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The healthcare industry has been expanding at a fast pace with the rise in income of the country’s population and a noticeable trend in lifestyle-related diseases. For further information, E-mail us at: [email protected] Call: International: +91 (22) 4098 7600
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Healthcare Sector in India Monthly Update
July 2013
Healthcare – Monthly Update
Top Story DIPP puts a hold on Agila acquisition plan by Mylan The Department of Industrial Policy and Promotion (DIPP) is taking strong measures to retain the domestic cancer drug manufacturing facilities. The FDI regulating body has thus, put a hold on the USA based Mylan Inc.’s acquisition plan since Feb 2013. Mylan was in plans to acquire Strides Arcolab injectibles manufacturing division, Agila Specialties to leverage its operational base and thereby acquire a position among leading brands globally. The DIPP is taking initiatives to protect the dwindling number of oncology drug manufacturing facilities to ensure an assured supply of life‐saving drugs at an affordable price for the Indian population for future requirements. The government body wants to avoid rampant export of life saving drugs that Mylan would eventually carry out ‐ this in turn would result in such drugs becoming even more expensive and beyond common man’s reach.
News Update General Dr. Reddy’s announce drugs in clinical development phase Hyderabad based Dr. Reddy's Laboratories is currently formulating 6 new medications in areas of metabolic disorders and cardiovascular diseases, psoriasis and migraine. The company already has 21 active products in the pipeline, of which these 6 are in clinical development stage. The drugs related to metabolic disorders/cardiovascular disorders are currently in phase II while the remaining 5 drugs are in clinical stage. The company is expecting to complete the clinical trial procedure in 5 to 10 years. It however faces risks of inability to conform to good clinical practice regulations along with clinical trials being put on hold or terminated incase the USFDA finds clinical subjects are being exposed to unacceptable health risks. Indus Health Plus enters into JV with local Gujarat hospitals Pune based Indus Health Plus has entered into collaboration with Ahmedabad based Sterling Hospitals and Vadodara based Baroda Laparoscopy Hospital with an initiative to make preventive healthcare affordable. The preventive health check up provider is strengthening its position in Gujarat by offering preventive health care packages to a wider customer base in Gujarat. The company already has tie up with Sahayadari Hospital, Apollo Hospital and Adit Hospital. The company’s partnering with Sterling Hospitals and Baroda Laparoscopy Hospital, it will help the company to span its presence farther more.
Healthcare – Monthly Update
AAPI launches educational "Networks" in US Chicago headquartered American Association of Physicians of Indian Origin (AAPI) has recently launched educational "Networks" to foster high quality medical education of Asian Indian origin physicians in the USA. The networks will comprise noted physicians in the areas of cardiology, diabetes, and stroke from Harvard, Mayo Clinic, and Cleveland Clinic. These networks are focused at educating AAPI leadership and member physicians on cutting edge disease topics and its respective intervention. The initiative by AAPI will distinctively showcase achievements by Asian Indian physicians and also help in elevating its educational quality especially for physicians‐in‐training. Mobile phone penetration bringing health awareness in remote regions Women Mobile Lifeline Channel application, designed by ZMQ Development is being used by NGOs to raise health related awareness among village women. The mobile application is being used to send important health messages, such as reminders to get child inoculated and for pregnant women to get their check‐ups done in time across India, particularly in states where social indicators are low. The novel mobile application runs on basic phones and keeps beeping message provided the phone is not switched off. The application is finding use among pregnant women and new mothers along with community health workers in remote districts of states such as Bihar, Haryana and Rajasthan. Even, tribal population of Nilgiri hills in south India and remote forested villages of Chhattisgarh are being covered in the program. News Update Regulatory Odisha government enters PPPs with private hospitals The Odisha state government has reached an agreement with private and corporate hospitals in order to make quality healthcare services available to the under privileged. The state government has signed a memorandum of understanding (MoU) with 14 such hospitals that would provide treatment to the poor under the Odisha State Treatment Fund (OSTF). The OSTF would be accessible to citizens falling in the BPL category and those having an annual family income of less than INR 40,000 in rural areas and INR 60,000 in urban areas. The state has been careful in selecting the hospitals that would cover the urban and rural regions. It has entered into agreement with city based hospitals such as Kalinga Hospital, Care Hospital, Ayush Hospitals & Trauma Care (P) Ltd., Apollo Hospital, Hi‐Tech Medical College and Hospital, Kalinga Institute of Medical Sciences (KIMS) and Institute of Medical Sciences & SUM Hospital. Apart from these, the state will also sign MoUs with 6 other
Healthcare – Monthly Update
hospitals located outside Odisha. The hospitals with which the government plans to tie up located outside the state, 3 such hospitals would be in Vishakhapatnam and 3 in Raipur. Lepra India and WODC collaborate Western Odisha Development Council (WODC) and Lepra India have joined hands to set up a new hospital at Junagarh in Kalahandi district of Odisha. Lepra India would be bearing 80% of the project cost while the remaining will be borne by WODC. The initiators expect the project to be completed in a year, however the eye testing and treatments would be carried out in Lepra’s existing establishment till the hospital is ready to start operations. Mizoram government framing new drug regulations The Mizoram government is considering the formulation of a new drug policy in order to combat the constantly occurring deaths related to drug abuse. The existing Drugs and Cosmetic Act, 1940 and the Assam Drug (Control) Act, 1950 have been ineffective in tackling the problem. The cumulative rise in the number of deaths due to drug abuse in the state has resulted in pressure from social workers to formulate strict regulations. MoHFW in plans to formulate national antibiotics policy The Ministry of Health and Family Welfare (MoHFW) is considering the rolling out of a new national antibiotics policy in order to control the increasing antibiotics resistance in hospitals. The new policy is being considered seriously to ensure that obstinate strains of antibiotics do not develop, since corporate and private hospitals are generally used to administering expensive antibiotics on patients. The fact was brought to notice after a report was published in 2010 dealing with the phenomenon of emergence of a new enzyme in India that made bacteria resistant to all known antibiotics and the enzyme was named New Delhi Metallo‐1.
News Update Expansion Plans IIT collaborates with biomedical research institutes to offer medical programmes Indian Institute of Technology (IIT)‐Kharagpur is in plans to tie up with leading bio‐medical research institutes abroad as part of its plans to offer medical programmes. The institute however, will adhere to the IIT Act and ensure research to be a priority for IIT‐Kharagpur.
Healthcare – Monthly Update
The institute is expecting to start the curriculum by 2016 once the 400‐bed hospital in the campus is ready. Among the research institutes IIT KGP considered bio‐med research institutes such as Johns Hopkins University, Baltimore and Imperial College, London.
Industry Expert Speak Dr. Reddy’s announce drugs in clinical development phase – Dr. Reddy’s Spokesperson “Since repositioning our research activities in the years ended March 31, 2009 and 2010, our proprietary products segment has focused its efforts towards developing drugs to meet key unmet clinical needs. We have built a pipeline of assets that we expect to produce a steady stream of investigational new drugs in the coming years” Indus Health Plus enters into JV with local Gujarat hospitals – Amol Naikawadi, Joint Managing Director Indus Health Plus "As we continue to reinforce our presence in Gujarat, our partnership with Sterling Hospitals and Baroda Laparoscopy Hospital will only enhance our ability. With nearly 150 of our health check‐up packages already availed in this market, the new alliance will help in extending our outreach and creating greater awareness and participation in the two key cities of Ahmedabad and Vadodara."
Transactions (May 2013 – Jul 2013)
Date Buyer Target Deal Size (INR mn)
% stake Deal Status Type of
Transaction
31st Jul 2013
Kemwell Biopharma
Cirrus Pharmaceuticals
Inc. N.A. N.A. Completed M&A
26th Jul 2013
Shead Holdings Xcode Life Sciences Pvt.
Ltd. 10 N.A. Completed Private Equity
16th Jul 2013
Cipla Ltd. Cipla Medpro South Africa
Ltd. N.A. N.A. Completed M&A
8th Jul 2013
Actis Symbiotec Pharmalab
3,000 >25% Planned Private Equity
Healthcare – Monthly Update
3rd Jul 2013
Matrix Partners
New Delhi Centre for Sight
Pvt. Ltd. 3,000 N.A. Completed Private Equity
2nd Jul 2013
Axiss Dental Pvt. Ltd.
Narayana Hrudayalaya Dental Clinic Pvt. Ltd.
N.A. N.A. Completed M&A
2nd Jul 2013
Baring Private Equity
Partners India
Indoco Remedies
N.A. 3.4% Completed Private Equity
1st Jul 2013
NutraHealth Ltd.
Max Healthcare Ltd.
N.A. N.A. Completed M&A
25th Jun 2013
Kerala Institute of Medical Sciences
Hospitals in Kozhikode and Nagercoil
1,000 N.A. Planned M&A
18th Jun 2013
Asian Healthcare Fund
Wellspring Healthcare
N.A. N.A. Planned Private Equity
18th Jun 2013
Curatio Healthcare
Tata Capital Healthcare Fund and
Tata Capital Growth Fund
3,000 N.A. Planned Private Equity
11th Jun 2013
Willkommen bei der DEG
Ivy Hospital 700 N.A. Completed Private Equity
5th Jun 2013
Third Avenue Management
LLC
Piramal Enterprises
1,170 1.26% Completed Private Equity
31st May 2013
Sun Pharmaceutical Industries Ltd.
Meda AB 300.5 ‐ 360.6
N.A. Planned M&A
30th May 2013
HealthCare Global
Enterprises Ltd.
Bangalore Assisted
Conception Centre Pvt. Ltd.
N.A. N.A. Completed M&A
24th May 2013
Villgro Innovations Foundation
Windmill Health Technologies N.A. N.A. Completed Private Equity
28th May 2013
Navam Capital and
Aarin Capital
Invictus Oncology Pvt.
Ltd. 105 N.A. Completed Private Equity
Healthcare – Monthly Update
23rd May 2013
Gavis Pharma LLC
Wintac Ltd N.A. 26% Planned Private Equity
15th May 2013
Manipal Health Enterprises
Ankur Healthcare
(Manipal Ankur Andrology and Reproductive Services)
400 N.A. Planned M&A
13th May 2013
Goldman Sachs BPL Medical Technologies
1,100 N.A. Planned Private Equity
9th May 2013
International Finance
Corporation
Ravindranath GE Medical
Associates Pvt. Ltd.
1,340 N.A. Completed Private Equity
3rd May 2013
Smith & Nephew Plc.
Adler Mediequip Pvt.
Ltd. N.A. N.A. Completed M&A
Annual Financial Results – Revenue (INR mn)
Companies FY ‘10 FY ‘11 FY ‘12 FY ‘13
Ajanta Pharma Ltd. 4091.43 4988.30 6773.97 9,201.40
Alembic Ltd. 11399.17 2019.30 1168.73 1,723.50
Apollo Hospitals Enterprise Ltd.
20264.65 26053.50 31475.25 37,687.10
AstraZeneca Pharma India Ltd. 4673.48 5017.41 5312.80 3,902.50
Biocon Ltd. 23,932.70 27,947.70 21,483.00 24,276.00
Cipla Ltd. 56,704.00 63,850.70 68,477.00 82,793.30
Divi's Laboratories Ltd. 9499.23 13145.32 18611.42 21,399.00
Dr. Reddy's Laboratories Ltd. 70,277.00 74,693.00 96,737.40 116,265.60
Healthcare – Monthly Update
Glenmark Pharmaceuticals Ltd.
25,291.30 29,490.70 40,206.40 50,123.40
Hikal Ltd. 5389.52 5022.95 7078.11 6,604.20
Jubilant Life Sciences Ltd. 38,047.80 34,484.40 42,539.50 51,429.90
Lupin Ltd. 48,318.10 57,851.90 70,829.10 94,616.30
Novartis India Ltd. 6546.77 7512.10 8442.90 8,861.00
Pfizer Ltd. N.A. 8132.12 9588.99 10,500.70
Piramal Enterprises Ltd. 36,276.30 25,157.70 20,838.30 34,959.40
Piramal Life Sciences Ltd. 62.10 158.10 28.50 52.40
Span Diagnostics Ltd. 802.61 840.05 607.06 814.90
Sun Pharmaceutical Industries Ltd.
38,086.30 57,214.30 80,056.60 112,998.60
Vimta Labs Ltd. 868.02 957.01 873.45 1,091.00
Wockhardt Ltd. 36,477.60 37,633.50 46,138.00 56,094.20
* Change in Financial Year Ending
Annual Financial Results – Income (INR mn)
Companies FY ‘10 FY ‘11 FY ‘12 FY ‘13
Ajanta Pharma Ltd. 340.04 507.13 772.66 1121.10
Alembic Ltd. 395.38 ‐129.02 ‐121.98 114.90
Apollo Hospitals Enterprise Ltd.
1375.68 1839.22 2193.46 3043.50
AstraZeneca Pharma India Ltd. 557.76 615.16 197.65 ‐895.32
Biocon Ltd. 2932.44 3675.00 3384.00 5088.20
Healthcare – Monthly Update
Cipla Ltd. 10825.90 9895.70 11442.40 15448.50
Divi's Laboratories Ltd. 3403.37 4292.69 5332.64 6020.10
Dr. Reddy's Laboratories Ltd. 1068.00 11040.00 14262.00 16777.40
Glenmark Pharmaceuticals Ltd.
3244.71 4532.08 4603.48 6147.43
Hikal Ltd. 72.89 370.21 460.34 252.50
Jubilant Life Sciences Ltd. 4214.61 2297.19 145.61 1527.30
Lupin Ltd. 6816.30 8625.50 8676.50 13141.60
Novartis India Ltd. 1159.89 1466.70 1520.20 1197.30
Pfizer Ltd. N.A. 1697.56 1846.06 5032.00
Piramal Enterprises Ltd. 4819.00 128833.60 1115.00 ‐2272.90
Piramal Life Sciences Ltd. ‐1297.90 ‐1429.80 ‐71.10 ‐63.60
Span Diagnostics Ltd. 54.53 54.84 10.32 3.12
Sun Pharmaceutical Industries Ltd.
13510.80 18160.60 25872.50 30080.60
Vimta Labs Ltd. 26.59 ‐46.65 ‐153.76 42.13
Wockhardt Ltd. ‐9804.23 905.20 3427.10 15941.20
* Change in Financial Year Ending
Quarterly Financial Results – Revenue (INR mn)
Companies AprJun 2012
JulSep 2012
OctDec 2012
JanMar 2013
Ajanta Pharma Ltd. N.A. N.A. N.A. N.A.
Alembic Ltd. 253.40 318.80 729.40 490.56
Healthcare – Monthly Update
Apollo Hospitals Enterprise Ltd.
N.A. N.A. N.A. N.A.
AstraZeneca Pharma India Ltd. 952.40 992.30 1,049.10 948.50
Biocon Ltd. 5,770.00 5,924.00 6,342.20 6,878.2
Cipla Ltd. N.A. N.A. N.A. N.A.
Divi's Laboratories Ltd. N.A. N.A. N.A. 6,558.30
Dr. Reddy's Laboratories Ltd. 25,406.00 28,809.00 28,651.00 32,682.0
Glenmark Pharmaceuticals Ltd.
10,404.10 12,551.90 13,812.60 13,419.7
Hikal Ltd. N.A. N.A. N.A. N.A.
Jubilant Life Sciences Ltd. 12,358.90 12,197.30 13,018.10 14,062.5
Lupin Ltd. 22,191.50 22,392.60 24,658.70 27,170.2
Novartis India Ltd. 2,195.20 N.A. 2,335.40 2,128.7
Pfizer Ltd. 2,426.3 2,686.4 2,570.4 2,817.4
Piramal Enterprises Ltd. 7,472.40 8,630.30 9,935.70 9,373.8
Piramal Life Sciences Ltd. 16.40 7.70 16.50 16.20
Span Diagnostics Ltd. 151.87 254.58 202.40 207.40
Sun Pharmaceutical Industries Ltd.
26,581.40 26,638.60 28,520.10 30,714.90
Vimta Labs Ltd. 263.850 276.49 265.38 285.30
Wockhardt Ltd. 14,258.20 13,474.40 14,350.40 14,855.00
Healthcare – Monthly Update
Quarterly Financial Results – Income (INR mn)
Companies AprJun 2012
JulSep 2012
OctDec 2012
JanMar 2013
Ajanta Pharma Ltd. N.A. N.A. N.A. N.A.
Alembic Ltd. ‐39.30 12.30 102.50 39.63
Apollo Hospitals Enterprise Ltd.
N.A. N.A. N.A. N.A.
AstraZeneca Pharma India Ltd. ‐266.30 ‐451.20 ‐177.00 ‐185.80
Biocon Ltd. 790.00 896.50 917.60 2,486.10
Cipla Ltd. N.A. N.A. N.A. N.A.
Divi's Laboratories Ltd. N.A. N.A. N.A. 1,805.70
Dr. Reddy's Laboratories Ltd. 3,360.00 3,925.00 3,782.00 5,710.10
Glenmark Pharmaceuticals Ltd. 782.80 1,567.50 2,129.20 1,668.00
Hikal Ltd. N.A. N.A. N.A. N.A.
Jubilant Life Sciences Ltd. 50.10 1,520.00 266.90 ‐309.70
Lupin Ltd. 2,803.90 2,904.60 3,352.30 4,080.80
Novartis India Ltd. 269.80 N.A. 290.00 244.10
Pfizer Ltd. 3,288.8 522.8 638.8 581.6
Piramal Enterprises Ltd. 40.80 ‐920.20 610.70 ‐2,004.20
Piramal Life Sciences Ltd. ‐15.40 ‐26.90 ‐13.30 ‐8.20
Span Diagnostics Ltd. ‐7.97 22.96 ‐9.01 ‐2.86
Sun Pharmaceutical Industries Ltd. 7,955.50 3,196.40 8,813.00 10,115.60
Vimta Labs Ltd. 4.81 8.86 12.35 16.12
Healthcare – Monthly Update
Wockhardt Ltd. 3,779.70 4,535.50 4,278.40 3,347.60
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