industry monitor indian healthcare sector october 2014

Disclaimer: All information contained in this report has been obtained from sources believed to be accurate by Gyan Research and Analytics (Gyan). While

reasonable care has been taken in its preparation, Gyan makes no representation or warranty, express or implied, as to the accuracy, timeliness or

completeness of any such information. The information contained herein may be changed without notice. All information should be considered solely as

statements of opinion and Gyan will not be liable for any loss incurred by users from any use of the publication or contents.

Industry Monitor – Indian Healthcare

October 2014

Industry Monitor - Indian Healthcare, October 2014

2 | P a g e © Gyan Research and Analytics Pvt. Ltd., 2014

Table of Contents

1. In Focus - Pharmaceuticals ............................................................................................................. 3

2. Industry Statistics .......................................................................................................................... 6

3. Product Scan ................................................................................................................................. 7

3.1 X-Ray Machines ....................................................................................................................... 7

3.1.1 Key Players: X-Ray Machinery............................................................................................ 8

3.2 Generic Drugs in India ............................................................................................................ 10

3.2.1 The Menace of Counterfeit Drugs .................................................................................... 11

4. Company News Brief – Healthcare & Pharmaceutical Sector ........................................................ 12

5. Industry News Brief ..................................................................................................................... 14

5.1 Export Formulation ................................................................................................................ 14

5.2 Government Regulations ....................................................................................................... 14

5.3 Healthcare Trust .................................................................................................................... 14

5.4 Information Technology & Healthcare Industry ...................................................................... 15

6. Merger & Acquisition ................................................................................................................... 16

7. Company Scan: Dr. Reddy’s Laboratories Limited ......................................................................... 17

8. Upcoming Events ......................................................................................................................... 20



1. In Focus - Pharmaceuticals

The country’s pharmaceutical industry is extremely fragmented with over 24,000 players, including

bulk drug and formulations manufacturers, of which about 330 are in the organised sector. More

than a third of the market is dominated by top ten companies. In terms of volume, India ranks third

while in value terms it occupies the tenth position globally.

In India, branded generics and originator (off patent) brands overshadow pure generic products,

since they offer higher margins than either over-the-counter (OTC) or pure generic offerings. They

account for 70 to 80 percent of the retail market. Local players enjoy a leading position in

formulations development driven by strong investments in research and development, and prices

are usually low due to tough competition. The Over-the-Counter (OTC) medicines market in India

stood at USD 3 billion in 2011 and is growing double rate as compared to prescription medicines.

According to Organisation of Pharmaceutical Producers of India (OPPI), the government is planning

to increase the availability OTCs to outlets other than pharmacies such as Post Offices

According to McKinsey & Company, the Indian pharmaceutical market is expected to touch USD 55

billion by 2020 from a market size of USD 11.2 billion in 2009. In an aggressive growth scenario, it

has the potential to grow to USD 70 billion. Five new opportunities will capture 45 percent of the

market by 2020 – they are patented products, consumer healthcare, biologics, vaccines and public

health. Generic drugs accounts for the largest segment with a market share of 72 percent in 2013

followed by OTC medicines and patented drugs with a market share of 19 and 9 percent,

respectively. The lifestyle segments such as cardiovascular, anti-diabetes, anti-depressants and anti-

cancers will account for the fastest growing segment due to rise in urbanization and change in

lifestyle pattern.

Various factors - spike in income levels, improved medical infrastructure, rise in chronic disorders

and lifestyle diseases, wider health insurance coverage, increase in launches of several patented

products and creation of new markets and greater penetration into rural areas (Tier II and III) cities -

have contributed to this growth. The domestic sale of pharmaceutical companies would largely rely

on the ability of the companies to align their product towards chronic therapies since incidence of

these diseases are on the rise.



While some are concentrating their energies on the generics market in the US, Europe and semi-

regulated markets, others are keen on custom manufacturing for innovator companies.

Biopharmaceuticals is also increasingly becoming an area of interest given the complexity in

manufacture and limited competition.

The industry has developed excellent GMP (Good Manufacturing Practices)-compliant facilities for

the production of different dosage forms. According to the Central Drugs Standard Control

Organisation records, there are already more than 800 pharmaceutical companies are Schedule M-

GMP compliant. These companies are mostly located in Gujarat, Karnataka, Maharashtra and Andra

Pradesh. Schedule M contains guidelines and regulations relating to the pharmaceutical company’s

location, buildings, equipment, safety and sanitation. Besides the market leaders some instances of

GMP-complaint companies are Oasis Laboratories Pvt Ltd, Belco Pharma, Pharmasynth Formulation

Limited, Baxil Pharma, Mediwin Pharmaceuticals and many more.

The industry’s strength lies in developing cost-effective technologies in the shortest possible time for

drug intermediates and bulk activities without compromising on quality. According to Federation of

Indian Chambers of Commerce and Industry or FICCI, due to adoption of GMP, more and more

Indian pharmaceutical companies are bagging approvals from regulatory bodies such as USFDA

(USA), MHRA (UK), TGA (Australia), MCC (South Africa), Health Canada and such like. In fact, India

has the largest number of USFDA-approved plants for generic manufacture. Indian companies are

now seeking more Abbreviated New Drug Approvals (ANDAs) in USA in specialised segments like

anti-infective, cardio vascular and central nervous system groups.

In 2013, the industry witnessed several major deals being inked, including companies such as Strides

Arcolab, Elder Pharmaceuticals, GSK Pharmaceuticals and several other non-listed private equity

deals such as KKR in Gland Pharma and Blackstone in Emcure Pharmaceuticals.

The fact that the industry is growing rapidly in India is evident from the fact that a market leader like

GSK is increasing its stake holding at a multiple of 5-10 times of sales in India . At the same time, the

country is becoming a research and manufacturing hub for global pharmaceutical generic

companies.



Though the industry has witnessed tremendous growth, the New Drug Policy will pose serious

challenges to the leading players. There are three tiers of regulations – on bulk drugs, on

formulations and on overall profitability. On May 15, 2013, the Drug Price Control Order brought

into effect a new drug pricing policy that brought 348 formulations under the National List of

Essential Medicines (NLEM). Companies are required to revise the price on the 46th day from the

date of price notification. The move has been severely criticised by the pharmaceutical fraternity.

But despite challenges, leading Indian players continue to exhibit strong profitability and a large

number of patent expirations continue to offer strong growth prospects for generic players.



2. Industry Statistics

Indian Pharmaceutical Sector – Market Size (USD Billion)

2009 2010 2011 2012 2013E

11.2 13.8 15.6 17.4 20.18

Export Revenue (USD Million)

Aug’13 APR’13-AUG’13 AUG’-14 APR’-AUG’14 % Change APR’-

AUG’14

1,186.65 6,112.7 1,270.13 6,476.06 5.94

Import Revenue (USD Million)

Aug’13 APR’13-AUG’13 AUG’-14 APR’-AUG’14 % Change APR’-

AUG’14

421.55 2,284.4 489.74 2,316.32 1.39

FDI in Pharmaceutical Sector (USD Million)

FY2011 FY2012 FY2013 FY2014 FY2015 (April-July)

209 3,232 1,123 1,279 886

Source: IBEF, Directorate General of Commercial Intelligence and Statistics, Department of Industrial Policy and

Promotion



3. Product Scan

3.1 X-Ray Machines

X-ray comprises the second-largest

share of the diagnostics imaging

market. The imaging diagnostic

market is one of the fastest-

developing segments of the Indian

healthcare industry. With increasing

number of hospitals and diagnostic

centres and advancement in

technology and innovation, the

market is set for steep growth. In

2012, it posted revenues of USD

645.10 million compared to USD

599.54 million in 2011, growing at a

CAGR of 9.5 percent from 2008 to

2012. Ultrasound, X-Ray, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) are

the various segments of this industry.

The X-ray equipment market is slowly shifting towards digital from analog models. The machines

that are available right now are low-powered, bulky and employ very old technology. Hence, there’s

a lot of market potential for high-end digital X-ray machines, spurred by introduction of computed

radiography and digital radiography. However, the demand for low-end X-rays is expected to remain

the same in the near-term as the Indian government will continue to invest in basic medical

infrastructure to improve the reach of healthcare to Tier 1 and Tier 2 cities.

104.96115.98

128.16137.89

148.307

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

2008 2009 2010 2011 2012

USD

Mill

ion

Estimated X-Ray Market Size (2008-2012)

Source: Gyan Research and Analytics



3.1.1 Key Players: X-Ray Machinery

GE Healthcare: GE Healthcare, the medical equipment manufacturing arm of industrial giant General

Electric, is one of the major manufacturers of X-ray machines. Healthcare is among the most

important divisions of GE, accounting for nearly 15 percent of the stock value. According to Forbes,

the company has a market share of about 7.2 percent of the global healthcare equipment market.

India represents about 5 percent of the global healthcare revenues for the company. It is the largest

domestic healthcare company in India with USD 570 million in revenue. It has a huge development

wing in Bangalore, second only to the US centre. The products developed there are exported to over

100 countries.

Philips Healthcare: From analog stationary to mobile and digital units as well as cardiovascular X-ray

systems for advanced interventional procedures, Philips Healthcare offers range of products in this

segment. It is one among the leading players in the Indian healthcare industry, with 34 percent of

the market share, reports Business Standard.

It currently operates in five verticals of healthcare – radiology (MR, CT scans, X-Ray), cardiology

(ECG, stress echo cardiography, etc.), oncology (gamma cameras, mammography equipment, etc.),

critical care (ventilators, ECG, etc.) and the final vertical of respiratory care. It has five research and

development sites across the country and is now keen to improve its local manufacturing strength.

In October 2011, it inaugurated its first greenfield manufacturing facility in Chakan near Pune. This

facility is one of the six manufacturing centers globally called Philips Centre of Excellence. It has

launched 33 new products - ultra sound machines, MR products, scanners, etc. - in the last 2 years.

Siemens Healthcare: Siemens in India is a market leader in electronics and electrical engineering

products. Its net sales stood at USD 385.51 million for quarter ended 31 December 2013. Siemens

Ltd., in which Siemens AG (Germany) holds 75 percent of the capital, is the flagship listed company

of the Siemens group in India. It is the only Siemens company other than parent Siemens AG and

Siemens Inc. in America that is listed in the stock exchanges. It has several business segments -

Siemens Healthcare being one of them. It is a market leader for innovative hearing devices and



offers both digital and analog x-rays among many other products. It has been frontrunner in the

high-end digital mobile X-rays.

RMS: Recorders & Medicare Systems Pvt. Ltd is one of the leading manufacturers of medical

equipment, such as X-ray machines, EEG and ECG machines and such like. It manufactures both

mobile and fixed X-rays that include features of radiography, fluoroscopy and spot filming. It has

extended its market in SAARC region, East Africa, Middle East and Europe through dealers and

partners.



3.2 Generic Drugs in India

India is a global market leader in

the export of generic drugs. The

country manufactures around

60,000 generic brands across 60

key therapeutic areas. This

segment is dominated by Anti-

infectives with account for more

than 17 percent of market share.

Low production costs give India an

edge over other generics-

producing nations, such as China

and Israel. A large number of

indigenous pharmaceutical

manufacturers in the country are

generics producers. This is mainly

due to the fact that since 1972,

local producers have been allowed

to manufacture drugs that were

still under patent, as long as they

used different processes. India has

since been able to develop

technological capabilities for the

manufacture and supply of generic

drugs. However, since 2005, in

order to comply with the

agreement on Trade-Related

Aspects of Intellectual Property

Rights (TRIPS), marketing of

17.20%

11.40%

10.90%

8.70%

8.60%

7.70%

5.90%

5.70%5.60%

5.50%

Major Therapeutic Segments in Generics Market, India - 2012

Anti-Infective

Cardiac

Gastro-IntestinalRespiratory

Analgesics

Nutrients

Anti-Diabetic

Gynaecology

Source: Planning Commission India

48%

52%

Indian Generic Pharma Market Share, 2011

Domestic Export

Source: Various Published Sources



generic version of drugs, patented since 1995 and still under patent, has not been permitted.

Despite the restrictions introduced by TRIPS, India now produces more than 20 percent of the

world’s generics and accounts for 35 percent of all generic applications to the US Food and Drugs

Authority (USFDA). With an expected USD 150 billion worth of generics, going off patent in the US

during 2012–2015, Indian firms are eyeing this market with great anticipation.

3.2.1 The Menace of Counterfeit Drugs

According to a World Health Organization (WHO) report, around 20 percent of the medicines sold in

India are counterfeit. The government estimates that around 0.4 percent of the drugs produced are

counterfeit and 8 percent are sub-standard. In addition, more than 600,000 outlets in India sell fake

medicines. Raising the numbers further, a study by the Federation of Indian Chambers of Commerce

and Industry (FICCI) reveals that the share of counterfeit drugs in the Indian pharmaceuticals market

is 15-20 percent. The medical journal ‘The Lancet’ calculates that 7 percent of all anti-malarial drugs

sold in India are counterfeit. According to industry experts, the global fake drug industry was

estimated at USD 90 billion in 2012. A fake and spurious drug is responsible for death of nearly 1

million people each year and is also contributing to the rise in drug resistance. Lack of adequate

regulations, absence of lab facilities to check purity of drugs and inadequate drug inspectors have

contributed to the rise in prevalence of fake drugs in India. Lack of consumer awareness coupled

with weakness in drug distribution system has resulted in the growth of the market. The Indian

government has, from time to time, challenged the originating source of fake drugs. In 2009, it was

found that the counterfeit drugs seized by Nigerian drug regulators wearing ‘Made in India’ labels

had actually originated from China.

To contain the menace, Indian companies are taking refuge in technology. Anti-counterfeit

packaging measures such as holograms, barcode labels and Unique Identification Code (UID) in

packaging have become a critical weapon to fight this threat. To curtail illegal trade of fake drugs,

the health ministry launched a programme to offer reward worth USD 55,000 to those who provide

information about fake-drug syndicate. MSN labs has introduced a technology introduced by US

based Pharmasecure which allows consumers to check authenticity of the drug by sending text

messages of the code written on the medicine.



4. Company News Brief – Healthcare & Pharmaceutical Sector

Pharmaceutical Companies:

Sun Pharmaceutical Industries to Invest USD 280 million – India’s largest domestic drug producer in

terms of market capitalization, plans to invest USD 280 million in the experimental psoriasis drug

that in-licensed from US-based Merck Sharp & Dohme (MSD). The company plans to spend USD 200

million in Phase III clinical trials and spend USD 80 for in-license drugs but exclude what the company

owes to MSD as royalty on achieving milestones related to regulatory approvals and sales.

Cipla to Invest USD 98.16 million - Pharma major Cipla Ltd plans to invest USD 98.16 million in

Research and Development (R&D) in 2014. The company has already undertaken a major expansion

of the R&D centre in Vikhroli, Mumbai. The company has also received more than 50 approvals in

North America and Europe and nearly 800 approvals in other international markets.

Hospitals & Service Providers:

Columbia Asia to Invest USD 150 million by 2018 – Columbia Asia plans to expand its footprint with

8 new hospitals by 2018. The expansion would take the tally to 34 hospitals globally from its current

operation of 24 hospitals. Out of 8 hospitals set to be operational, the group would open 3 hospitals

in Malaysia and India and 2 in Indonesia.

Apollo Hospitals to Add 2,175 Bed over Next Three Years – Apollo Hospitals Enterprise plans to

open 12 hospitals with an investment worth USD 332.62 million. The company targets to add 2,175

beds in the next three years. Most of the hospitals will be super-speciality facilities while one of

them will be multi-speciality and another a reach hospital.

LVPEI to Establish Research Centre in Vizag, Invest USD 2.45 million - LV Prasad Eye Institute

(LVPEI) has decided to start up an eye research and education centre in Andhra Pradesh.

The centre would facilitate research and development activity, impart education to eye

specialists and perform clinical trials. The centre would have high-end audio visual links to

conduct classes on video conference and other modes.



Nephroplus to Invest USD 25 million – Dialysis service provider plans to invest USD 25 million over

the next three years in India. The company is looking to set up new centres across India. The

company targets to increase the number of centres to 100 from its current count of 27. The

company has set its target to have 150 operational centres in the next five years. Uttar Pradesh is

the most focused state for the company where it plans to start 20 more centres in next 2-3 years.

Sterling Addlife India to Set up Diagnostic Lab, Invest USD 4.9 million - Sterling Addlife India, is

going to invest USD 4.9 million to set up diagnostic labs in Gujarat. As a part of USD 49 million

Sterling Hospitals Group, Sterling Addlife India plans to set up 6 diagnostic hubs in Surat, Kutch,

Vadodara, Ahmedabad, Rajkot and Bhavnagar and 20 other smaller centers in Gujarat. The company

would operate under the brand name Sterling Accuris.



5. Industry News Brief

5.1 Export Formulation

Argentina Government Allows Imports Formulations from India – Argentinean government has

permitted import of generic drugs from India. India becomes the 27th country to supply generic

formulations in Argentina. According to director general of Pharmexcil, the move opens up new

business avenues for formulation manufacturers in India who were unable to explore the market

opportunities in Argentina.

5.2 Government Regulations

NPPA revises prices of 43 formulations -

National Pharmaceutical Pricing Authority

(NPPA) has revised the prices of 43

formulation drugs which include vaccines,

anti-infectives and gastro-intestinal drugs.

According to All Indian Origin Chemists &

Distributors Ltd. (AIOCD Ltd), the notification

is estimated to register a loss of worth USD

27.93 million. Ranbaxy Laboratories is

predicted to incur the maximum loss worth

USD 9 million followed by Cipla with a loss of

USD 7.55 million. Ciprofloxacin, an antibiotic

used to treat bacterial infections, is likely to

be worst affected with under 250 mg and 500

mg strengths with price slash by 51 percent.

5.3 Healthcare Trust

India-Responsible Healthcare Trust - The government and leading pharmaceutical organizations

have joined hand to form 'India-Responsible Healthcare Trust' to power the Brand India Pharma

Estimated Loss - NPPA Revised Pricing (USD Million)

Company Annual Sales till

Aug 2014 on

MRP

Value Loss on

MRP

Ranbaxy 14.45 9.03

Cipla 12.98 7.55

Zydus Cadila 7.55 3.28

Alkem 15.93 2.46

Pfizer 5.25 2.14

Emcure 1.64 0.65

FDC 1.80 0.65

Source: AIOCD Pharmasofttech AWACS

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fwww.financialexpress.com%2Fnews%2Fnppa-revises-prices-of-43-formulation-drugs%2F1290552&ei=x7ofVJnCL8KPuATEsoDICw&usg=AFQjCNFoZtxeMXaLDx3lYd8BjzL1tZ3Rng&bvm=bv.75775273,d.c2E



campaign. The primary objective of the trust will be to position India as a responsible healthcare

provider. The trust would aim to generate awareness and create informed perspective about Brand

India Pharma in both the domestic and global markets.

5.4 Information Technology & Healthcare Industry

Healthcare to invest USD 1.08 billion on IT products and services in 2014

Healthcare is set to become the second most important vertical for Indian IT firms after banking,

financial services and insurance (BFSI) and the government. Healthcare’s IT spend is expected to

reach USD 276 million in 2014, up from USD 266 million in 2013. The consulting business is expected

to grow by 8 percent.



6. Merger & Acquisition

Company Investment

Cipla buys 60 percent stake in Sri Lankan firm USD 14 Million

Sun Pharmaceutical Industries acquires stake in

Ranbaxy Laboratories

USD 3.2 billion

Apollo Hospitals to acquire Hetero Med pharmacy

stores biz

USD 2.3 million

Source: Business Standard, Economic Times



7. Company Scan: Dr. Reddy’s Laboratories Limited

Company Details and Overview

Sector Pharmaceuticals

Turnover INR 85,058 million

Chairman/MD/CEO/President Dr. K. Anji Reddy, Chairman

No. of Employees 15,000 Employees

Company Overview Dr. Reddy’s Laboratories Limited (DRL) was founded in 1984 and is

headquartered in Hyderabad. It offers a range of APIs for use in

amyotrophic lateral sclerosis, anti-inflammatory, anti-allergic, anti-

asthmatic, anticoagulant, anti-convulsant, anti-diabetic, anti-emetic, anti-

fungal, anti-gout, anti-migraine among many others. It also offers a

portfolio of branded generics in the therapeutic areas of gastro-intestinal,

cardiovascular, central nervous system, pain management, oncology, anti-

infective, hormones, urology, respiratory, gynecology, pediatrics and

dermatology

The company primarily operates in India, the US, Russia and other CIS

countries, Germany, the UK, Venezuela, South Africa, Romania and New

Zealand

Contact Details Door No 8-2-337,

Road No 3, Banjara Hills,

Hyderabad - 500034.

Tel: +91- 40- 49002900

Fax: +91- 40- 49002999

Email: [email protected]

Web: http://www.drreddys.com/

mailto:[email protected]

http://www.drreddys.com/



Business Areas

Growth Strategy and Business Model

The focus of the company is on increasing productivity and building strength on niche skills to

support the company’s business growth plan. Key initiatives such as ‘PACE’ (relating to cost

optimization) and ‘Parivartan’ (involving excellence in safety) have reaped benefits in line with set

targets. The Quality by Design (QbD) approach is applied to produce the best-quality products. All

operations in the company are routed through the QbD principles. The company has adopted more

structured, rigorous, scientific and statistically sound approaches along with a robust quality-

management system.

Division Business/Brand /Product Descriptions

Pharmaceutical Services

and Active Ingredients

(PSAI)

It comprises API and Custom Pharmaceutical Services (CPS) businesses. It offers

IP advantage, speedy product development, cost-effective and robust

manufacturing services to customers, generic companies and innovators

Global Generics This business division provides affordable medicine. Its branded generics in

doctor- driven markets and unbranded generic products in distribution-driven

markets offer lower-cost alternatives to highly-priced innovator brands, both

directly and through key partnerships

Proprietary Products It comprises New Chemical Entities (NCEs), biosimilars and differentiated

formulations



Financial Standing – Standalone

Financials of Dr. Reddy’s Laboratories Ltd. (in INR million, except Ratios)

FY2009 FY2010 FY2011 FY2012 FY2013

Sales 44,696 52,858 67,802 84,340 97,280

Operating Profit 10,885 12,915 18,617 19,857 27,617

Net Profit 8,461 8,934 9,124 12,655 19,328

Net Worth 59,146 60,202 67,178 77,834 93,290

Debt Equity Ratio 0.10 0.24 0.23 0.20 0.29

Return on Net Worth

(RONW) (%)

13.07 14.81 17.42 16.25 20.71

Net Profit Margin (%) 18.48 16.84 13.51 14.75 19.56

Return on Capital Employed

(%)

15.87 14.20 19.22 19.36 21.11

Interest Coverage Ratio 79.36 134.85 27.86 34.65 37.21

EPS (in INR) 50.11 52.78 53.81 74.51 113.62

Source: Annual Report of the Company, year ending March 31



8. Upcoming Events

Event Organiser Date Venue Highlights Contact Details

Indian Pharma Expo 2014

UBM MEDICA INDIA PRIVATE LIMITED

11-12 October 2014

Hall No.7A,B,C, Pragati Maidan, New Delhi, India

The expo will showcase the latest trends and technologies, in pharmaceuticals, drugs and formulation

[email protected] http://www.indianpharmaexpo.com/

9th Annual Conference of DIA

Drug Information Association, Mumbai

October 16-18, 2014

Drug Information Association A-303, Wellington Business Park – I Marol, Andheri - Kurla Road Andheri (East) Mumbai

The theme of the meeting is ‘The Future of Indian Healthcare: Patients, Access and Innovation. The programme will include sessions on important topics including patient health safety and compliance for prescription medicine, patient participation in clinical trials, universal health coverage and health insurance, medicine pricing and reimbursement, compulsory licensing and innovations in healthcare solutions

Manoj Trivedi,

Senior Manager Marketing and Program Development, DIA India Mobile phone: +91-98-1977-7493 Phone: +91-22-6765-3226 Email: [email protected]

BioPharma India Convention 2014

Terrapinn Holdings Ltd

Nov 18 - Nov 19, 2014

Hyatt Regency Hotel - Mumbai, India

The 12th Annual BioPharma India Convention will focus on biosimilars and vaccines development, innovations in biologics manufacturing and regulatory compliance; growing issues in India today.

rachel.james@terrapinn.

com

http://www.terrapinn.co

m/conference/biopharm

a-india/

P-MEC 2014 UBM Asia Dec 2 - Dec 4, 2014

Bombay Convention and Exhibition Centre, Mumbai, India

Latest trends and innovations the pharmaceutical market has to Offer

[email protected]

http://www.cphi.com/in

dia/home


http://www.indianpharmaexpo.com/

http://www.indianpharmaexpo.com/






http://www.terrapinn.com/conference/biopharma-india/




http://www.cphi.com/india/home

http://www.cphi.com/india/home



GYAN RESEARCH AND ANALYTICS PVT. LTD.

Corporate Office:

LG 37-38, Ansal Fortune Arcade, Sector-18,

Noida- 201 301

Delhi NCR, INDIA

Phone: +91-120-4235181

Regd. Office:

298-A, Pocket 2

Mayur Vihar Phase -1

Delhi 110 091, INDIA

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BD-9, Sector-1,

Salt Lake City

Kolkata- 700 064, INDIA

Phone: +91-33-40060084

E-mail: [email protected]

Website: www.gyananlytics.com

industry monitor indian healthcare sector october 2014

Health & Medicine

analytics gyan

industry statistics

industry news brief

healthcare trust

g e gyan research

company scan

focus pharmaceuticals

key players