacturing and R&D facilities


Cipla has 7 manufacturing facilities located at Bengaluru (Karnataka), Patalganga (Maharashtra), Kurkumbh (Maharastra), Verna (Goa), Baddi (Himachal Pradesh) and Kumrek, Rangpoo (Sikkim). In 2010, the company commenced production of pharmaceutical formulations at its SEZ in Indore (Madhya Pradesh).

Currently, the company's research & development efforts mainly focus on low-risk areas such as reverse engineering and new drug delivery systems (NDDS). The company has achieved reasonable success in NDDS, especially in the anti-asthma segment, wherein it was the first company outside Europe and the US to manufacture chloro-fluoro carbon (CFC)-free Salbutamol inhalers.

Business profile
Cipla primarily manufactures bulk drugs and formulations. The key therapeutic categories of the company include respiratory, antiinfectives, cardiac, anti-cancer drugs, anti-inflammatory drugs, anti-depressants and animal healthcare products. Cipla also provides technology services for preparation of product, process know-how and new developments. The company's major export markets include Africa, Middle East, Europe, America, Asia and Australia. The company is also building long-term growth platforms in the regulated generics market and drug discovery research.

Market position
Cipla is predominantly a formulations player (that contributed 88 per cent of domestic sales in 2009-10) with a negligible presence in the bulk drugs segment. It is the largest player in the domestic pharmaceutical industry with a market share of 5.4 per cent as of March 2010. Strong brand value and a well-diversified product portfolio spread across therapeutic segments have helped the company to consistently outperform the industry. Cipla dominates the respiratory therapeutic segment and also occupies a key position in both the anti-infectives and the cardio vascular (CVS) segments. The company's top brands include Asthalin and Seroflo (respiratory), and Novamox (anti-infectives). During 2009-10, Cipla launched 188 products. 26 of the company's brands featured in the industry's top 300 drugs list in 2009-10, contributing to over 50 per cent to its overall domestic formulation sales.

Key developments
Cipla agreed to acquire a 40 percent stake in Goa-based Mab Pharma and a 25 percent stake Shanghai-based Bio Mab to consolidate its presence in the biotechnology sector, at an investment of about $65 million (Rs 3,000 million) in June 2010. Cipla acquired Meditab Specialities Private Limited (Meditab), a small formulation company for Rs 1,333.5 million in 2009-10. Cipla sold its emergency contraceptive (I-pill) brand to Piramal Healthcare for Rs 950 million in March 2010. The company received 7 ANDA approvals from the USFDA for in 2009-10.

Financials
Cipla's revenues grew by 7.8 per cent (as compared to a 24 per cent growth in the previous year) to Rs 56,717 million in 2009-10. The company's domestic as well as exports business registered a modest growth of 7 per cent y-o-y and 8.5 per cent y-o-y, respectively. Domestic growth remained sluggish during the year owing to the underperformance of some of Cipla's key products, especially in the highly-competitive anti-infectives segment. Additionally, the company refrained from participating in domestic anti-retroviral tenders as falling prices in that segment exerted pressure on operating margins.

DR. REDDYS
Background
Dr Reddy's Laboratories (DRL), founded by Dr Anji Reddy in 1984, is India's second-largest pharmaceutical company in terms of revenues. DRL began operations as a supplier to Indian drug manufacturers, but started exporting to semi-regulated markets in the late '80s and expanded its scale of operations. By the early 1990s, the company began focusing on getting approvals for its formulations and bulk drugs in regulated markets such as the US and Europe.

Manufacturing facilities and R&D


DRL has 8 API manufacturing units, of which 6 are in India, while Mexico and the UK have one each. All these facilities are approved by the USFDA. The company also has 6 formulations manufacturing facilities in India (1 USFDA approved) and one manufacturing unit in the US (USFDA approved).

DRL's drug discovery research is conducted at centres in Atlanta (US) and Hyderabad (India). More than 300 researchers are actively involved in various drug discovery and clinical development programmes at these locations. At present, the company has a handful of molecules or New Chemical Entities (NCEs) in the discovery and pre-clinical stages.

Business profile
DRL is present across the pharma value chain and produces formulations, active pharmaceutical ingredients (APIs), diagnostic kits, critical care products, and biotechnology products. It also conducts research in on cancer, diabetes, cardiovascular diseases, inflammation, and bacterial infections. DRL sells its products in approximately 100 countries worldwide, including the US, Russia and other European countries and China. The company has strategic alliances with global firms such as Par Pharmaceuticals, Leiner Health Products, Cobalt Pharmaceuticals and Pharmascience.

Market position
DRL is the 13th largest player in the domestic market with a share of 2.3 per cent. The company mainly derives its revenues through exports and has a strong pipeline of ANDAs and drug master files (DMFs), supported by 7 USFDA-approved plants. The company's top therapeutic categories are gastro-intestinal drugs (contributes 23.6 per cent to revenues), cardiac (19.5 per cent) and pain analgesics (13.4 per cent), together constituting more than 56.5 per cent of the total domestic formulation revenues.

Key developments
In 2009-10, DRL entered into a strategic partnership with GlaxoSmithKline Plc to develop and market selected products across emerging markets outside India. The alliance is expected to contribute to revenues only after 2-3 years as approvals would be required from various authorities to launch the products.

The company obtained 14 ANDA approvals in 2009-10.

Financials
In 2009-10, DRL's revenues grew just by about 1 per cent (y-o-y) on account of a decline in sales in regulated markets. Revenues from North America decreased by 15 per cent (The company benefitted significantly in 2008-09 owing to a one-time opportunity to sell authorized generic version of Sumatriptan), while sales in Europe also fell by about 19 per cent owing to increased pricing pressure, especially in Germany. However, revenues from other global markets grew in double digits.