Post on 12-Mar-2020
20 April 2016 1
Sector Update| Healthcare 20 April 2016 Sector Update
Healthcare IPM growth moderates in March 2016 Indian pharma market (IPM) grew 6.4%YoY to INR72b in March 2016, much
lower than the last month growth of 12%YoY. Moving annual (MAT) growth for March 2016 stood at 12.6% YoY, primarily
driven by volumes with 5.2%YoY growth. Pricing growth was at 4.7% and new products growth was at 2.8% for MAT March 2016.
Lupin, Sun Pharma and Mankind reported highest growth in Mar-2016 Lupin registered 20.6% growth, continuing the growth momentum for last two
months with 18.4% growth in February and 13.6% growth in January. Sun Pharma also reported double digit growth (12.3%) though much lower
than the last month growth of 20.6%. Other companies that grew ahead of IPM are Mankind (11.9%), Glenmark
(10.4%), and Alembic (8.1%). However, Sanofi (-0.8% YoY), Alkem (-1.2%), GSK Pharma (-6.1%) and IPCA
(1.5%) significantly underperformed the market growth.
Neuro/CNS led in therapies and Sanofi’s Lantus in drugs Neuro/CNS therapy accounts for 6% of the IPM market; it grew 13.8%YoY in
March 2016. Other therapies that outperformed the market growth were Cardiac (12.2%), Derma (13.3%) and Anti-Diabetic (13.2%). Within brands, Lantus registered the highest growth (41%) in Mar 2016. Other big brands which reported growth in excess of 25% were Synflorix, Betnovate N, Rosuvas, and Telma.
DPCO v/s non-DPCO Market (March 16) In value terms, DPCO-listed products grew -0.1% YoY whereas non-DPCO
products registered 7.2% YoY growth. Volume-wise, DPCO registered unit growth of -2.4% and non-DPCO -4.3%.
Exhibit 1: Volume growth substantially lower in 4QFY16 (Quarterly trend)
Source: AIOCD, MOSL
7.5 3.3
8.4 6.6 4.2 6.7 1.4
4.6
5.1
5.2 4.8
4.6 5.0
5.0
1.5 2.5
3.3 3.3
3.0 3.0
2.9
13.6 10.9
16.9 14.7
11.8 14.7
9.3
2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16
Volume Growth (%) Price Growth (%) New Product Growth (%) Total Growth (%)
Performance of top companies: (March 2016)
Company 3M Mar’16
IPM 9.3 6.4 Sun Pharma 13.4 12.3 Abbott India 4.1 3.8 Cipla 8.4 3.5 Zydus Cadila 8.1 5.9 Mankind 21.8 11.9 Lupin 17.2 20.6 Alkem 6.0 (1.2) GSK Pharma 1.1 (6.1) Pfizer 1.6 3.5 Dr Reddy Labs 21.9 7.0 Glenmark
15.4 10.4
Sanofi (3.0) (0.8) Torrent Pharma 6.7 2.4 Alembic Pharma 14.8 8.1 Ipca Labs 7.3 1.5 Merck 7.1 (1.5) Ajanta Pharma 8.4 7.6 Biocon 10.3 14.5
Kumar Saurabh (Kumar.Saurabh@MotilalOswal.com); +91 22 3982 5584 Amey Chalke (Amey.Chalke@MotilalOswal.com); +91 22 39825423 Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
20 April 2016 2
Sector Update| Healthcare
Indian Pharma Market - March 2016
Exhibit 2: Performance of top companies: March 2016
Company MAT Mar-16 Last 8 Quarters in Growth (%) 1M
Value (INR m)
Market Share (%)
Growth (%) Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Mar-16
IPM 984,144 100.0 12.6 11.8 14.2 11.1 16.9 14.8 11.9 14.7 9.3 6.4
Sun Pharma 863,143 8.8 14.5 8.6 10.8 10.5 11.4 20.5 13.8 10.6 13.4 12.3
Abbott India 604,000 6.1 11.3 5.3 11.4 6.2 18.4 16.3 12.4 13.0 4.1 3.8
Cipla 489,981 5.0 13.4 9.3 19.7 10.7 20.5 19.4 8.8 17.8 8.4 3.5
Zydus Cadila 418,264 4.3 12.1 11.2 11.8 9.8 12.0 13.6 13.1 13.8 8.1 5.9
Mankind 368,773 3.7 18.5 13.4 16.8 14.0 20.3 14.1 15.2 23.2 21.8 11.9
Lupin 344,250 3.5 17.0 25.4 13.8 14.1 20.5 17.7 19.0 14.3 17.2 20.6
Alkem 337,921 3.4 10.0 14.9 15.4 7.2 16.2 11.6 6.4 16.2 6.0 (1.2)
GSK Pharma 318,198 3.2 4.8 (8.0) 2.4 5.6 6.6 5.1 0.2 13.2 1.1 (6.1)
Pfizer 287,974 2.9 9.7 12.3 12.8 23.4 20.3 14.4 13.9 9.6 1.6 3.5
Dr Reddy Labs 237,583 2.4 20.8 17.8 18.4 7.6 17.1 21.3 13.5 26.8 21.9 7.0
Glenmark Pharma 236,421 2.4 23.0 14.7 15.6 14.9 24.5 31.6 23.2 23.5 15.4 10.4
Sanofi 235,631 2.4 7.9 3.2 9.8 14.0 29.0 13.6 13.7 8.0 (3.0) (0.8)
Torrent Pharma 227,581 2.3 15.3 5.8 12.6 19.8 27.5 28.2 18.6 9.3 6.7 2.4
Alembic Pharma 137,277 1.4 17.8 11.2 15.3 8.7 14.8 17.7 14.1 24.6 14.8 8.1
Ipca Labs 126,110 1.3 5.9 15.9 17.6 11.6 24.7 0.3 2.2 14.8 7.3 1.5
Merck 61,765 0.6 13.9 10.2 15.9 25.8 29.4 24.9 13.7 10.7 7.1 (1.5)
Ajanta Pharma 47,606 0.5 10.6 43.3 34.9 25.3 15.4 10.3 13.5 10.2 8.4 7.6
Biocon 33,613 0.3 5.4 34.4 20.7 5.8 15.7 6.6 0.1 4.8 10.3 14.5
Source: AIOCD, MOSL
Exhibit 3: Performance of top therapies: March 2016
Therapy MAT Mar-16 Last 8 Quarters in Growth (%) 1M
Value (INR m)
Market Share (%)
Growth (%) Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Mar-16
IPM 984,144 100.0 12.6 11.8 14.2 11.1 16.9 14.8 11.9 14.7 9.3 6.4
Anti-Infectives 149,335 15.2 7.8 6.9 12.3 5.9 15.6 8.2 2.8 15.5 5.1 (1.8)
Cardiac 122,756 12.5 14.1 11.8 12.0 11.4 15.0 15.8 15.5 13.1 12.2 12.2
Gastro Intestinal 115,654 11.8 15.1 13.4 15.7 13.2 18.0 17.1 14.7 16.0 12.5 9.3
Vitamins 86,432 8.8 9.6 11.5 14.8 12.7 12.7 13.1 9.9 7.6 7.9 7.7
Respiratory 76,870 7.8 10.8 16.5 15.0 7.3 20.5 14.9 4.9 18.0 6.1 (4.6)
Anti Diabetic 80,041 8.1 20.7 19.3 24.4 22.5 28.3 26.0 22.7 21.1 13.8 13.2
Pain / Analgesics 67,934 6.9 11.3 9.8 13.6 9.3 15.1 12.3 10.1 14.9 7.9 4.8
Neuro / Cns 61,103 6.2 15.7 8.4 10.4 10.6 12.0 16.0 16.9 15.3 14.6 13.8
Derma 60,063 6.1 16.6 21.1 17.2 18.4 19.8 20.6 17.6 14.8 13.6 13.3
Gynaecological 49,278 5.0 10.9 8.9 10.8 9.6 13.0 12.1 12.4 10.8 8.2 7.2
Ophthal 17,661 1.8 9.8 11.6 15.3 18.7 15.5 13.9 10.4 4.8 10.4 11.2
Hormones 16,517 1.7 10.6 8.4 6.6 (2.1) 21.4 10.0 19.9 25.8 (9.8) (6.9) Anti-Neoplastics 15,641 1.6 6.3 35.8 35.9 13.7 22.9 12.4 13.0 6.7 (6.6) (7.9)
Source: AIOCD, MOSL
20 April 2016 3
Sector Update| Healthcare
Sun Pharma + Ranbaxy
Exhibit 4: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR
Gr. (%) Mkt Sh. (%) 3M* Mar 16 Sun Pharma Laboratories. 86,314 14.5 100.0 13.4 12.3 Volini Pain / Analgesics 2,170 2.3 2.5 12.5 10.3 Rosuvas Cardiac 1,660 28.9 1.9 31.6 38.2 Gemer Anti Diabetic 1,568 19.0 1.8 15.1 11.0 Istamet Anti Diabetic 1,560 33.9 1.8 20.9 22.2 Susten Gynaecological 1,500 21.6 1.7 17.4 15.5 Levipil Neuro / Cns 1,482 27.8 1.7 21.5 18.6 Pantocid Gastro Intestinal 1,401 11.5 1.6 5.1 0.8 Storvas Cardiac 1,210 17.1 1.4 15.2 23.5 Pantocid Dsr Gastro Intestinal 1,193 24.8 1.4 11.4 2.9 Aztor Cardiac 1,155 19.6 1.3 13.0 9.0
*3M: Jan-Mar2016 Source: AIOCD, MOSL
Exhibit 5: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Gr. % 100.0 14.5 13.4 12.3
Neuro / Cns 17.2 17.6 10.7 7.8 Cardiac 18.0 19.1 17.5 18.8 Gastro Intestinal 12.1 18.9 11.2 8.0 Anti-Infectives 11.9 11.8 10.2 9.8 Anti Diabetic 9.0 20.9 12.6 10.0 Pain / Analgesics 7.3 11.9 13.9 10.8
*3M: Jan-Mar 2016 Source: AIOCD, MOSL
Exhibit 6: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 14.5 100.0 Top 10 Brands 17.0 19.9 22.7 11 to 25 Brands 12.7 29.2 22.9 26 to 50 Brands 12.7 19.1 16.3 Above 50 Brands 57.6 9.0 38.2
Source: AIOCD, MOSL
Exhibit 7: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 8: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
42.5 33.0
11.6
18.2
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
7.6
3.4 3.3
Vol GR Price GR NP GR
Sun’s domestic business grew 12.3%YoY in March
2016, much higher than the market growth of 6.4%
Growth is primarily driven by Volumes
Chronic portfolio grew faster at 18%YoY on
MAT basis
20 April 2016 4
Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug Therapy MAT Mar16 Growth (%)
Value(INR m)
Growth(%)
Mkt
3M* Mar-16 Total 48,998 13.4 100.0 8.4 3.5 Foracort Respiratory 1,961 16.0 4.0 5.0 4.0 Budecort Respiratory 1,605 22.4 3.3 15.0 -2.1Asthalin Respiratory 1,381 -1.0 2.8 -6.8 -9.2Seroflo Respiratory 1,343 2.9 2.7 -7.7 -9.5Duolin Respiratory 1,236 13.6 2.5 14.2 4.8 Aerocort Respiratory 983 -0.4 2.0 -2.2 -1.7Azee Anti-Infectives 931 14.2 1.9 0.6 -12.4Montair Lc Respiratory 811 21.8 1.7 13.5 10.7 Novamox Anti-Infectives 785 -3.5 1.6 -7.8 -14.9Emeset Gastro Intestinal 736 33.7 1.5 6.6 2.9
Source: AIOCD, MOSL
Exhibit 10: Therapy Mix (%) Share MAT Gr. (%) 3M* Mar 16 Growth 100.0 13.4 8.4 3.5
Respiratory 30.3 12.0 7.0 1.9 Anti-Infectives 26.8 14.1 12.4 3.8 Cardiac 11.8 6.6 -3.0 -2.5 Gastro Intestinal 7.7 20.9 16.9 13.0 Urology 4.6 17.3 0.4 0.0 Neuro / Cns 3.6 16.9 2.5 0.8
Source: AIOCD, MOSL
Exhibit 11: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 13.4 100.0
Top 10 Brands 24.0 10.8 19.9
11 to 25 Brands 16.3 15.8 18.9
26 to 50 Brands 16.3 15.5 18.6
Above 50 Brands 43.3 13.1 42.7
Source: AIOCD, MOSL
Exhibit 12: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 13: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
25.2 18.0
15.1
11.0
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
2.3
5.5
2.1
Vol GR Price GR NP GR
In March 2016, Cipla grew 3.5%YoY against market
growth of 6.4%
Growth in top three therapies have come off in
March 2016
price is key growth driver for Cipla
20 April 2016 5
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Drug Therapy MAT Mar16 Growth (%)
Value(INR m)
Gr. (%)
Mkt Sh.
3M Mar-16 Zydus + Biochem 41,826 12.1 100.0 8.1 5.9 Skinlite Derma 1,796 -1.7 4.3 -4.8 -5.4 Mifegest Kit Gynaecological 1,323 17.0 3.2 3.5 -4.0 Atorva Cardiac 1,311 13.9 3.1 13.8 7.4 Deriphyllin Respiratory 1,033 18.9 2.5 15.2 -1.2 Pantodac Gastro Intestinal 975 12.7 2.3 24.8 25.0 Falcigo Anti Malarials 764 12.2 1.8 27.7 -35.8 Amlodac Cardiac 750 1.9 1.8 -13.1 -16.4 Zyrop Blood Related 633 -8.7 1.5 -5.5 -8.1 Clopitorva Cardiac 629 45.5 1.5 33.5 29.6 Ampilox Anti-Infectives 596 7.5 1.4 15.1 4.4
Source: AIOCD, MOSL
Exhibit 15: Therapy Mix (%) Share MAT Gr. (%) 3M Mar-16 Growth 100.0 12.1 8.1 5.9
Cardiac 15.6 12.3 9.3 7.5 Anti-Infectives 13.9 19.1 26.9 28.0 Gastro Intestinal 12.5 9.5 15.1 16.2 Gynaecological 10.5 10.1 0.5 -0.9Respiratory 9.7 18.2 16.3 6.9 Derma 8.8 11.4 6.1 4.0
Source: AIOCD, MOSL
Exhibit 16: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 12.1 100.0
Top 10 Brands 23.5 9.7 19.2
11 to 25 Brands 16.9 16.3 21.9
26 to 50 Brands 14.4 18.0 20.4
Above 50 Brands 45.2 10.2 38.6
Source: AIOCD, MOSL
Exhibit 17: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 18: Growth Distribution (%)(MAT Mar -16)
Source: AIOCD, MOSL
25.1 12.2
12.6
11.1
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
2.3
5.5
2.1
Vol GR Price GR NP GR
Cadila continued to underperform the market
growth for March 2016
Anti-infective and Gastro-intestinal outperformed the
company growth
20 April 2016 6
Sector Update| Healthcare
GSK Pharma
Exhibit 19: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INRm)
Gr. (%)
Mkt Sh.
3M Mar- Total 31,820 4.8 100.0 1.1 -6.1
Augmentin Anti-Infectives 3,175 -0.5 10.0 -7.7 -19.4 Synflorix Vaccines 1,951 28.5 6.1 13.4 31.7 Calpol Pain / Analgesics 1,745 12.0 5.5 7.6 -1.0 Betnovate C Derma 1,629 43.1 5.1 24.0 3.8 Zinetac Gastro Intestinal 1,553 3.9 4.9 2.2 -5.9 Betnovate N Derma 1,542 30.3 4.8 31.1 36.7 Eltroxin Hormones 1,337 13.8 4.2 12.0 -0.1 Ceftum Anti-Infectives 1,271 2.2 4.0 2.0 -8.4 Rotarix Vaccines 1,260 56.5 4.0 38.0 39.7 Betnesol Hormones 1,195 40.4 3.8 8.0 -19.3
Source: AIOCD, MOSL
Exhibit 20: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 4.8 1.1 -6.1
Anti-Infectives 23.9 -3.4 0.7 -9.2 Derma 20.3 8.6 -6.4 -16.9 Vaccines 13.8 20.9 27.0 34.1 Pain / Analgesics 9.2 11.1 6.6 3.9 Hormones 8.3 25.2 9.6 -9.9 Vitamins / Minerals / Nutrients 7.4 5.9 -2.6 -8.2
Source: AIOCD, MOSL
Exhibit 21: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 4.8 100.0
Top 10 Brands 52.4 17.7 170.2
11 to 25 Brands 19.6 4.3 17.3
26 to 50 Brands 14.1 -5.1 -16.6
Above 50 Brands 14.0 -19.0 -70.9
Source: AIOCD, MOSL
Exhibit 22: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 23: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
26.5 3.9
3.6
13.5
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
2.3
5.5
2.1
Vol GR Price GR NP GR
GSK pharma declined 6% in Mar’16
Apart from Vaccines all other therapies have
showed disappointed growth
Chronic portfolio is growing at 13.5% YoY on MAT basis
20 April 2016 7
Sector Update| Healthcare
Lupin
Exhibit 24: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INRm
Gr. (%)
Mkt Sh.
3M Mar 16 Lupin Ltd 34,425 17.0 100.0 17.2 20.6 Gluconorm-G Anti Diabetic 1,446 19.1 4.2 21.2 24.0 Tonact Cardiac 1,006 8.7 2.9 4.3 18.7 Budamate Respiratory 863 24.6 2.5 20.5 21.5 Rablet-D Gastro Intestinal 558 18.8 1.6 16.7 15.7 Esiflo Respiratory 545 24.1 1.6 3.3 14.3 Ramistar Cardiac 534 5.5 1.6 4.5 14.8 Rablet Gastro Intestinal 522 16.1 1.5 11.9 18.6 R-Cinex Anti-Infectives 498 -0.1 1.4 2.0 -9.9Tazar Anti-Infectives 433 11.5 1.3 18.7 16.9 Telekast-L Respiratory 426 12.1 1.2 3.5 2.1
Source: AIOCD, MOSL
Exhibit 25: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 17.0 17.2 20.6
Cardiac 25.1 19.3 17.5 23.5 Anti-Infectives 21.5 6.8 10.7 8.4 Respiratory 12.2 21.8 17.1 18.2 Anti Diabetic 10.9 23.2 24.9 30.2 Gastro Intestinal 7.9 19.7 18.7 23.7 Vitamins / Minerals / Nutrients 5.7 10.4 3.4 7.7
Source: AIOCD, MOSL
Exhibit 26: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 17.0 100.0
Top 10 Brands 19.8 14.5 17.3
11 to 25 Brands 16.0 13.2 12.8
26 to 50 Brands 17.0 15.6 15.8
Above 50 Brands 47.1 20.1 54.1
Source: AIOCD, MOSL
Exhibit 27: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 28: Growth Distribution (%) (MAT Mar 16)
Source: AIOCD, MOSL
15.5 13.9
14.0
20.5
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
8.9
4.7 3.5
Vol GR Price GR NP GR
Lupin reported 20.6%YoY growth in Mar-2016, much
higher than the market growth of 6.4%
Excluding Vitamins and Anti-infectives, most of the
top therapies are growing in double digits
Volumes are the key growth driver for Lupin
20 April 2016 8
Sector Update| Healthcare
Alkem
Exhibit 29: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR)
Gr (%) Mkt 3M Mar 16 Total 33,792 10.0 100.0 6.0 -1.2Clavam Anti-Infectives 2,399 6.4 7.1 7.1 -2.7Pan Gastro Intestinal 1,951 14.2 5.8 22.2 17.6 Taxim O Anti-Infectives 1,898 8.8 5.6 4.6 -4.2Pan D Gastro Intestinal 1,582 13.1 4.7 12.8 9.7 Taxim Anti-Infectives 1,541 -14.4 4.6 -33.0 -36.8Xone Anti-Infectives 910 5.3 2.7 -4.0 -13.1Gemcal Vitamins / Minerals / Nutrients 849 4.0 2.5 -5.6 -9.0Ondem Gastro Intestinal 818 11.2 2.4 2.6 -5.2A To Z Ns Vitamins / Minerals / Nutrients 793 17.0 2.3 18.7 13.3 Sumo Pain / Analgesics 781 -3.2 2.3 -14.7 -10.6
Source: AIOCD, MOSL
Exhibit 30: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 10.0 6.0 -1.2
Anti-Infectives 42.9 6.1 -0.1 -9.1Gastro Intestinal 16.5 12.6 13.6 7.7 Vitamins / Minerals / Nutrients 13.3 11.5 6.8 2.7 Pain / Analgesics 7.2 7.2 -0.8 -4.1Neuro / Cns 4.4 22.5 31.6 30.6 Derma 3.4 20.5 19.2 10.8
Source: AIOCD, MOSL
Exhibit 31: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 10.0 100.0
Top 10 Brands 40.0 5.6 23.3
11 to 25 Brands 18.0 13.8 24.0
26 to 50 Brands 12.2 14.4 16.9
Above 50 Brands 29.8 12.2 35.8
Source: AIOCD, MOSL
Exhibit 32: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 33: Growth Distribution (%)(MAT Mar’16)
Source: AIOCD, MOSL
27.9 2.9
8.8
21.2
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
2.3
5.5
2.1
Vol GR Price GR NP GR
Alkem declined 1.2% for March, grew 6% for 3M and
10.0% on MAT basis
In Mar’16, GI, CNS and Derma has outperformed
the company growth
Price is primary growth drivers for MAT growth
20 April 2016 9
Sector Update| Healthcare
Sanofi India
Exhibit 34: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR
Growth
Mkt Share
3M Jan-16 Sanofi India 23,563 7.9 100.0 -3.0 -0.8 Lantus Anti Diabetic 2,730 23.6 11.6 32.1 41.8 Combiflam Pain / Analgesics 1,497 -4.8 6.4 -33.9 -64.1 Allegra Respiratory 1,240 12.8 5.3 10.0 8.0 Clexane Cardiac 1,153 6.3 4.9 -8.3 0.5 Cardace Cardiac 1,032 -1.6 4.4 17.8 21.3 Amaryl M Anti Diabetic 922 11.8 3.9 14.9 14.0 Enterogermina Gastro Intestinal 911 31.3 3.9 57.4 48.0 Vaxigrip Vaccines 889 110.1 3.8 -14.8 -7.1 Frisium Neuro / Cns 883 9.0 3.7 13.4 15.2 Avil Respiratory 709 29.1 3.0 21.9 17.1
Source: AIOCD, MOSL
Exhibit 35: Therapy Mix (%) Share MAT Growth
3M Jan-16 Growth
100.0 7.9 -3.0 -0.8 Anti Diabetic 23.5 16.9 26.0 31.4 Cardiac 19.6 12.9 14.3 19.1 Vaccines 11.2 -18.1 -65.6 -57.3 Respiratory 9.5 18.9 13.3 9.8 Pain / Analgesics 9.4 -1.6 -24.0 -45.9 Neuro / Cns 9.4 7.7 13.2 15.8
Source: AIOCD, MOSL
Exhibit 36: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 7.9 100.0
Top 10 Brands 50.8 16.0 96.3
11 to 25 Brands 26.1 -10.4 -41.6
26 to 50 Brands 14.1 19.0 30.8
Above 50 Brands 9.0 13.2 14.5
Source: AIOCD, MOSL
Exhibit 37: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 38: Growth Distribution (%)(MAT Mar’16)
Source: AIOCD, MOSL
10.9 10.9
2.1
13.7
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
4.2
2.9
0.7
Vol GR Price GR NP GR
Sanofi portfolio declined 0.8%YoY in March 2016
Top 10 brands accounts for 96% of growth for Sanofi
Volume growth has been the primary growth driver
for Sanofi
20 April 2016 10
Sector Update| Healthcare
Torrent Pharma
Exhibit 39: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
ValueINRm
Gr. (%)
Mkt
3M Mar-16 Torrent Pharmaceuticals 22,758 15.3 100.0 6.7 2.4 Shelcal Vitamins 1,922 28.1 8.4 -7.1 -5.5 Chymoral Forte Pain / Analgesics 1,127 33.0 5.0 -8.0 -15.0 Nikoran Cardiac 838 11.2 3.7 12.2 9.2 Dilzem Cardiac 633 2.4 2.8 4.0 2.1 Nebicard Cardiac 609 21.3 2.7 21.8 16.1 Azulix-Mf Anti Diabetic 563 21.4 2.5 17.5 5.7 Nexpro Rd Gastro Intestinal 526 8.5 2.3 6.0 -3.8 Nexpro Gastro Intestinal 477 7.5 2.1 0.1 -12.1 Shelcal Ct Vitamins 400 55.1 1.8 74.0 97.1 Alprax Neuro / Cns 395 11.3 1.7 9.9 -0.8
Source: AIOCD, MOSL
Exhibit 40: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 15.3 6.7 2.4
Cardiac 29.1 13.3 8.4 2.1 Neuro / Cns 16.3 14.7 12.1 8.8 Vitamins / Minerals / Nutrients 15.4 32.0 13.6 15.6 Gastro Intestinal 14.8 9.3 3.7 -3.6 Pain / Analgesics 7.7 35.9 5.9 1.0 Anti Diabetic 5.9 18.1 12.1 4.8
Source: AIOCD, MOSL
Exhibit 41: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 15.3 100.0
Top 10 Brands 32.9 20.3 41.8
11 to 25 Brands 18.0 10.1 12.4
26 to 50 Brands 16.4 14.7 15.8
Above 50 Brands 32.7 13.9 30.0
Source: AIOCD, MOSL
Exhibit 42: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 43: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
9.7 10.1
16.0
14.7
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
7.9 5.9
1.6
Vol GR Price GR NP GR
. Torrent registered 2.4%YoY
growth in March 2016, affected by significant
slowdown in key brands
Torrent growth has slowed down due to change in strategy of bonus sales
Volume and Price hike are key growth drivers for
Torrent pharma
20 April 2016 11
Sector Update| Healthcare
Glenmark Pharma
Exhibit 44: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
ValueINRm
Gr. (%)
Mkt Sh. (%) 3M Mar 16 Glenmark Pharmaceuticals 23,642 23.0 100.0 15.4 10.4 Telma Cardiac 1,787 24.5 7.6 28.8 26.4 Telma H Cardiac 1,375 19.6 5.8 17.4 17.5 Ascoril Plus Respiratory 1,043 9.7 4.4 -0.4 -21.8 Candid-B Derma 898 13.1 3.8 14.5 15.1 Candid Derma 859 40.8 3.6 27.5 33.9 Telma Am Cardiac 744 35.6 3.1 32.5 32.8 Zitamet Anti Diabetic 600 3.5 2.5 -79.6 -87.8 Ascoril Ls Respiratory 497 40.4 2.1 24.3 0.3 Zita(Glenmark) Anti Diabetic 465 14.3 2.0 -46.2 -46.4 Onabet Derma 359 68.6 1.5 67.0 66.2
Source: AIOCD, MOSL
Exhibit 45: Therapy Mix (%) Share MAT Gr.(%) 3M Mar 16 Growth 100.0 23.0 15.4 10.4
Derma 28.6 24.6 24.0 25.5 Cardiac 22.7 22.7 21.1 20.1 Respiratory 15.5 22.5 12.5 -3.8 Anti-Infectives 13.5 15.3 -0.8 -9.5 Anti Diabetic 8.1 26.5 -21.7 -33.0 Vitamins / Minerals / Nutrients 2.6 42.1 37.8 38.4
Source: AIOCD, MOSL
Exhibit 46: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 23.0 100.0 Top 10 Brands 36.5 22.5 35.8 11 to 25 Brands 18.0 21.9 17.3 26 to 50 Brands 17.3 24.0 17.9 Above 50 Brands 28.2 23.7 29.0
Source: AIOCD, MOSL
Exhibit 47: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 48: Growth Distribution (%)(MAT Mar’16)
Source: AIOCD, MOSL
12.1 7.1
21.0
26.4
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
11.2
5.4 6.4
Vol GR Price GR NP GR
Glenmark continues to outperform market growth
for Mar’16, 3M and on MAT basis
Volume growth is key driver for Glenmark
Top 10 brands account for 36% of MAT growth for
Glenmark
20 April 2016 12
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 49: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value INRm
Gr. (%)
Mkt Sh.
3M Mar-16 Total 23,758 20.8 100.0 21.9 7.0 Omez Gastro Intestinal 1,325 35.5 5.6 20.6 11.4 Omez D Gastro Intestinal 982 31.8 4.1 42.6 21.1 Econorm Gastro Intestinal 729 33.8 3.1 38.1 23.5 Stamlo Cardiac 686 20.7 2.9 21.1 12.3 Razo D Gastro Intestinal 684 51.9 2.9 72.3 63.6 Nise Pain / Analgesics 646 -0.6 2.7 -2.9 -14.8Grafeel Anti-Neoplastics 629 140.6 2.6 66.8 97.4 Mintop Derma 569 17.1 2.4 11.2 2.2 Reditux Anti-Neoplastics 485 7.9 2.0 13.8 -31.0Stamlo Beta Cardiac 477 -1.1 2.0 -8.1 -19.5
Source: AIOCD, MOSL
Exhibit 50: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 20.8 21.9 7.0
Gastro Intestinal 22.8 27.7 30.0 18.3 Cardiac 14.9 17.9 15.9 11.0 Anti-Neoplastics 10.9 31.7 34.7 0.3 Respiratory 8.5 11.4 9.1 -10.4 Anti-Infectives 7.8 17.8 14.4 -5.9 Pain / Analgesics 6.9 10.9 18.8 0.9
Source: AIOCD, MOSL
Exhibit 51: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 20.8 100.0
Top 10 Brands 30.4 28.4 39.0
11 to 25 Brands 21.4 16.7 17.7
26 to 50 Brands 15.7 19.3 14.8
Above 50 Brands 32.6 17.7 28.5
Source: AIOCD, MOSL
Exhibit 52: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 53: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
13.7 6.0
22.0 18.0
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
12.4
5.9 2.5
Vol GR Price GR NP GR
Dr Reddy’s Labs grew 7% YoY in March 2016
Some of the key Anti-neoplastic brands (Razo D,
Grafeel) are reporting superior growth for Dr
Reddy’s Lab
Volume and Price are contributing equally to
overall growth
20 April 2016 13
Sector Update| Healthcare
IPCA labs
Exhibit 54: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr. (%)
Mkt
3M Mar 16 Ipca Laboratories Pvt Ltd. 12,611 5.9 100.0 7.3 1.5 Zerodol Sp Pain / Analgesics 917 41.6 7.3 48.9 27.3 Zerodol P Pain / Analgesics 723 23.8 5.7 30.1 8.6 Hcqs Anti Malarials 631 10.7 5.0 4.8 6.3 Larinate Anti Malarials 459 6.6 3.6 -31.3 -27.2 Rapither-Ab Anti Malarials 409 3.2 3.2 -19.3 -26.4 Glycinorm M Anti Diabetic 343 8.1 2.7 22.9 19.8 Lariago Anti Malarials 333 -9.9 2.6 -14.7 -23.7 Folitrax Anti-Neoplastics 318 9.8 2.5 18.2 20.7 Zerodol Pain / Analgesics 271 5.3 2.2 7.5 9.2 Azibact Anti-Infectives 226 -14.8 1.8 -4.2 -11.9
Source: AIOCD, MOSL
Exhibit 55: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 5.9 7.3 1.5
Pain / Analgesics 25.7 19.9 27.2 16.4 Anti Malarials 19.2 -2.2 -12.4 -13.9 Cardiac 17.1 8.1 13.9 13.4 Gastro Intestinal 8.2 6.4 9.3 5.4 Anti-Infectives 6.1 -10.9 -13.3 -25.1 Anti Diabetic 5.2 3.1 12.9 10.0
Source: AIOCD, MOSL
Exhibit 56: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 5.9 100.0
Top 10 Brands 36.7 12.2 71.1
11 to 25 Brands 21.7 8.5 30.4
26 to 50 Brands 17.8 0.5 1.7
Above 50 Brands 23.8 -0.7 -3.2
Source: AIOCD, MOSL
Exhibit 57: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 58: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
8.6 3.3
6.3 5.1
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
0.5
3.8
1.6
Vol GR Price GR NP GR
MAT growth stood at 6% YoY
Top 10 brands are contributing 71% to
MAT growth
Price growth is the key growth drivers for IPCA
20 April 2016 14
Sector Update| Healthcare
Alembic Pharma
Exhibit 59: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR
Gr. (%)
Mkt Sh.
3M Mar 16 Total 13,728 17.8 100.0 14.8 8.1 Azithral Anti-Infectives 1,411 10.3 10.3 0.7 -10.7 Althrocin Anti-Infectives 814 -12.7 5.9 -13.8 -13.3 Roxid Anti-Infectives 581 10.5 4.2 4.8 -4.7 Gestofit Gynaecological 534 31.5 3.9 23.6 20.2 Wikoryl Respiratory 394 4.5 2.9 20.2 4.2 Ulgel Gastro Intestinal 354 25.0 2.6 4.6 -8.5 Rekool D Gastro Intestinal 314 22.6 2.3 19.6 12.1 Zeet Respiratory 252 4.4 1.8 1.3 -17.3 Rekool L Gastro Intestinal 243 11.6 1.8 8.2 2.5 Rekool Gastro Intestinal 243 22.9 1.8 22.1 13.3
Source: AIOCD, MOSL
Exhibit 60: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 17.8 14.8 8.1
Anti-Infectives 24.4 0.6 -2.0 -10.4Gastro Intestinal 13.9 17.4 11.1 4.7 Cardiac 13.5 45.5 35.5 27.5 Respiratory 13.2 16.4 12.9 -3.8Gynaecological 10.5 31.0 26.6 22.0 Vitamins / Minerals / Nutrients 6.2 16.6 33.6 35.8
Source: AIOCD, MOSL
Exhibit 61: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 17.8 100.0
Top 10 Brands 37.4 9.0 20.4
11 to 25 Brands 18.8 33.0 30.9
26 to 50 Brands 17.0 22.9 21.0
Above 50 Brands 26.7 18.5 27.6
Source: AIOCD, MOSL
Exhibit 62: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 63: Growth Distribution (%)(MAT Mar’16)
Source: AIOCD, MOSL
9.6 2.0
12.6
42.2
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
9.1
5.4 3.3
Vol GR Price GR NP GR
Alembic Pharma grew 8.1%YoY in March 2016
Cardiac, Vitamins and Gynaec therapies grew in
excess of 20% in March 2016
Volume growth is key growth driver for Alembic
Pharma
.
20 April 2016 15
Sector Update| Healthcare
Biocon
Exhibit 64: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr. (%)
Mkt Sh.
3M Mar-16 Total 3,361 5.4 100.0 10.3 14.5 Insugen Anti Diabetic 864 9.6 25.7 3.6 2.9 Basalog Anti Diabetic 561 26.1 16.7 18.0 10.4 Erypro Blood Related 198 70.6 5.9 44.9 9.7 Blisto Mf Anti Diabetic 183 -17.0 5.4 -9.7 -7.9 Canmab Anti-Neoplastics 182 62.2 5.4 6.7 8.6 Insugen R Anti Diabetic 168 15.8 5.0 9.3 8.5 Abraxane Anti-Neoplastics 155 -29.9 4.6 29.6 59.1 Insugen N Anti Diabetic 88 0.4 2.6 -19.4 -23.0 Biomab Egfr Anti-Neoplastics 82 -1.5 2.4 414.8 6565.5 Psorid Anti-Neoplastics 71 99.0 2.1 75.2 60.8
Source: AIOCD, MOSL
Exhibit 65: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 5.4 10.3 14.5
Anti Diabetic 60.0 7.6 3.2 1.3 Anti-Neoplastics 21.0 10.8 43.6 78.8 Blood Related 5.9 71.6 45.6 10.9 Cardiac 5.5 -37.9 -25.6 -17.9 Derma 2.7 2.0 -2.5 -10.8 Anti-Infectives 2.4 -21.0 -15.7 -6.1
Source: AIOCD, MOSL
Exhibit 66: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 5.4 100.0
Top 10 Brands 76.0 13.2 173.5
11 to 25 Brands 13.9 0.4 1.2
26 to 50 Brands 7.9 -21.4 -42.4
Above 50 Brands 2.2 -42.8 -32.3
Source: AIOCD, MOSL
Exhibit 67: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 68: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
0.9 2.3
6.6
4.9
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
2.7 2.1
0.5
Vol GR Price GR NP GR
Overall company growth at 14.5% YoY in March 2016
Abraxane, Biomab Egfr, and Psorid growing in excess of
50% in March 2016
Top 10 products are key growth drivers for Biocon
20 April 2016 16
Sector Update| Healthcare
Abbott India
Exhibit 69: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr. (%)
Mkt Sh.
3M Mar 16 Total 60,400 11.3 100.0 4.1 3.8 Mixtard Anti Diabetic 4,468 11.1 7.4 -7.1 -9.5Phensedyl Cough Linctus Respiratory 2,484 9.1 4.1 -12.8 -15.2Thyronorm Hormones 1,790 17.7 3.0 22.0 16.8 Duphaston Gynaecological 1,647 0.7 2.7 -4.2 3.1 Vertin Neuro / Cns 1,261 34.7 2.1 22.0 14.7 Udiliv Gastro Intestinal 1,183 6.1 2.0 -1.3 2.0 Novomix Anti Diabetic 1,137 -15.3 1.9 -10.5 19.8 Duphalac Gastro Intestinal 1,120 6.6 1.9 10.9 11.9 Actrapid Anti Diabetic 849 -7.8 1.4 -19.2 -6.9Stemetil Gastro Intestinal 797 21.7 1.3 14.6 19.6
Source: AIOCD, MOSL
Exhibit 70: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 11.3 4.1 3.8
Anti Diabetic 19.1 11.9 -0.3 6.2 Gastro Intestinal 15.7 15.1 10.2 9.4 Vitamins / Minerals / Nutrients 10.9 9.9 2.3 2.5 Neuro / Cns 10.1 11.8 8.7 9.0 Anti-Infectives 9.7 13.2 2.2 -9.2Cardiac 8.7 8.3 8.2 12.1
Source: AIOCD, MOSL
Exhibit 71: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 11.3 100.0
Top 10 Brands 27.7 8.2 20.6
11 to 25 Brands 16.0 16.5 22.3
26 to 50 Brands 15.3 17.4 22.3
Above 50 Brands 41.0 9.4 34.8
Source: AIOCD, MOSL
Exhibit 72: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 73: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
32.4 21.8
11.7
10.7
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
5.1 4.2
1.9
Vol GR Price GR NP GR
Abbott grew 3.8% for March, 4% for 3M and
11.3% on MAT basis
In Mar 2016, Anti-diabetic sales remained flat YoY
Acute segment is growing at 14% for Abbott
20 April 2016 17
Sector Update| Healthcare
Mankind
Exhibit 74: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr. (%) Mkt Sh. (%) 3M Mar-16 Mankind Pharmaceuticals
36,877 18.5 100.0 21.8 11.9
Manforce Sex Stimulants /
1,798 -1.5 4.9 -13.2 -21.5Moxikind Cv Anti-Infectives 1,682 0.6 4.6 4.0 -7.2Unwanted Kit Gynaecological 1,141 38.3 3.1 66.1 35.0 Prega News Others 634 26.2 1.7 21.2 13.9 Amlokind-At Cardiac 629 20.1 1.7 26.4 20.2 Glimestar M Anti Diabetic 598 38.8 1.6 41.1 26.9 Gudcef Anti-Infectives 585 10.7 1.6 7.4 -6.2Candiforce Anti-Infectives 535 108.6 1.5 61.4 50.9 Zenflox Oz Gastro Intestinal 478 3.2 1.3 7.0 -3.3Mahacef Anti-Infectives 447 5.8 1.2 -4.8 -18.4
Source: AIOCD, MOSL
Exhibit 75: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 18.5 21.8 11.9
Anti-Infectives 23.9 8.7 8.6 -2.9Vitamins / Minerals / Nutrients 14.1 33.6 41.0 31.1 Gastro Intestinal 10.9 18.4 22.2 15.1 Cardiac 8.5 27.8 34.4 29.9 Respiratory 6.4 16.2 20.5 -1.6Gynaecological 6.2 19.4 37.4 19.5
Source: AIOCD, MOSL
Exhibit 76: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 18.5 100.0
Top 10 Brands 23.1 14.4 18.6
11 to 25 Brands 15.5 14.0 12.2
26 to 50 Brands 15.0 21.9 17.2
Above 50 Brands 46.4 21.3 52.0
Source: AIOCD, MOSL
Exhibit 77: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 78: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
24.0 7.1
17.7 21.4
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
7.1 7.3
4.2
Vol GR Price GR NP GR
Mankind grew 11.9% for March, 21.8% for 3M and
18.5% on MAT basis
In Mar 2016, Vitamins, Cardiac and Gastro
Intestinal portfolios grew in excess of 15%
Price and volumes are primary growth drivers for
Mankind
20 April 2016 18
Sector Update| Healthcare
Ajanta Pharma
Exhibit 79: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth
(%) Value(INR m) ( )
Gr.(%) (%) Mkt Sh. (%) 3M Mar 16 Total 4,761 10.6 100.0 8.4 7.6 Met Xl Cardiac 455 -5.9 9.6 -3.1 -8.2Melacare Derma 442 4.0 9.3 9.8 -8.6Atorfit Cv Cardiac 351 17.1 7.4 5.4 11.3 Soft Drops Ophthal 150 26.2 3.1 37.6 35.6 Maruric Pain / Analgesics 133 17.7 2.8 29.9 30.9 Rosufit Cv Cardiac 131 27.3 2.7 23.7 12.0 Met Xl Am Cardiac 118 1.1 2.5 1.5 1.3 Cinod Cardiac 87 35.2 1.8 16.0 5.9 Olopat Ophthal 79 9.7 1.7 25.7 12.2 Peroclin Derma 79 -4.0 1.7 -12.8 15.6
Source: AIOCD, MOSL
Exhibit 80: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 10.6 8.4 7.6
Cardiac 33.5 13.6 9.2 7.5 Derma 22.6 1.7 2.3 -3.8Ophthal 22.6 12.8 11.5 14.5 Vitamins / Minerals / Nutrients 6.1 13.8 -5.2 -0.5Pain / Analgesics 5.0 10.1 7.7 6.7 Gastro Intestinal 2.7 -5.5 -5.9 -12.5
Source: AIOCD, MOSL
Exhibit 81: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 10.6 100.0
Top 10 Brands 42.6 7.8 32.2
11 to 25 Brands 17.7 10.4 17.4
26 to 50 Brands 17.1 18.3 27.7
Above 50 Brands 22.7 10.6 22.7
Source: AIOCD, MOSL
Exhibit 82: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 83: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
2.2 2.1
11.1
10.0
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
-2.2
5.8 6.9
Vol GR Price GR NP GR
Ajanta grew 7.6% for March,8.4% for 3M and
10.6% on MAT basis
In Mar 2016, Ophthal grew 14.5% YoY
Price and New product introductions are key
growth drivers
20 April 2016 19
Sector Update| Healthcare
Merck
Exhibit 84: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr.(%)
Mkt Sh.(%) 3M Mar 16 Merck Ltd 6,176 13.9 100.0 7.1 -1.5 Neurobion Forte Vitamins / Minerals / Nutrients 683 21.1 11.1 9.4 -9.7 Livogen Gynaecological 420 37.6 6.8 12.5 15.4 Polybion Vitamins / Minerals / Nutrients 386 17.4 6.2 18.0 23.0 Livogen Z Gynaecological 306 18.9 5.0 31.5 18.3 Polybion Sf Vitamins / Minerals / Nutrients 306 -1.4 5.0 -8.2 -13.5Polybion Lc Vitamins / Minerals / Nutrients 295 12.5 4.8 -9.5 -27.0Concor Cardiac 286 6.5 4.6 22.4 10.6 Clobetamil G Derma 267 13.1 4.3 50.2 26.3 Neurobion Forte Rf Vitamins / Minerals / Nutrients 261 35.4 4.2 40.8 26.2 Evion Lc Others 259 16.7 4.2 25.4 15.4
Source: AIOCD, MOSL
Exhibit 85: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 13.9 7.1 -1.5
Vitamins / Minerals / Nutrients 42.2 15.8 7.2 -4.0Gynaecological 19.3 12.5 -9.4 -8.7Cardiac 15.2 12.9 12.0 4.9 Derma 6.5 15.0 42.4 21.7 Others 4.2 16.7 25.4 15.4 Anti Diabetic 3.8 8.5 -4.2 -8.1
Source: AIOCD, MOSL
Exhibit 86: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 13.9 100.0
Top 10 Brands 56.2 17.7 69.4
11 to 25 Brands 25.4 10.9 20.5
26 to 50 Brands 14.4 14.6 15.1
Above 50 Brands 4.0 -13.3 -5.1
Source: AIOCD, MOSL
Exhibit 87: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 88: Growth Distribution (%) (MAT Mar’16)
Source: AIOCD, MOSL
4.3 1.1
14.6
10.9
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
8.1
4.1
1.7
Vol GR Price GR NP GR
Merck declined 1.5% for March, grew 7% for 3M and
13.9% on MAT basis
In Mar 2016, Derma portfolio grew in double
digits
Volume is primary growth driver for MAT growth
20 April 2016 20
Sector Update| Healthcare
Pfizer
Exhibit 89: Top 10 Drugs
Drug Therapy MAT Mar 16 Growth (%)
Value(INR m)
Gr. (%)
Mkt Sh.
3M Mar 16 Pfizer + Wyeth 28,797 9.7 100.0 1.6 3.5 Corex Respiratory 3,109 36.0 10.8 18.6 14.7 Becosules Vitamins / Minerals / Nutrients 2,286 -6.2 7.9 -19.1 -11.4Magnex Anti-Infectives 1,461 11.1 5.1 -21.8 -9.9Gelusil Mps Gastro Intestinal 1,374 7.3 4.8 -7.7 -9.0Dolonex Pain / Analgesics 1,259 4.5 4.4 2.6 14.5 Minipress Xl Cardiac 1,210 -15.9 4.2 -14.5 -32.0Mucaine Gastro Intestinal 1,035 21.1 3.6 16.0 13.9 Wysolone Hormones 963 9.9 3.3 -8.1 -9.9Folvite Blood Related 781 25.6 2.7 13.7 10.7 Dalacin C Anti-Infectives 741 4.8 2.6 7.2 10.5
Source: AIOCD, MOSL
Exhibit 90: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 9.7 1.6 3.5
Anti-Infectives 16.6 8.6 -3.6 -0.4Respiratory 13.6 31.1 17.0 13.2 Gastro Intestinal 10.5 11.0 1.6 1.3 Vitamins / Minerals / Nutrients 10.2 -2.8 -15.6 -9.6Hormones 8.7 7.3 2.1 5.6 Gynaecological 7.7 18.5 9.3 6.8
Source: AIOCD, MOSL
Exhibit 91: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)
Total 100.0 9.7 100.0
Top 10 Brands 49.4 9.2 47.0
11 to 25 Brands 24.7 12.4 30.9
26 to 50 Brands 14.5 15.2 21.7
Above 50 Brands 11.4 0.3 0.4
Source: AIOCD, MOSL
Exhibit 92: Acute v/s Chronic (MAT growth)
Source: AIOCD, MOSL
Exhibit 93: Growth Distribution (%)(MAT Mar’16)
Source: AIOCD, MOSL
21.9 4.4
11.3
1.5
ACUTE CHRONIC
MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)
3.0
6.4
0.3 Vol GR Price GR NP GR
Pfizer grew 3.5%YoY in March 2016
In Mar 2016, Vitamins declined 9.6%YoY
Price is primary growth driver for Pfizer
HEALTHCARE MONTHLY
HEALTHCARE MONTHLY
SECTOR UPDATES
HEALTHCARE GALLERY
20 April 2016 22
Sector Update| Healthcare
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