final blue chip - old
TRANSCRIPT
“SUCCESS STORY OF PANADEA BIOTECH ”
A business proposal report submitted to IIMT, Greater Noida as a partial fulfillment of full time Post Graduate
Diploma in Management
(Business Management)
Submitted to: Submitted By: The Chairman Anusha Srivastava (15084)
IIMT Gr Noida PGDBM(HR)
Batch-15th
.
ISHAN INSTITUTE OF MANAGEMENT AND TECHNOLOGY
1A, Knowledge Park-I, Greater Noida, Distt: G.B. NAGAR (U.P.)
Itbsite: www.ishanfamily.com, Email: [email protected]
Logo of company:
INTRODUCTION:
Panacea Biotec is India’s highly progressive research based health management company involved in research, manufacturing and marketing of branded pharmaceutical formulations, vaccines and natural products. The product portfolio includes highly innovative prescription products in important therapeutic areas like pain management, diabetes & cardiovascular management, renal disease management, osteoporosis management, anti-tubercular, gastro-intestinal care products and vaccines. The flagship brands of the company- Willgo for pain management; Glizid & Glizid-M for diabetes; Panimun Bioral & Mycept for kidney transplant occupy leadership positions in their therapeutic segments. This is in persuit of marketing strategies to build brands and drive the growth of the company.
The company has ultra modern, state-of-art production facilities at Baddi (Himachal Pradesh), Larlu (Punjab) & Delhi for manufacturing tablets, capsules (including soft gelatin), ointments (transgel formulation) liquids, herbal formulations and vaccines. The facilities are WHO cGMP compliant.
Ardent Research and Development efforts have always been a great strength of Panacea Biotec. The main research areas are New Chemical Entities (NCE), New Biological Entities (NBE) Novel Drug Delivery System (NDDS) based pharmaceutical formulations, Novel peptides & human monoclonal antibodies and Vaccine development. The company has developed four distinguished, ultra modern, state-of-art R&D centers in different locations, having internal capabilities for constant research, with over 200 highly professional and skilled scientists engaged in various aspects of research.
Focused research efforts have led to grant of worldwide product patents valid in over 60 countries for Panacea Biotec. As on March, 2007, the company had filed 490 patent applications in various parts of the world including India. Of these, 163 have been granted patent and others are under various stages of examination or publication by the patent authorities. Some of these countries are USA, U.K.,
France, Germany, Italy, Sweden, Denmark, Spain, Finland, Switzerland, The Netherlands, New Zealand, Mexico, Brazil, Nigeria, Zimbabwe, Australia, South Africa, Japan, Russia, Canada, Ukraine, Korea and China,.
Panacea Biotec has identified brand building in exports as its thrust area and it has significant presence in the global markets including the CIS, Africa, the Middle East and Asia. The company is actively exploring opportunities for launching as well as licensing out some of our patented products for manufacture/marketing in developed countries in Europe, North America and Latin America.
Panacea Biotec has significant collaborations and joint ventures with leading national and international research organizations and corporations.
Vision and values:
Mission – Innovation in Support of Life
Vision – Leading Health Management Company
Goal – To meet every healthcare need with a Panacea Biotec brand and service
Objective – Take Ideas from Grey Cell to market in a Proactive Manner
Registered address –
Ambala-Chandigarh Highway, Lalru, Rajpura Punjab
140501
Tel: 01762-50590
Fax: 01762-505909 01762-505906
Email: [email protected]
Website: http://www.panacea-biotec.com
MANAGEMENT:
Name Designation
Soshil Kumar Jain Chairman / Chair Person
Rajesh Jain Joint Managing Director
Sumit Jain Director
N N Khamitkar Independent Director
K M Lal Independent Director
Ravinder Jain Managing Director
Sandeep Jain Joint Managing Director
R L Narasimhan Independent Director
Sunil Kapoor Independent Director
A N Saksena Independent Director
Board of directors:
Whole-Time Directors (Promoters)
Mr. Soshil Kumar Jain, Chairman
Pursuing our mission 'Innovation in Support of Life' to make human lives happier and healthier, we will continue to remain rooted in our values of quality, innovation and continuous learning
Email- [email protected]
Mr. Ravinder Jain, Managing Director
Supporting life through better health management, not merely the absence of disease, is our aim and in this we are partners in Doctor's vision of a disease free world
Email- [email protected]
Dr. Rajesh Jain, Joint Managing Director
An unwavering commitment to Brand building and innovation has recognised Panacea Biotec to an amiable position.
We have embarked on a journey to Drug Discovery and Drug Delivery through innovation to contribute towards a healthy living.
We are poised to enter a period of great opportunity and face new challenges with a pool of talent & expertise.
Building brands in Domestic and International Marketing with leadership is highly fascinating and a passion at Panacea Biotec. It involves recognising that people all over the world have different cultures and needs. Understanding regional differences and needs will make the quintessence of Marketing. Panacea Biotec is stepping up gears to exhibit exemplary performance in developing marketing strategies across different regions of the World.
If a day comes and there is a healthcare need, the need will be met by a Panacea Biotec brand / service.
Email- [email protected]
Mr. Sandeep Jain, Joint Managing Director
We have developed a powerful Finance Management support platform, allowing us to gain greater insight into various financial activities. Our strong revenue growth will help to turn business strategies into practical action plans. We look forward to achieve greater competitiveness, more profitability and higher share values through innovation in Finance Management.
Email- [email protected]
Mr. Sumit Jain, Director
Quality is among the most important reasons, which can persuade a customer to buy a product. Consistent pursuit of Total Quality Management, which I am proud to state, has always been a cornerstone of Panacea Biotec and this pursuit has resulted in achieving greater milestones in the past couple of years.
Email- [email protected]
History of company:
2008: Foray into Healthcare Delivery –collaboration to set-up 220 bed multi super-specialty hospital in NCR
WHO prequalification for fully liquid innovative combination Pentavalent vaccine, EasyFive* against five deadly infectious diseases (DTwP+ Hep B+ Hib) of early childhood.
Granted a patent from US Patent & Trademark Office for our product Thank GodTM (Euphorbia Prostrata) for effective management of hemorrhoids & piles (Patent No. 7,371,412 B2)
2007: Vaccine Formulation Plant at Baddi
Research Agreement with Punjab University to develop New Chemical Entities for Psychiatric Disorders
2006: WHO cGMP complaint ultra modern Pharmaceuticals formulation facility at Baddi, Himachal Pradesh.
Landmark collaborations with The Netherlands Vaccine Institute (The Nederlands Vaccin Instituut (NVI)) for manufacture & marketing of finished Inactivated Polio Vaccine (IPV) and a number of IPV based combination vaccines in India and across the globe.
Collaboration with PT.Bio Farma to manufacture & market Measles Vaccine.
Inauguration of Biopharmaceutical R&D Centre at New Delhi
Pre-Qualification Certification from WHO for Supply of Recombinant Hepatitis-B Vaccine to UN Agencies.
Collaboration with National Research Development Corporation (NRDC) for technology transfer of Foot and Mouth Vaccine.
2005: In-licensing agreement with National Institute of Health, USA for Hair Growth Hormone
2004: Collaboration with Cambridge Bio-stability, UK, for Thermo Stable Vaccines
2004: Marketing Joint Venture with Chiron (now Novartis) Vaccines, UK
2004: In-licensing agreement with National Institute of Immunology, New Delhi, for Japanese Encephalitis Candidate Vaccine
2002: Commissioning of Recombinant Vaccine Production Plant
2002: In-licensing Agreement with Biotechnology Consortium of India for Development & Commercialization of Anthrax Vaccine
2001: R&D tie up with European MNC
1997: First Product Patent in Several Countries
1995: State -of the- art Drug Delivery R&D centre at Lalru
1995: IPO of Equity Shares of Rs.180 Million
1993: Merger of Panacea Drugs (P) Ltd. & Radicura Pharma to form Panacea Biotec Ltd.
1989: Pharmaceutical formulations plant at New Delhi,under the name of Panacea Drug P Ltd.
1988: Established a plant for vaccines production at New Delhi, under the name of Radicura Pharma
1984: Panacea Drug (P) Ltd. was formed
PRODUCT:
Pharmaceutical Formulations
Panacea Biotec has engineered its sales and marketing network for pharmaceutical formulations into strategic business units (SBUs), which comprise Critical Care, Diacar, Procare and Growcare. The company has launched other new SBU, viz. Oncotrust & Value India.
The aim of each SBU is to attain leadership position in its respective markets and establish brand equity in respective therapeutic segment by implementing the concept of Customer Relationship Management (CRM) for better coverage and servicing of customers. The SBUs promote a portfolio of brands with a special focus on Orthopedicians, Cardiologists, Diabetologists, Physicians, Nephrologists, Pulmonologists, Surgeons, Dentists, ENT (Ear, Nose and Throat) specialists, Pediatricians and Gastro-enterologists.
Special Programmes
Programme against HIV/AIDS
Programme against Tuberculosis
Programme against Lymphatic Filariasis
Critical Care
Critical Care, a Super Speciality SBU of the company, is focused on Nephrology therapy in the highly specialized organ transplantation and dialysis management segments. It offers a complete range of pre-transplant & post-transplant therapies. The SBU has carved a niche in super-specialty segment and created a scientific image. The SBU is rightly poised for achieving clear leadership in the Nephrology &Transplantation segment.
Diacar
Diacar is the highest contributing SBU of the company with dedicated marketing and sales infrastructure for Diabetes and Cardiovascular management. Diacar SBU is valued at Rs.460 million (ORG IMS Mar’07 MAT). The SBU promotes the brands to the target specialists viz. Endocrinologists, Diabetologists and Physicians in a fiercely competitive scenario and has achieved significant leadership position in Oral anti-diabetic segment.
Procare
Procare SBU of the company endeavors to consolidate and strengthen its image in the field of chronic health care management with specific focus on pain and arthritis management, osteoporosis and gastrointestinal disorders. It promotes a portfolio of brands with special focus on Orthopedicians, Surgeons, Dentists, ENT specialist & Gastroenterologist apart from Consulting Physician and General Physician.
Growcare
Growcare is the respiratory and pediatric business of Panacea Biotec. This business was carved out of the existing business of Panacea Biotec as part of the long term strategy to enter the high growth Respiratory Therapy. Growcare is a Rs.230 million business with total field strength of around 350 people and
services more than 50,000 doctors across the country, comprising of different specialties like Chest Physicians, Consulting Physicians, Pediatricians and General Physicians. 26 different SKUs are marketed with presence in multiple Therapy areas.
Oncotrust
Panacea Biotec has plans to foray into oncology segment to provide treatment for Cancer, viz, breast cancer, brain tumor, ovarian cancer, pancreatic cancer, prostrate cancer and colorectal cancer. ‘ Oncotrust’ would be the new Strategic Business Unit (SBU) with the total strength of around 50 sales specialists on oncology who would be responsible for marketing these drugs. The aim to register sales volumes of Rs. 150-200 million in oncology chemotherapy segment in the next three years. The Company feels that it would be able to launch novel drug delivery based anti-cancer drug in next 2-3 year period.
Value India Healthcare
Panacea Biotec is recognized in the pharma industry for its innovative approach. Value India Healthcare is the recently launched initiative of PBL to take its research based innovative products to the mass markets and provides them with a unique “value for money” proposition in the offering.
Some of the innovative brands that are fast gaining acceptance include TwoWks, patented product to treat 1st & 2nd degree piles, Combipunch, a first time in India, DCGI approved formulation for allergic rhinitis and others.
VIH aims to provide a complete basket of products which a general practitioner needs on a daily basis. The Value range of antibiotics, ValueCef, ValueOrni & others , the pain range like Instanim, Nowaste Para, the respiratory range of KofZero , KoldZero are all steadily gaining the mindshare of the Doctor.
ValueIndia currently operates in Rest of Maharashtra, Madhya Pradesh & Chattisgarh regions with plans for expansion to other states shortly.
The vaccines portfolio consists of oral polio vaccines (type I and type III), Enivac-HB (Hepatitis B vaccine), Enivac-HB Safsy, Ecovac-4 (DTwP+Hep B), Easyfour
(DTwP+Hib), Easyfive (DTwP+Hep B+Hib). Vaccines in the offing are- Anthrax, Dengue, Japanese encephalitis and several others. Panacea Biotec has earned the distinction of being a WHO pre-qualified supplier of oral polio and Hepatitis-B vaccines and are in the process of obtaining similar pre-qualifications for other vaccines. Panacea Biotec is contributing in disease prevention and reducing the child mortality.
The exclusive products based on patented Drug Delivery System include
Panimun Bioral (Cyclosporine), Willgo, ThankGod (for comprehensive management of haemorrohoids), Xeed (anti-tubercular FDC with innovative Drug Delivery for optimum
bioavailability of Rifampicin), Nimulid Safeinject, Nimulid MD, Nimulid Transgel
Nimulid Transgel, Safeinject, Willgo, Xeed are just a few technological innovations. In the domestic market Panacea Biotec has an established brand equity in branded pharmaceutical formulations including pain management, cardiovascular disorders, diabetes management and organ transplant. Its leading brands are amongst the top 5 positions in their respective therapeutic segments. Its promising brands are amongst the top 200 brands in India with Glizid-M ranking at 133 and Nimulid as a brand at 177 according to the secondary stockiest audit by ORG IMS (MAT March, 2007).
Panacea Biotec has maintained highest standard of quality at all times. With a zeal to offer the best products for ailing humanity, the Research team has developed novel drug delivery systems to increase effectiveness, tolerability and compliance
Vaccines:
In pursuit of its mission, Panacea Biotec is making immense contribution in disease prevention an reducing child mortality, through innovative vaccine development, production and marketing. Panacea Biotec has significant presence in prophylactic vaccine market that adhere to international standards of
manufacturing and clinical development. Panacea Biotec has made available several paediatric vaccines, namely Trivalent, Monovalent (Type I and Type III) Oral Polio Vaccine, Enivac HB (recombinant Hepatitis B) Vaccine, innovative Combination Vaccines such as Ecovac4 (recombinant Hepatitis B and DTP), Easyfour (Haemophilus Influenza type B (Hib) and DTP), Easyfive (Hib, DTP and Hepatitis B). The Company has registered consistent growth in revenue which is contributed by vaccines supplied to UNICEF as well as growth in supplies to the domestic private vaccine market through the joint venture company, Chiron Panacea Vaccines Pvt. Ltd.
RESEARCH AND DEVELOPMENT:
Innovation has been a great passion and priority for Panacea Biotec. Beginning with a initial focus in 1995, Panacea Biotec has come a long way to establish a cohesive network of five highly sophisticated ultra modern R&D centers. A team of 283 professional and highly talented researchers are committed to pursue the constant quest for innovation and therapeutic advancements
The core area of research & development includes Vaccine Development, Biopharmaceuticals (big molecules), Drug Delivery projects and Drug Discovery (small molecules), in compliance with international regulatory standards. The company’s R&D centers are recognized by the Government’s Ministry of Science and technology. For carrying out pre-clinical research, the company has an animal house and facilities for undertaking in-vitro and in-vivo microbiology, pharmacology, safety, efficacy and toxicology studies. Invigorative Research & Development requires investment in time and money. To meet these commitments, Panacea Biotec has been steadily increasing its expenditure on innovative research. From initial capital R&D expenditure of 18.6 million (3% of net turnover) in 1995 to Rs. 567.05 million (6.82% of net turnover) in fiscal 2007 bears testimony to exhibit its passion for innovation.
The increase in innovation expenditure is in line with its strategy to use it’s R&D expertise to find novel therapies and drug delivery systems.
The company has also plans to further strengthen the R&D base to cater to more profitable and expanding niches in vaccines and formulations segments, both in domestic as well as international market.
Our investments in the field of innovation will provide access to breakthrough technologies, products and service to promote health.
LAKSH Drug Discovery R&D Centre
The Company’s state – of – the art Research Center for development of New Chemical Entities (small molecules) at Mohali, Punjab is spread over 70,000 Sq.ft. of laboratory Space and employs more than 60 scientists. This R&D Centre has capabilities to carry out work on different aspects of drug discovery which include medical chemistry, in vitro and in vivo biology, analytical & bio-analytical research, pharmacokinetics and drug metabolism studies. The focus of research is on development of NCEs for the treatment of metabolic disorders, CNS and infectious diseases.
SAMPANN Drug Delivery R&D Centre
The ultra modern & well equipped research facility, “SAMPANN Drug Delivery” R&D Centre at Lalru, Punjab is spread across 40,000 sq.ft. of laboratory space with superior infrastructure, specialized machinery, adequate resources and highly talented scientists to conduct research in the areas of Pharmaceutical Formulation Technology, Pharmacology, Analytical Chemistry, Medicinal Chemistry and Natural Products. The said research facilities also boasts of an in-house Intellectual Property Right Management Department and Information Science Department.
SAMPANN Drug Delivery R&D Centre has demonstrated capabilities in research on ready products and technologies in numerous drug delivery research areas like Spatial Release System (Tablet-in-tablet and inlay tablet), Hydrophillic Matrix System, Topical Transdermal Gel, Injectable System for Water Insoluble Drug, Gastroretentive system, Self Emulsifying Drug Delivery System in Softgels,
Oromucoadhesive System, Orally Disintegrating System and Taste Masked Delivery System. One of the major achievements has been the successful prosecution by the IPR department leading to the grant of two important drug delivery based patents in the USA.
The centre is primarily focused on:
Development of value added drug delivery products that would address unmet medical needs, Increase patient convenience and compliance, augment the intellectual capital of the organisation and contribute towards the organizational business goals.
Ongoing Projects: SAMPANN R&D centre is developing products based on highly specialized Drug Delivery, Self Nano – Emulsifying Injectable System, Depot Injectable Preparations, Pulmonary Drug Delivery and Oral Controlled Release Systems.
Identification and development of lead compounds from plant sources
A number of new lead compounds from plant sources have been identified and are currently undergoing preclinical development.
Significant number of projects have been developed and cleared for commercialization and 12 new provisional patent applications were filed during the year under the review.
Vaccine and Biological Research Center
The quality, breadth and magnitude of vaccine and biological research centre contributions are unrivalled. Situated in New Delhi, spread across 24,000 Sq.ft of laboratory space, is dedicated to carry out extensive research in vaccines and biologicals using genetic engineering, animal cell culture, fermentation, purification, formulation, serology and analytical testing techniques. The centre has more than 40 qualified and experienced biologists and biotechnologists working on different fields of Vaccine R&D. Certain novel vaccines under
development at this centre are recombinant anthrax vaccine and cell culture based Japanese Encephalitis (JE) etc. This centre is also working on some breakthrough vaccines like thermostable pentavalent vaccine which would eliminate the need for cold chain.
Biopharmaceutical R&D Center
The Biopharmaceutical R&D centre which became operational during the year under review, undertakes biopharmaceutical research. This centre utilizes molecular biology & genomics tools and has around 30 hard core molecular biologists, immunologists. The center will develop novel preventive & therapeutic vaccines, therapeutic peptides. The focus will include infectious diseases and lifestyle related disorders.
It has also undertaken the development of a peptide-based technology for alopecia (hair loss) management in-licensed from national Institute of Health, USA and plans to initiate Phase I trials soon. The technology, which is patent protected, stimulates hair growth and regenerates lost hair follicles.
Grand R&D Centre
On truly international standards Panacea Biotec’s 5th R&D centre “GRAND” is coming up at Navi Mumbai. GRAND while supporting worldwide R&D activities will reflect Panacea Biotec’s Leadership in Research & Development in the field of Cancer, Airway, GI, CNS & CVS diseases.
The GRAND will work at the intersection of Biological Sciences, Clinical Sciences, Pharmaceutical Sciences to develop Novel Drug Delivery Systems based products to respond to the changing needs of medical professional.
MARKETING :
Panacea Biotec has established a countrywide sales and marketing network in India through a vibrant sales force of more than 1,000 professionally trained and highly motivated marketing and sales professionals and efficient logistic network of 23 sales depots/carrying and forwarding agents all over India to make its produc
ts available at all places and at all times.
Commencing fiscal 2008, the company plans for international marketing of novel NDDS based pharmaceutical formulation products to the international markets, like USA, U.K., Germany, France, Latin American countries and Italy through marketing collaborations and are on the look out for partners for distribution & marketing
To tap newer opportunities, Panacea Biotec has organized its formulation marketing into four SBUs - PRO, Diacar, GROW and Critical Care, which enables it to respond to changes in the industry and marketplace.
The vaccines are marketed through Chiron Panacea Vaccines, a 50:50 joint venture with Novartis Vaccines, U.K
Sales & marketing in domestic market
Panacea Biotec has engineered its sales and marketing network for pharmaceutical formulations into strategic business units (SBUs), which comprise Critical Care, Diacar, Procare and Growcare. The company has also moved ahead to launch other new SBU, viz. Onctrust & Value India.
The aim of each SBU is to attain leadership position in its respective markets and establish brand equity in respective therapeutic segment by implementing the concept of Customer Relation Management (CRM) for better coverage and servicing of customers. The SBUs promote a portfolio of brands with a special focus on Orthopedicians, Cardiologists, Diabetologists, Physicians, Nephrologists, Pulmonologists, Surgeons, Dentists, ENT (Ear, Nose and Throat) specialists, Pediatricians and Gastro – Enterologists.
Critical Care
Critical Care, a Super Speciality SBU of the company, is focused on Nephrology therapy in the highly specialized organ transplantation and dialysis management segments. It offers a complete range of pre- transplant & post transplant therapies. The SBU has carved a niche in super – specialty segment and created a scientific image. The SBU is rightly poised for achieving clear leadership in the Nephrology & Transplantation segment.
The brand portfolio of this SBU includes Panimun Bioral capsules & solution, Mycept tablets & capsules, Pangraf capsules, Fosbait tablets & Overcome injection.
We have launched Siropan an adjunct immunosuppressive agent to fulfill the transplant basket. Similarly Mycept saw its brand extension Mycept –S introduced to have a complete MPA basket with increased market share.
The SBU has exhibited over 20% growth during the year. Pangraf continues to be the leading brand in Tacrolimus market with 68% growth. Similarly Panimun Bioral also showed a growth of 7% in Cyclosporine market. Mycept achieved 6% growth and grabbed 32% market share in the Mycophenolic Acid market. Fosbait being the 1st brand of Lanthanum Carbonate to be launched in India achieved 6% market share in the Phosphate binder market & showed significant growth. Overcom ensured strong presence in the Dialysis Centres with 26% growth.
Diacar
Diacar is a strong pillar and the highest contributing SBU of the company with dedicated marketing and sales infrastructure for Diabetes and cardiovascular management. Diacar SBU is valued at Rs. 460 million (ORG IMS Mar’07 MAT). The SBU promoters the brands to the target specialists viz. Endocrinologists, Diabetologists and Physicians in a fiercely competitive scenario and has achieved significant leadership position in Oral anti-diabetic segment.
The flagship brand of the SBU Glizid M is the no.1 brand while Glizid is the no.2 brand in their respective categories. Glizid M occupies the 133rd position amongst 30,000 odd pharmaceutical brands.
The other brand portfolio of this SBU includes Pioryl, Betaglim M, Metalong, Oglo, Gliben Total, Glizid total, Glim total, Threpo, Myelogen Forte, Lower A and Lower EZ.
New Launches… contributor to growth: The SBU has aggressively forayed into the intensely spirited cardiac segment with the launch of Threpo (triple fixed Dose Combination of Atorvastain, Ramipril and Asprin) and lower family of brands intended to lower high cholesterol levels. Inrica and Myelogen Forte ( a first time in country formulation with Enzogenol) and metlong P (FDC of Metformin ER and Pioglitazone) were launched during the year under review. Total, family of brands launched towards the end of FY 06-07 are gearing up and are well poised for growth.
Overall Diacar SBU has grown over 28% in the year under review. The Power group of brands has achieved high growth in this financial year with Betaglim family at 84%, Metalog family at 84%, Metalog family at 33% and Glizid MR at 22% (March YTD). Star Brands i.e Glizid and Glizid M have grown by 9% in FY 06-07.
Procare
Procare SBU of the company endeavors to consolidate and strengthen its image in the field of chronic health care management with specific focus on pain and arthritis management, osteoporosis and gastrointestinal disorders. It promotes a portfolio of brands with special focus on Orthopedicians, Surgeons, Dentists, ENT specialists & Gastroenterologists apart from Consulting Physicians and General Physicians.
Some of the major brands of Procare across different therapeutic segments are:
Pain management: Nimulid, Nimulid Nugel, Nimulid Safeinject, Willgo, Nimulid SP, Nimulid MR, Nimulid HF, Softdiclo, Softdiclo Acute and Dolzero.
Anti – infective - Giro and Ocimix
Gastro-intestinals - Livoluk Suspension and ODpep
Anti-Osteoporosis - Alphadol, Alpadol C, Calcom and Kingcal
Anti – rheumatics - Kondro OD, Kondro and Cilamin
Growcare
Growcare is the respiratory and pediatric business of Panacea Biotec. This business was carved out to this SBU as part of the long term strategy to enter the high growth Respiratory Therapy. Growcare is a Rs. 230 million business with total field strength of around 350 people and services more than 50,000 doctors across the country, comprising of different specialties like Chest Physicians, Consulting Physicians, Pediatricians and General Physicians. Consulting Physicians, Pediatricians and General Physicians. Twenty Six different products are marketed with presence in multiple Therapy areas.
Some of the popular brands of Grow care are:
Anti TB - Xeed 2, Xeed 3E & Xeed 4 tablets (Fixed dose combinatios), Myser and Myobid
Pain Management - Nimulid MD, Nimulid MD Kid (mouth dissolving) tablets & Nimulid Suspension, Nimulid Trangel, Upright, Upright SP and Upright MR
Cough preparations - Toff MD, Toff DC and Toff Expectorant
Anti-haemmorohidal - ThankGod Capsules and ThankGod Cream
The SBU achieved annual growth of 39%. The performance was driven by flagship brand Nimulid MD which clocked sale of Rs. 60 million and registered a growth of 30%. Brands like ThankGod contributed significantly to the SBU performance. As per ORG IMS metrics the SBU has been outperforming the market.
Oncotrust
Panacea Biotec has plans to foray into oncology segment to provide treatment for Cancer, viz, breast cancer, brain tumor, ovarian cancer, pancreatic cancer, prostrate cancer and colorectal cancer. ‘Oncotrust’ would be the new Strategic Business Unit (SBU) with the total strength of around 50 sales specialists on oncology who would be responsible for marketing these drugs. The aim is to register sales volumes of Rs. 150-200 million in oncology chemotherapy segment in the next three years. The Company feels that it would be able to launch novel drug delivery based anti-cancer drug in the next 2-3 year period.
Value India Healthcare
Panacea Biotec is recognized in the pharma industry for its innovative approach. Value India Healthcare is the recently launched initiative of PBL to take its research based innovative products to the mass markets and provides them with a unique “value for money” proposition in the offering.
Some of the innovative brands that are fast gaining acceptance include TwoWks, patented product to treat 1st & 2nd degree piles, Combipunch, a first time in India, DCGI approved formulation for allergic rhinitis and others.
VIH aims to provide a complete basket of products which a general practitioner needs on a daily basis. The Value range of antibiotics, ValueCef, ValueOrni & others , the pain range like Instanim, Nowaste Para, the respiratory range of KofZero , KoldZero are all steadily gaining the mindshare of the Doctor.
ValueIndia currently operates in Rest of Maharashtra, Madhya Pradesh & Chattisgarh regions with plans for expansion to other states shortly.
ALLIANCES
Panacea Biotec enjoys a rich tradition of collaborations and joint ventures with various industry players and business relationships with national & international research institutes, academic universities and commercial corporations for the purpose of securing in-licensing, out sourcing and other business opportunities and to develop strong product portfolio.
Umkal Medical Institute Pvt. Ltd. (UMI)
The company has acquired majority stake in Umkal Medical Institute Pvt. Ltd. (UMI), a company promoted by Dr. Umesh Gupta to set-up a multi super-specialty hospital with the most modern equipment in the National Capital Region of Delhi at Gurgaon.
Nederlands Vaccine Institute (NVI), Netherlands.
The Company has entered into an agreement with NVI for manufacturing and marketing of Inactivated Polio Vaccine in global markets except Netherlands, Denmark, Norway and Finland.
National Research Development Corporation (NRDC), India.
The Company has an in-licensing arrangement with NRDC for manufacturing the Foot and Mouth Disease (FMD) vaccine developed by Indian Veterinary Research Institute (IVRI).
PT Bio Farma, Indonesia.
The Company has entered into an agreement with PT. Bio Farma, Indonesia to manufacture & market the Measles Vaccine and plans to supply the vaccine to UNICEF, PAHO and CIS, African, LATAM and Asian Countries in furtherance to Global Measles Reduction Strategy of WHO and UNICEF.
Chiron Panacea Vaccines Pvt. Ltd. (“Chiron Panacea”)
Chiron Panacea is a joint venture company incorporated in fiscal 2005 in India with Chiron Corporation, U.K. (now Novartis Vaccines), world’s 5th largest Vaccine group, for marketing of combination and other vaccines in India. The Company has invested Rs.22.9 million in Chiron Panacea for a 50.0% equity stake.
National Institute of Health, USA.
The Company has an in-licensing arrangement with National Institute of Health, USA, for use of a peptide based product for generation of hair follicles and hair growth. Pre-clinical toxicology studies will be shortly initiated.
National Institute of Immunology, India.
The Company has an exclusive ten-year license agreement with National Institute of Immunology, India for in-licensing of technology and processes for production of tissue culture derived formalin inactivated, Japanese encephalitis vaccine. The technology transfer and training of scientists has been completed and scale-up production for clinical trial purposes and optimization of various analytical and biological test methods, is under progress.
Cambridge Biostability Ltd., U.K.
The Company has an existing collaboration with Cambridge Biostability Ltd. (CBL), a U.K. based Company for developing thermostable vaccines applying CBL’s patented ‘Stable Liquid Technology’ over the Company’s existing range of vaccines. During the year under review, the Company entered into a joint venture and made investment of Rs.168.07 Million (£1.94 Million) for acquiring 10% of the share capital in CBL. CBL was formed in 1998 in England & Wales and has a R&D facility in Cambridge, which is developing its technology for applications in developing countries, Biodefence and multivalent vaccines for sale in developed countries.
Biotech Consortium India Ltd.
The Company has a ten-year in-licensing arrangement with Biotech Consortium India Ltd. for the development, manufacture and marketing of anthrax vaccine developed by Jawahar Lal Nehru University, India. Phase I/IIa of human trials have been successfully completed and the Phase-IIb clinical trials are to begin shortly, subsequent to which the company plan to supply the anthrax vaccine to the U.S. government. For this purpose, the Company plans to initiate discussion with a U.S. based vaccine company for collaboration.
Marketing strategy:
It is focused on increasing the momentum in the generics business in its key markets through organic and inorganic growth routes. Growth is well spread across geographies with focus on developed and emerging markets. It is the
Company’s constant endeavour to provide a wide basket of generic and innovator products, leveraging the unique Hybrid Business Model with Daiichi Sankyo. The Company will also increasingly focus in high growth potential segments like Vaccines and Biogenerics. These new areas will add significant depth to the existing product pipeline
CORPORATE GOVERNANCE:
A good Corporate Governance systemis the key tomeaningful and holistic growth of an organization and the foundation through which is nurtured its sustainable progress into the future.
At Panacea Biotec, good Corporate Governance process includes independence, integrity, commitment to values, ethical business conduct and a high degree of transparency directing the intellectual capabilities andmoral authority of its independent Board.
1. Information supplied to board of director:
Annual operating plans and budgets and any updates. Capital budgets and any updates. Quarterly results for the company and its operating divisions or business
segments. Minutes of meetings of audit committee and other committees of the
Board. The information on recruitment and remuneration of senior officers just
below the Board level, including appointment or removal of Chief Financial Officer and the Company
Secretary. Show cause, demand, prosecution notices and penalty notices which are
materially important.
Fatal or serious accidents, dangerous occurrences, any material effluent or pollution problems.
Anymaterial default in financial obligations to and by the company, or substantial non-payment for goods sold by the company.
Any issue, which involves possible public or product liability claims of substantial nature, including any
judgment or order which may have passed strictures on the conduct of the company or taken an adverse view
regarding another enterprise that can have negative implications on the company.
Details of any joint venture or collaboration agreement. Transactions that involve substantial payment towards goodwill, brand
equity or intellectual property.
2. AUDIT COMMITTEE
Composition & Terms of Reference The Audit Committee of the Company has been constituted as per Section 292A of the Companies Act, 1956 and the
guidelines set out in the Listing Agreements with the Stock Exchanges. The Audit Committee of the Company comprises three non-executive directors, all of them being independent Directors viz. Mr. R.L. Narasimhan, Mr. N.N. Khamitkar and Mr. Sunil Kapoor. Mr. R.L. Narasimhan is the Chairman of the Committee. All the members are financially literate and one 68 member is having requisite accounting and financial management expertise.
Review of information by Audit Committee
Apart from other matters, as per Clause 49 of the Listing Agreement the Audit Committee reviewed, to the extent applicable, the following information:
Management discussion and analysis of financial condition and results of operations;
Statement of significant transactions, submitted by the Management;
Management letters/letters of internal control weakness issued by statutory auditors;
Internal Audit Reports relating to internal control
3. REMUNERATION COMMITTEE
Remuneration Committee comprises three non-executive Independent Directors viz. Mr. R.L. Narasimhan, Mr. N.N Khamitkar and Mr. Sunil Kapoor. Mr. R.L. Narasimhan is the Chairman of the Committee. The Company Secretary is acting as the Secretary to the Remuneration Committee.
The key components of the Company’s Remuneration Policy are:
Compensation will be a major driver of performance; Compensation will be competitive and bench marked with a select group of companies fromthe pharmaceutical sector; Compensation will be fully transparent and tax compliant.
Remuneration paid to executive directors:
SI. Name Salary Allowances Perquisites Total
1. Mr. Soshil Kumar Jain 144.00 6.46 3.16 153.62
2. Mr. Ravinder Jain 144.00 6.46 48.26 198.72
3. Dr. Rajesh Jain 120.00 5.38 5.34 130.72
4. Mr. Sandeep Jain 120.00 5.38 4.30 129.68
5. Mr. Sumit Jain 27.00 1.21 5.87 34.08
Remuneration for non-executive directors
Sl. No. Name Allowances Sitting Fees Total
1. Mr. R.L. Narasimhan 1.86 1.05 2.91
2. Mr. N.N. Khamitkar 1.86 0.95 2.81
3. Mr. Sunil Kapoor 1.86 0.85 2.71
4. Mr. Gurmeet Singh - 0.50 0.50
5. Mr. K.M. Lal 1.86 0.50 2.36
6. Dr. A.N. Saksena 1.86 1.00 2.86
4. SHARE TRANSFER CUM INVESTORS’ GRIEVANCE COMMITTEE:
Composition
The Share Transfer-cum-Investors’ Grievance Committee comprises three Directors viz. Dr. A.N. Saksena, Mr. Ravinder Jain and Mr. Gurmeet Singh. Dr A.N. Saksena, an independent non-executive Director acts as Chairman of the Committee.
Sl. Name Designation Category of No. of No. of
directorship . Meetings held Meetings
1. Dr. A. N. Saksena Member Chairman 12 12
2. Mr. Ravinder Jain Member Promoter Director 12 10
3. Mr. Gurmeet Singh Member Independent Director 12 10
5. General board meeting
Financial year
Date Time Venue Special Resolution passed
2008-09 25.09.09 11:00 A.M Regd. Office at ambala Chandigarh high way, lalru
• Approval for protection of Remuneration paid to Mr. SoshilChandigarh Highway, Kumar Jain, Chairman, for the financial year
140501, Punjab
2008-09.• Approval for protection of Remuneration paid toMr. Ravinder Jain, Managing Director, for the financialyear 2008-09.• Approval for protection of Remuneration paid to Dr. RajeshJain, JointManaging Director, for the financial year 2008-09.• Approval for protection of Remuneration paid toMr. Sandeep Jain, Joint Managing Director, for the financialyear 2008-09.
2007-08 27.09.08 11:00 AM - do- • No Special Resolution was passed.
2006-07 29.09.07 10:30 A.M -do- • Approval for promotion of Mr. Shagun Jain, as DeputyGeneral Manager Systems and increase in remunerationw.e.f. 1st April 2007 under section 314 of the Companies Act,1956(“Act”).• Approval for promotion of Mrs. Radhika Jain as Sr. Managerw.e.f 1st April 2007 under section 314 of the Act.• Approval for increase in remuneration to Ms. Shilpy Jain, asManager- Food & Beverages, under section 314 of the Act
6. Means of Communication:
i) The Quarterly and Half-Yearly results are published in one or more of the prominent daily newspapers, viz. Business Standard, All editions, New Delhi, Chandigarh, Lucknow, Kolkata, Pune, Kochi, Mumbai; Ahmedabad, Bangalore,
Bhuwaneshwar, Hyderabad, Chennai and Financial Express, all editions Delhi, Mumbai, Ahmedabad, Bangalore, Chandigarh, Hyderabad, Lucknow, Kolkata, Pune, Kochi, Chennai and in Punjabi Tribune, Chandigarh, the local newspaper published in the language of the region in which Registered Office is situated.
ii) The Company also intimates the Stock Exchanges all price sensitive matters or such matters which, in its opinion, are material and of relevance to the shareholders, and subsequently issues a Press Release on the matter, wherever
necessary.
iii) The Annual Results (Annual Report containing Balance Sheet etc.) are posted to every shareholder of the Company.
iv) The Company’s web-site, viz. www.panaceabiotec.com, is regularly updated with the financial results, annual report and other important events.
v) As per the requirements, pursuant to clause 51 of the listing agreement, financial information like annual and quarterly financial statements, segment-wise results, shareholding pattern and annual report weremade available on SEBI’s website www.sebiedifar.nic.in.
vi) Management’s Discussion and Analysis Report has been included in the Annual Report being sent to the shareholders of the Company.
7.General share holder information:
i) Date of AGM
The Annual General Meeting is proposed to be held on Saturday, the 25th day of September, 2010, at 11:00 A.M. at the registered office of the Company at Ambala-Chandigarh Highway, Lalru - 140501, Punjab.
Posting of Annual Report On or before 1st September, 2010 Last date of receipt of 23rd September, 2010 before Proxy Form 11.00 A.M.
ii) Date of Book Closure
The Share Transfer Books and Register of Members of the Company will remain closed from 20th September, 2010 to 25th September, 2010 (both days inclusive).
iii) Dividend Payment Date
a) The Company will pay dividend, if declared by themembers in the forthcoming Annual General Meeting, on or before 24th day of October, 2010:
- to thosemembers whose names appear in the Register of Members of the Company as on 25th September, 2010, after giving effect to all valid transfer of shares in physical form lodged with the Company on or before 20th September, 2010 and registered before 25th September, 2010.
FINANCIAL STATEMENT
Profit and loss account:
Mar o6 mar 07 mar 08 mar09 mar10
Income
Sales Turnover 548.69 842.95 837.00 779.49 885.16
Excise Duty 11.62 8.45 3.78 1.88 0.80
Net Sales 537.07 834.50 833.22 777.61 884.36
Other Income 5.98 26.46 18.02 -50.82 93.49
Stock Adjustments -0.30 -11.76 -2.18 44.69 51.48
Total Income 542.75 849.20 849.06 771.48 1,029.33
Expenditure
Raw Materials 268.26 378.29 368.27 316.58 525.86
Power & Fuel Cost 6.13 9.41 9.69 11.22 13.04
Employee Cost 42.97 78.80 92.49 91.61 99.02
Other Manufacturing Expenses 4.19 4.54 4.45 7.96 2.22
Selling and Admin Expenses 84.00 115.30 138.57 163.69 0.00
Miscellaneous Expenses 9.42 12.17 12.40 184.19 179.75
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 414.97 598.51 625.87 775.25 819.89
Mar '06
Mar '07 Mar '08 Mar '09 Mar '10
12 mths
12 mths 12 mths 12 mths 12 mths
Operating Profit 121.80 224.23 205.17 47.05 115.95
PBDIT 127.78 250.69 223.19 -3.77 209.44
Interest 13.33 17.04 15.01 34.74 42.34
PBDT 114.45 233.65 208.18 -38.51 167.10
Depreciation 13.92 24.52 29.87 53.61 48.86
Other Written Off 0.48 0.26 0.17 0.17 0.17
Profit Before Tax 100.05 208.87 178.14 -92.29 118.07
Extra-ordinary items 0.14 0.23 12.32 0.00 -0.07
PBT (Post Extra-ord Items) 100.19 209.10 190.46 -92.29 118.00
Tax 39.24 62.29 57.30 -23.23 37.99
Reported Net Profit 60.94 146.81 133.17 -69.05 80.02
Total Value Addition 146.72 220.22 257.61 458.66 294.02
Preference Dividend 4.07 2.04 0.00 0.00 0.00
Equity Dividend 5.71 6.57 6.67 0.00 1.67
Corporate Dividend Tax 1.37 1.40 1.13 0.00 0.28
Per share data (annualised)
Shares in issue (lakhs) 570.77 656.82 666.94 666.94 668.43
Earning Per Share (Rs) 9.96 22.04 19.97 -10.35 11.97
Equity Dividend (%) 100.00 100.00 100.00 0.00 25.00
Book Value (Rs) 28.09 82.08 104.54 90.80 104.45
Final statement
(Rs. in million)
Particulars For the For the
year ended year ended
March 31,2010 March 31,2010
NetTurnover 8,843.7 7,734.2
Other Income 934.9 259.7
Total Income 9,778.6 7,993.9
Profit before Interest,
Depreciation, Exceptional
items &Tax (EBITDA) 1,506.0 2,444.6
Financial Expenses 423.4 347.4
Depreciation 664.5 705.1
Unrealized Foreign Exchange
Fluctuation Loss - 1,750.7
Profit/(Loss) before
Exceptional items &Tax 1,180.8 (639.5)
Exceptional Item - 284.2
Profit/(Loss) before Tax (PBT) 1,180.8 (923.7)
Provision for Taxation (380.6) (233.2)
Profit/(Loss) after Tax (PAT) 800.2 (690.5)
Dividend proposed on
Equity Shares - 16.7
Tax on Dividend - 2.8
Transfer to General Reserve 80.0 -
Balance in Profit & Loss Account 2,855.8 2,155.2
Basic EPS (Rs.)* 12.0 (10.3)
Cash EPS (Rs.)* 31.1 30.0
BookValue per Share (Rs.)* 104.2 92.1
Dividend per Equity Shares (Rs.) 0.25 -
* Face value Re. 1/- per share
OPERATING RESULTS AND PROFITS
The exemplary performance of the Company is manifest in the numbers posted for the year under review. During the year ended March 31, 2010, the Company registered a record net turnover of Rs.8,843.7 million as against Rs.7,734.2 million during the corresponding previous financial year, a growth of 14%. The
Company registered EBITDA of Rs.1,506.0 million as compared to Rs.2,444.6 million during the corresponding previous financial year. The PBT and PAT for the year under review grew to stand at Rs.1,180.8 million and Rs.800.2 million respectively, as compared to the negative PBT and PAT at Rs.923.7 million and Rs.690.5 million respectively in the previous fiscal.
This growth was recorded across our business segments, with the domestic pharmaceutical formulations segment growing by 14%. The Formulations Segment registered net turnover of Rs.2,398.8 million as compared to Rs.2,262.3 million during the previous financial year. The Vaccines Segment grew by 18% and registered net turnover of Rs.6,443.9 million as against Rs.5,470.2 million during previous financial year.
Your Company strives to remain globally and regionally attractive to customers and investors by continuing to focus on sustained growth, cost optimization and efficient management of working capital. These strategic initiatives are continually fueling the Companys growth across its business operations.
A detailed discussion on operations for the year ended March 31, 2010 is given in the Management Discussion and Analysis section.
DIVIDEND
The Directors are pleased to recommend a dividend of Re.0.25 (25%) per share on Equity Share Capital of the Company for the financial year 2009-10.
The Company has made a provision for dividend in the books of accounts on the Equity Share Capital as at the date of the Board Meeting for approval of Financial Statements. The Company is obliged to pay dividend to those bond holders who convert their bonds into Equity Shares after approval of the financial statements by the Board of Directors and upto the book closure date for dividend purposes.
Incremental dividend, if any, and dividend distribution tax thereon will be paid out of the balance available in the Profit & Loss Account.
The dividend on Equity Shares is placed before you for approval at the ensuing Annual General Meeting and, if approved, will absorb an amount of Rs.16.7 million. However, the amount of dividend on Equity Shares may increase in case any bonds are converted into Equity Shares before the book closure date. On the other hand, such amount may also decrease due to buyback of Equity Shares, if any, in terms of the proposed scheme of buyback before the book closure date.
Pursuant to the provisions of Section 205A(5) of the Companies Act, 1956 (the Act), dividend for the year 2001-02, which remained unpaid or unclaimed for a period of 7 years, amounting to Rs.122,880 has been transferred by the Company to the Central Governments Investors Education and Protection Fund.
TRANSFERTO RESERVES
An amount of Rs.80.0 million is proposed to be transferred to the general reserves of the Company out of the profits of the Company for the year.
SHARE CAPITAL
The Issued & Subscribed Equity Share Capital of the Company remained unchanged at Rs.66.8 million, consisting of 66,842,746 Equity Shares of Re.1 each.
During the year under review, 149,000 forfeited Equity Shares of the Company, which were earlier re-issued and held in the name of the Companys employees as nominees/trustees, were sold during the year in the open market for Rs.29.9 million, out of which Rs.29.8 million has been credited in the Securities Premium Account. As a result, the paid-up Equity Share Capital of the Company stands increased from 66.7 million to Rs.66.8 million, consisting of 66,842,746 Equity Shares of Re.1 each.
SHARE PRICE ANALYSIS
213.25 -4.20 (-1.93%)
Open 219.00 Vol 304527
High 221.00 52 Week 248.00
Low 210.00 52 Week 139.80
Prev. Close 217.45
Bid Offer
Price 0.00 212.95
Quantity 0.00 8.00
213.60 -2.90 (-1.34%)
Open 217.50 Vol 27984
High 220.90 52 Week 246.75
Low 210.50 52 Week 127.90
Prev. Close 216.50
Bid Offer
Price 0.00 0.00
Quantity 0 0
Historic Prices of Panacea Biotec BSE NSE
1 week 2 week 1 month 3 month 6 month 9 month 1 year
Price 198.15 202.15 194.75 198.20 214.60 229.75 173.75
Gain / Loss 9.74% 7.57% 11.66% 9.71% 1.33% -5.35% 25.15%
ACHIEVEMENTS :
As on March, 2007, the company had filed 490 patent applications in various parts of the world including India. Of these, 163 have been granted patent and others are under various stages of examination or publication by the patent authorities. Some of these countries are USA, U.K., France, Germany, Italy, Sweden, Denmark, Spain, Finland, Switzerland, The Netherlands, New Zealand, Mexico, Brazil, Nigeria, Zimbabwe, Australia, South Africa, Japan, Russia, Canada, Ukraine, Korea and China,.
Panacea Biotec is the third largest biotechnology company (as per ABLE Survey, 2006), as well as
among the top 50 pharmaceutical companies (as per ORG IMS July 2006) of India.
With Cambridge Biostability Ltd., U.K., Panacea Biotec has entered into strategic collaboration for developing thermo stable vaccines; with National Institute of Immunology, India for Japanese Encephalitis candidate vaccine, Biotech Consortium India Ltd. for the development, manufacture and marketing of Anthrax vaccine, worldwide.
With National Institute of Health, USA, Panacea Biotec has entered into an in-licensing arrangement for use of a peptide based product for generation of hair follicles and hair growth.
Panacea Biotec has also collaborated with Netherlands Vaccine Institute for Inactivated Polio Vaccine; NRDC- India for Foot & Mouth Disease vaccine for veterinary use and Bio Farma-Indonesia for Measles vaccine.
COMPETITORS
Last Price Market Cap.(Rs. cr.)
SalesTurnover
Net Profit Total Assets
Sun Pharma 2,139.80 44,318.77 3,861.55 1,265.29 5,747.47Cipla 344.35 27,648.60 5,624.91 1,081.49 5,919.16Dr Reddys Labs 1,609.50 27,232.99 4,553.21 846.08 6,477.80Ranbaxy Labs 605.45 25,491.91 4,782.76 571.98 7,482.99GlaxoSmithKline
2,348.00 19,888.27 1,892.96 512.29 1,764.57
Lupin 442.35 19,718.68 3,708.51 648.93 3,437.36
Cadila Health 700.65 14,345.71 1,945.72 265.91 2,216.20Piramal Health 515.55 10,775.67 2,666.21 443.22 2,161.59Divis Labs 713.25 9,452.79 1,203.49 421.26 1,574.92Biocon 444.40 8,888.00 939.88 111.81 1,758.09Panacea Biotec 213.25 1,306.17 909.77 80.02 1,403.63
SUN PHARMA LTD.
The European Medicines Agency has been formally notified by Sun Pharmaceutical Industries B.V. of its decision to withdraw its application for a centralised marketing authorisation for the medicinal product Repaglinide SUN (repaglinide) 0.5 mg, 1 mg and 2 mg film-coated tablets.
The medicine was developed as a generic medicine to be used for the treatment of patients with type 2 diabetes whose hyperglycaemia can no longer be satisfactory controlled by diet, weight reduction and exercise. It was also intended as combination treatment with metformin of type 2 diabetes patients whose blood glucose levels are not satisfactorily controlled on metformin alone. The reference medicinal product for Repaglinide SUN is NovoNorm, which has been authorised in the European Union since 1998.
The application for the marketing authorisation for Repaglinide SUN was submitted to the Agency on 5 March 2009. At the time of the withdrawal, it was under review by the Agency’s Committee for Medicinal Products for Human Use (CHMP).
In its official letter, the company stated that it decided to discontinue the application due to its marketing strategy.
More information about Repaglinide SUN and the state of the scientific assessment at the time of withdrawal will be made available in a question-and-answer document. This document, together with the withdrawal letter from the company, will be published on the Agency’s website after the CHMP meeting on 19-22 April 2010
Dr. REDDYS LABS:
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical company.
As a fully integrated pharmaceutical company, our purpose is to provide affordable and innovative medicines through our three core businesses:
Pharmaceutical Services and Active Ingredients, comprising our Active Pharmaceuticals and Custom Pharmaceuticals businesses;
Global Generics, which includes branded and unbranded generics; and
Proprietary Products, which includes New Chemical Entities (NCEs), Differentiated Formulations, and Generic Biopharmaceuticals.
Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s conducts NCE research in the areas of metabolic disorders, cardiovascular indications, anti-infectives and inflammation.
Our strong portfolio of businesses, geographies and products gives us an edge in an increasingly competitive global market and allows us to provide affordable medication to people across the world, regardless of geographic and socio-economic barriers.
RANBAXY:
Ranbaxy Laboratories Limited (Ranbaxy), India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company, producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy today has a presence in 23 of the top 25 pharmaceutical markets of the world. The Company
has a global footprint in 46 countries, world-class manufacturing facilities in 7 countries and serves customers in over 125 countries.
In June 2008, Ranbaxy entered into an alliance with one of the largest Japanese innovator companies, Daiichi Sankyo Company Ltd., to create an innovator and generic pharmaceutical powerhouse. The combined entity now ranks among the top 20 pharmaceutical companies, globally. The transformational deal will place Ranbaxy in a higher growth trajectory and it will emerge stronger in terms of its global reach and in its capabilities in drug development and manufacturing.
Ranbaxy's mission is ‘To become a Research-based International Pharmaceutical Company’. The Company is driven by its vision to ‘Achieve significant business in proprietary prescription products by 2012 with a strong presence in developed markets’.
BIBLIOGRAPHY
www.zyduscadila.com
www.ranbaxylaboratories.com
www.sunpharma.com
www.drreddyslab.com
www.moneycontrol.com
Annual Report of Zydus Cadila(2007)
Annual Report of Zydus Cadila(2010)