Project on Production and Packaging in Pharmaceutical Industry Emcure By Nikhil Dhawan

Emcure Pharmaceuticals Ltd.

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Background

The Pharmaceutical industry in India is the world's third-largest in terms of

volume. According to Department of Pharmaceuticals of the Indian Ministry of

Chemicals and Fertilizers, the total turnover of India's pharmaceuticals industry

between 2008 and September 2009 was US$21.04 billion. While the domestic

market was worth US$12.26 billion. The industry holds a market share of $14

billion in the United States.

According to India Brand Equity Foundation, the Indian pharmaceutical market is

likely to grow at a compound annual growth rate (CAGR) of 14-17 per cent in

between 2012-16. India is now among the top five pharmaceutical emerging

markets of the world.

Exports of pharmaceuticals products from India increased from US$6.23 billion in

2006–07 to US$8.7 billion in 2008–09 a combined annual growth rate of 21.25%.

According to PricewaterhouseCoopers (PWC) in 2010, India joined among the

league of top 10 global pharmaceuticals markets in terms of sales by 2020 with

value reaching US$50 billion.

The government started to encourage the growth of drug manufacturing by Indian

companies in the early 1960s, and with the Patents Act in 1970. However,

economic liberalisation in 90s by the former Prime Minister P.V. Narasimha Rao


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and the then Finance Minister, Dr. Manmohan Singh enabled the industry to

become what it is today. This patent act removed composition patents from food

and drugs, and though it kept process patents, these were shortened to a period of

five to seven years.

The lack of patent protection made the Indian market undesirable to the

multinational companies that had dominated the market, and while they streamed

out. Indian companies carved a niche in both the Indian and world markets with

their expertise in reverse-engineering new processes for manufacturing drugs at

low costs. Although some of the larger companies have taken baby steps towards

drug innovation, the industry as a whole has been following this business model

until the present.

India's biopharmaceutical industry clocked a 17 percent growth with revenues of

Rs. 137 billion ($3 billion) in the 2009–10 financial year over the previous fiscal.

Bio-pharma was the biggest contributor generating 60 percent of the industry's

growth at Rs. 88.29 billion, followed by bio-services at Rs. 26.39 billion and bio-

agri at Rs. 19.36 billion.

In 2013, there were 4,655 pharmaceutical manufacturing plants in all of India,

employing over 345 thousand workers.


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History

The number of purely Indian pharma companies is fairly less. Indian pharma

industry is mainly operated as well as controlled by dominant foreign companies

having subsidiaries in India due to availability of cheap labor in India at lowest

cost. In 2002, over 20,000 registered drug manufacturers in India sold $9 billion

worth of formulations and bulk drugs. 85% of these formulations were sold in

India while over 60% of the bulk drugs were exported, mostly to the United States

and Russia. Most of the players in the market are small-to-medium enterprises; 250

of the largest companies control 70% of the Indian market. Thanks to the 1970

Patent Act, multinationals represent only 35% of the market, down from 70%

thirty years ago.

Most pharmaceutical companies operating in India, even the multinationals,

employ Indians almost exclusively from the lowest ranks to high level

management. Homegrown pharmaceuticals, like many other businesses in India,

are often a mix of public and private enterprise.

In terms of the global market, India currently holds a modest 1–2% share, but it has

been growing at approximately 10% per year. India gained its foothold on the

global scene with its innovatively engineered generic drugs and active

pharmaceutical ingredients (API), and it is now seeking to become a major player


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in outsourced clinical research as well as contract manufacturing and research.

There are 74 US FDA-approved manufacturing facilities in India, more than in any

other country outside the U.S, and in 2005, almost 20% of all Abbreviated New

Drug Applications (ANDA) to the FDA are expected to be filed by Indian

companies. Growth in other fields notwithstanding, generics are still a large part of

the picture. London research company Global Insight estimates that India’s share

of the global generics market will have risen from 4% to 33% by 2007. The Indian

pharmaceutical industry has become the third largest producer in the world and is

poised to grow into an industry of $20 billion in 2015 from the current turnover of

$12 billion.

Patent protection

As it expands its core business, the industry is being forced to adapt its business

model to recent changes in the operating environment. The first and most

significant change was the 1 January 2005 enactment of an amendment to India’s

patent law that reinstated product patents for the first time since 1972. The

legislation took effect on the deadline set by the WTO’s Trade-Related Aspects of

Intellectual Property Rights (TRIPS) agreement, which mandated patent protection

on both products and processes for a period of 20 years. Under this new law, India

will be forced to recognise not only new patents but also any patents filed after 1

January 1995. Indian companies achieved their status in the domestic market by


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breaking these product patents, and it is estimated that within the next few years,

they will lose $650 million of the local generics market to patent-holders.

In the domestic market, this new patent legislation has resulted in fairly clear

segmentation. The multinationals narrowed their focus onto high-end patients who

make up only 12% of the market, taking advantage of their newly bestowed patent

protection. Meanwhile, Indian firms have chosen to take their existing product

portfolios and target semi-urban and rural populations.

Product development

Indian companies are also starting to adapt their product development processes to

the new environment. For years, firms have made their ways into the global market

by researching generic competitors to patented drugs and following up with

litigation to challenge the patent. This approach remains untouched by the new

patent regime and looks to increase in the future. However, those that can afford it

have set their sights on an even higher goal: new molecule discovery. Although the

initial investment is huge, companies are lured by the promise of hefty profit

margins and has a legitimate competitor in the global industry. Local firms have

slowly been investing more money into their R&D programs or have formed

alliances to tap into these opportunities.


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Small and medium enterprises

As promising as the future is for a whole, the outlook for small and medium

enterprises (SME) is not as bright. The excise structure changed so that companies

now have to pay a 16% tax on the maximum retail price (MRP) of their products,

as opposed to on the ex-factory price. Consequently, larger companies are cutting

back on outsourcing and what business is left is shifting to companies with

facilities in the four tax-free states – Himachal Pradesh, Jammu & Kashmir,

Uttaranchal and Jharkhand. Consequently a large number of pharmaceutical

manufacturers shifted their plant to these states, as it became almost impossible to

continue operating in non-tax free zones. But in a matter of a couple of years the

excise duty was revised on two occasions, first it was reduced to 8% and then to

4%. As a result the benefits of shifting to a tax free zone was negated. This resulted

in, factories in the tax free zones, to start up third party manufacturing. Under this

these factories produced goods under the brand names of other parties on job work

basis.

As SMEs wrestled with the tax structure, they were also scrambling to meet the 1

July deadline for compliance with the revised Schedule M Good Manufacturing

Practices (GMP). While this should be beneficial to consumers and the industry at

large, SMEs have been finding it difficult to find the funds to upgrade their

manufacturing plants, resulting in the closure of many facilities. Others invested


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the money to bring their facilities to compliance, but these operations were located

in non-tax-free states, making it difficult to compete in the wake of the new excise

tax.

Challenges

Even after the increased investment, market leaders such as Ranbaxy and Dr.

Reddy’s Laboratories spent only 5–10% of their revenues on R&D, lagging behind

Western pharmaceuticals like Pfizer, whose research budget last year was greater

than the combined revenues of the entire Indian pharmaceutical industry. This

disparity is too great to be explained by cost differentials, and it comes when

advances in genomics have made research equipment more expensive than ever.

The drug discovery process is further hindered by a dearth of qualified molecular

biologists. Due to the disconnect between curriculum and industry, pharma in India

also lack the academic collaboration that is crucial to drug development in the

West and so far.

Pharmaceuticals and biotechnology

Unlike in other countries, the difference between biotechnology and

pharmaceuticals remains fairly defined in India. Bio-tech there still plays the role

of pharma’s little sister, but many outsiders have high expectations for the future.

India accounted for 2% of the $41 billion global biotech market and in 2003 was


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ranked 3rd in the Asia-Pacific region and 11th in the world in number of biotech.

In 2004-5, the Indian biotech industry saw its revenues grow 37% to $1.1 billion.

The Indian biotech market is dominated by bio pharmaceuticals; 75% of 2004–5

revenues came from bio-pharmaceuticals, which saw 30% growth last year. Of the

revenues from bio-pharmaceuticals, vaccines led the way, comprising 47% of

sales. Biologics and large-molecule drugs tend to be more expensive than small-

molecule drugs, and India hopes to sweep the market in bio-generics and contract

manufacturing as drugs go off patent and Indian companies upgrade their

manufacturing capabilities.

Most companies in the biotech sector are extremely small, with only two firms

breaking 100 million dollars in revenues. At last count there were 265 firms

registered in India, over 75% of which were incorporated in the last five years. The

newness of the companies explains the industry’s high consolidation in both

physical and financial terms. Almost 50% of all biotech are in or around

Bangalore, and the top ten companies capture 47% of the market. The top five

companies were homegrown; Indian firms account for 62% of the bio-pharma

sector and 52% of the industry as a whole.[4,46] The Association of

Biotechnology-Led Enterprises (ABLE) is aiming to grow the industry to $5

billion in revenues generated by 1 million employees by 2009, and data from the

Confederation of Indian Industry (CII) seem to suggest that it is possible.


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Comparison with the American biotechnology industry

The Indian biotech sector parallels that of the US in many ways. Both are filled

with small start-ups while the majority of the market is controlled by a few

powerful companies. Both are dependent upon government grants and venture

capitalists for funding because neither will be commercially viable for years.

Pharmaceutical companies in both countries have recognised the potential effect

that biotechnology could have on their pipelines and have responded by either

investing in existing start-ups or venturing into the field themselves. In both India

and the US, as well as in much of the globe, biotech is seen as a hot field with a lot

of growth potential.

Biotechnology industry and the IT industry

Many analysts have observed that the hype around the biotech sector mirrors that

of the IT sector. Biotech colleges have been popping up around the country eager

to service the pools of students that want to take advantage of a growing industry.

The International Finance Corporation, the private investment arm of the World

Bank, called India the "centerpiece of IFC’s global biotech strategy." Of the $110

million invested in 14 biotech projects investment globally, the IFC has given $43

million to 4 projects in India. According to Dr. Manju Sharma, former director of

the Department of Biotechnology, the biotech industry could become the "single


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largest sector for employment of skilled human resource in the years to come".

British Prime Minister Tony Blair was similarly impressed, citing the success of

India’s biotech industry as the reason for his own country’s own biotech

opportunities. Malaysia is also looking to India as an example for growing its own

biotech industry.

Government support for biotechnology

The Indian government has been very supportive. It established the Department of

Biotechnology in 1986 under the Ministry of Science and Technology. Since then,

there have been a number of dispensations offered by both the central government

and various states to encourage the growth of the industry. India’s science minister

launched a program that provides tax incentives and grants for biotech start-ups

and firms seeking to expand and establishes the Biotechnology Parks Society of

India to support ten biotech parks by 2010. Previously limited to rodents, animal

testing was expanded to include large animals as part of the minister’s initiative.

States have started to vie with one another for biotech business, and they are

offering such goodies as exemption from VAT and other fees, financial assistance

with patents and subsidies on everything ranging from investment to land to

utilities.


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Foreign investment in biotechnology

The government has also taken steps to encourage foreign investment in its biotech

sector. An initiative passed earlier this year allowed 100% foreign direct

investment without compulsory licensing from the government. In April, a

delegation headed by the Kapil Sibal, the minister of science and technology and

ocean development, visited five cities in the US to encourage investment in India,

with special emphasis on biotech. Just two months later, Sibal returned to the US

to unveil India’s biotech growth strategy at the BIO2005 conference in

Philadelphia.

Challenges in biotechnology

The biotech sector faces some major challenges in its quest for growth. Chief

among them is a lack of funding, particularly for firms that are just starting out.

The most likely sources of funds are government grants and venture capital, which

is a relatively young industry in India. Government grants are difficult to secure,

and due to the expensive and uncertain nature of biotech research, venture

capitalists are reluctant to invest in firms that have not yet developed a

commercially viable product.

The government has addressed the problem of educated but unqualified candidates

in its Draft National Biotech Development Strategy. This plan included a proposal


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to create a National Task Force that will work with the biotech industry to revise

the curriculum for undergraduate and graduate study in life sciences and

biotechnology. The government’s strategy also stated intentions to increase the

number of PhD Fellowships awarded by the Department of Biotechnology to 200

per year. These human resources will be further leveraged with a "Bio-Edu-Grid"

that will knit together the resources of the academic and scientific industrial

communities, much as they are in the US.

India is among the top five emerging pharma markets and has grown at an

estimated compound annual growth rate (CAGR) of 13 per cent during the period

FY 2009–2013. The Indian pharmaceutical market is poised to grow to US$ 55

billion by 2020 from the 2009 levels of US$ 12.6 billion, according to the report

titled ‘India Pharma 2020’ by McKinsey & Co.

A new cluster of countries is contributing to the growth of the pharma industry,

resulting in a robust jump in exports of drugs. The country’s pharma industry

accounts for about 1.4 per cent of the global pharma industry in value terms and 10

per cent in volume terms. Both domestic and export-led demand contributed

towards the robust performance of the sector.

An increase in insurance coverage, an ageing population, rising income, greater

awareness of personal health and hygiene, easy access to high-quality healthcare


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facilities and favourable government initiatives are some of the important factors

expected to drive the pharma industry in India. The Government of India has

unveiled ‘Pharma Vision 2020’ aimed at making India a global leader in end-to-

end drug manufacturing.

Market Size

On improved utilisation of manufacturing facilities, the domestic pharmaceutical

market is likely to see high revenue growth and profit margins. Pharmaceutical

sales in India are expected to grow by 14.4 per cent to US$ 27 billion in 2016 from

US$ 22.6 billion in 2012, according to a report by Deloitte called ‘2014 Global

Life Sciences Outlook’.

India’s pharmaceutical exports stood at US$ 14.84 billion in FY 2013–14. The

United States (US) is the country’s biggest market for pharma exports accounting

for about 25 per cent, followed by the United Kingdom (UK). “India has been able

to make its name as a quality supplier of affordable medicines across the globe. We

are expecting around 12 per cent growth this fiscal (2014–15),” said Mr P V

Appaji, Executive Director, Pharmaceutical Export Promotion Council of India

(Pharmexcil).

Pharma exports from India will be more than the size of the domestic sales by FY

2015, according to a report by India Ratings & Research. The country provides


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generic medicines to almost 200 countries. It is responsible for about 40 per cent of

the generic and over-the-counter drugs consumed in the US. Indian generics

market is expected to grow to US$ 26.1 billion by 2016 from US$ 11.3 billion in

2011.

Investments

The allowance of foreign direct investment (FDI) in India’s pharma sector was

well received by foreign investors. The cumulative drugs and pharmaceuticals

sector attracted FDI worth US$ 11,588.42 million in the period April 2000–

February 2014, according to data published by Department of Industrial Policy and

Promotion (DIPP). Some of the major investments and developments in the Indian

pharmaceutical sector include the following:

Ashland Speciality Ingredients has opened a centre of excellence (CoE)

focused on pharmaceuticals in Hyderabad, Andhra Pradesh. The expertise

offered here would be predominantly in oral solid dosage form and a range

of technical services for drug companies.

Sun Pharma has agreed to buy out Ranbaxy for US$ 4 billion. The landmark

deal makes the combined Sun–Ranbaxy entity the fifth largest generic drug-

maker in the world, with estimated revenues of US$ 4.2 billion for the year

ended December 31, 2013.


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Natco Pharma Ltd has received tentative approval for Oseltamivir Phosphate

capsules from the United States Food and Drug Administration (USFDA).

Tamiflu (Roche’s trade name for Oseltamivir Phosphate) had US sales of

approximately US$ 495 million for the 12 months ending September 2013,

according to IMS Health.

Strand Lifesciences has received a US patent for virtual liver, which would

aid the pharmaceutical industry in understanding liver-related issues better.

A virtual liver would help in predicting and assessing hepatotoxicity of

novel drug compounds in pre-clinical studies.

Jubilant Life Sciences has received a nod from the USFDA to market a

generic diuretic medicine. The drug is used to treat fluid retention in the

body caused by conditions such as congestive heart failure and cirrhosis of

the liver.

ChrysCapital has invested around US$ 40 million in Torrent Pharma,

expanding its portfolio of healthcare companies and taking up the total

exposure in the sector to nearly US$ 300 million.

Government Initiatives

As per extant policy, FDI up to 100 per cent, under the automatic route, is

permitted in the pharmaceuticals sector for Greenfield investment. Hundred per


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cent FDI is also permitted for investments in existing companies under the

government approval route. Further, the Government of India has also put in place

mechanisms such as the Drug Price Control Order and the National Pharmaceutical

Pricing Authority to address the issue of affordability and availability of

medicines.

The government plans to create a special entity in partnership with private firms

for a 'Brand India Pharma' campaign with the objective of improving the image of

drug exporters. The special purpose vehicle (SPV) will be in operation in the next

few weeks, said Mr Rajeev Kher, Commerce Secretary, Government of India.

The Andhra Pradesh government has announced a new life sciences policy for the

state at the 11th edition of BioAsia 2014 in Hyderabad. According to the new

policy, the state will provide subsidies in power, water and provide land for setting

up of new life science industries in the state. The state government is planning to

attract an investment of Rs 20,000 crore (US$ 3.33 billion) by encouraging more

industries in the segment.

In a move to simplify the barcode procedures for pharmaceutical companies and to

ensure quality, the Government of India has decided to treat mono cartons

containing medicines as primary level packaging, as per the Directorate General of

Foreign Trade (DGFT).


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The Ministry of Chemicals and Fertilisers has unveiled a scheme that will enable

pharma units in different clusters across the country to set up common

infrastructure facilities with substantial financial assistance from the government.

Road Ahead

India Ratings and Research has revised its outlook on the pharmaceuticals sector

for FY 2014–15 to positive from stable on the back of increased exports. With the

support of Pharmexcil and the government in the form of Brand India Pharma

project iPHEX, the sector would continue to grow and meet the healthcare

requirements of the developing world. The country will also see the largest number

of mergers and acquisitions (M&A) in the pharmaceutical and healthcare sector,

according to consulting firm Grant Thornton. With 70 per cent of India’s

population residing in rural areas, pharma companies have immense opportunities

to tap this market. Demand for generic medicines in rural markets has seen a sharp

growth. The non-small cell lung cancer (NSCLC) therapeutics market value in the

Asia–Pacific region is expected to grow at a CAGR of 6.3 per cent to touch US$

2.9 billion by 2019 from US$ 1.8 billion in 2012, according to GBI Research. An

aging population and increasing number of NSCLC incident cases will be the main

drivers behind this anticipated growth in India.

Exchange rate used INR 1= US$ 0.01667 as on May 08, 2014


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Overview

Our Company was incorporated as Emcure Pharmaceuticals Private Limited on

April 16, 1981 as a private limited company under the Companies Act, 1956. We

are a fast growing Indian pharmaceutical company engaged in developing,

manufacturing and marketing a broad range of pharmaceutical products globally.

Our core strength lies in developing and manufacturing differentiated

pharmaceutical products in-house, which we commercialize through our marketing

infrastructure across geographies and relationships with multi-national

pharmaceutical companies.

We are ranked as the 14th largest pharmaceutical company (Source: IMS Health

India, Secondary Stockist Audit (“SSA”), March 2013) in India in terms of market

share based on the domestic sales of pharmaceutical products. We believe that our

competitive advantage in the domestic market lies in our established presence in all

major therapeutic areas including blood related, cardiology, pain and analgesics,

HIV, gynecology, nephrology, anti-infective, and vitamins, minerals and nutrients

products. We have also recently entered the oncology and diabetes therapeutic

areas.

We have a well-diversified income base thanks to our business in the international

markets. We have our own sales and marketing infrastructure in the United States

through our subsidiary, Heritage. We sell our portfolio of branded generic products


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to the Rest of World. Our products are currently shipped to over 65 countries,

where we have established our presence by focusing on important alliances with

local and multi-national companies that enjoy a leadership position in the

therapeutic areas on which we focus. We have subsidiaries in Dubai, Brazil, South

Africa, Singapore and Nigeria and branch offices in Russia and Morocco.

We focus our research and development efforts on developing a portfolio of

differentiated products across several platforms, including chiral molecules and

biosimilars, and novel drug delivery systems. We have a portfolio of 11 chiral

molecules, eight of which we launched for the first time in India. We also have

capabilities to develop complex products, including difficult iron preparations,

oncology drugs and controlled release products. Our portfolio of in-house

manufactured five commercialized biosimilars including TNK-tPA, which we

launched for the first time in India, and our brand Vintor is ranked no. 1 in

erythropoietin market (Epoetin Alfa Recombinant) (Source: IMS Health India,

SSA, March 2013).


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Vision, Mission & Values

"Emerge as a technology-driven global player offering high quality and cost

effective healthcare "

Emcure’s Vision is to manufacture innovative, high-tech products, which will

satisfy the needs of customers. To this we are firmly committed. Technology and

R&D play a vital role in all our endeavors. All our policies are market driven with

the customer being the focal point. Emcure is committed to create brand equity by

promoting top class products.


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In order to achieve this Vision, we undertake to create value for all the constituents

we serve: our customers, consumers and the community. Emcure creates value by

executing a comprehensive business strategy guided by the following key beliefs:

1. Emcure will strive to develop novel products and offer sound advice to

doctors and patients.

2. The company will display strong social responsibility and lead as a model

corporate citizen


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Company : CEO's Message

Dear Shareholders,

FY 2012 has been another positive year with your Company delivering strong

financials while reinforcing the key building blocks required for future success. To

begin with, Emcure has continued to deliver healthy growth in revenues and

profits.

This performance is a direct reflection of your Company's ongoing efforts to create

a differentiated positioning in the market by leveraging its research & development

and robust manufacturing capabilities.

I am happy with the progress your Company has made in both India and

International markets. Let me begin with India, which is Emcure's primary market.


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India

Emcure’s domestic business has consistently outperformed the market and has

grown at a compound annual growth rate (“CAGR”) of 16.4%, as compared to the

Indian pharmaceutical industry which grew at a CAGR of 13.7%, between March

2008 and March 2013 (Source: IMS Health India, SSA), March 2013), making it

one of the fastest growing pharmaceutical companies in India as measured by sales

of pharmaceutical products in the Domestic Market. We are ranked as the 14th

largest pharmaceutical company (Source: IMS Health India, Secondary Stockist

Audit (“SSA”), March 2013) in India in terms of market share based on the

domestic sales of pharmaceutical products.

I believe the key strengths driving your Company's growth in the Indian market are

Emcure's in-house research and development team which develops differentiated

portfolio of pharmaceutical products and Emcure's strong distribution capabilities.

Please allow me to elaborate further on each of these.

Emcure has demonstrated its research and development capabilities by developing

a portfolio of differentiated products across several platforms including chiral

technology, novel drug delivery systems and biosimilars. Your Company has a

portfolio of 11 chiral molecules, most of which it has launched for the first time in

India. Emcure also has strong capabilities to develop complex iron preparations

and controlled release products. Emcure’s portfolio of in-house manufactured five


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commercialized biosimilars includes TNK-tPA, which we launched for the first

time in India, and our brand Vintor, which is ranked no. 1 in erythropoietin market

(Epoetin Alfa Recombinant) (Source: IMS Health India, SSA, March 2013).

Among the top 300 brands in India, we have eight brands covering diverse

therapeutic areas (Source: IMS March'13 TSA). Emcure has an established

presence in therapeutic segments such as blood related illness, cardiology,

gynecology, nephrology, anti-infectives and vitamins, minerals and nutrients

products. Emcure has also recently entered the oncology and diabetes therapeutic

areas.

Emcure's products and brands are supported by a field force of more than 4800

personnel giving your Company a pan India marketing and distribution presence.

Given our strong position in India, a number of multi-national companies have

entered into agreements with our Company for the sale and distribution in India of

some of their key products. Recently, we have entered into co-marketing

arrangements for specific products with Roche, Novartis (India) and Sanofi and in-

licensed products from BMS and Janssen R&D Ireland (formerly Tibotec

Pharmaceuticals).

Through its subsidiary, your company has an agreement to exclusively market

Sanofi – Pasteur’s Verorab® (Rabies Vaccine) in India.


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Similarly, Vifor has given Emcure an IP license to be able to manufacture and

commercialise its own iron complex (Ferric Carboxy Maltose) product in India. I

believe your Company will continue to enhance its product offering in India

through such win-win partnerships in the future.

International Markets

Encashing on the strength of our brands in the Indian market, Emcure is selling and

marketing its products in over 65 emerging countries. Emcure’s growth strategy in

the rest of world will vary from country to country depending on country specific

regulatory requirements. It may either form important relationships with

companies with strong local presence or alternatively appoint local distributors

through which we can undertake our own sales and marketing.

Emcure's regulated markets operations consist of sales and marketing

infrastructure in the United States and the United Kingdom and sale of products

manufactured by it for multi-national pharmaceutical companies through

relationships with them. Your Company has relationships with organizations such

as Teva Pharmaceutical Industries ("Teva"), Pfizer Inc. ("Pfizer"), Sandoz Limited

("Sandoz") and Bristol-Myers Squibb ("BMS").These relationships allow your

Company to diversify its business model and build on its regulatory, quality and

supply chain management capabilities.


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In April 2011, your Company acquired Heritage Pharmaceuticals Inc. ("Heritage"),

a New Jersey based generic pharmaceutical company focused on the acquisition,

licensing, development, sale and marketing of generic prescription products for the

United States market. Heritage provides Emcure with the ideal platform through

which your Company can launch its own approved abbreviated new drug

applications ("ANDAs").

Manufacturing

Emcure operates nine manufacturing facilities with one located in United States.

Several of these facilities have approvals from various regulatory bodies, including

the United States Food and Drug Administration ("USFDA") and the United

Kingdom Medicines and Healthcare Products Regulatory Agency ("UK-MHRA").

Emcure's facilities are capable of producing active pharmaceutical ingredients

("APIs") and pharmaceutical products encompassing a wide range of dosage forms

including oral solids, oral liquids, soft gelatin capsules and injectables. Emcure's

new cytotoxic facility is based on complete isolation technology.

Emcure has a co-marketing arrangement with Roche for three of its key innovative

biologial products within India - Peg-interferon alfa – 2A 40KD (Taspiance),

Trastuzumab (Biceltis) and Rituximab (Ikgdar). Within this arrangement Emcure is

marketing these products under separate Roche trademarks in India


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Finally, while I talk of brands, products and manufacturing facilities, I strongly

believe that the driving force behind Emcure is its people. And, the Company

continues to focus on getting the best people on board be it in manufacturing,

research or marketing, and providing them with the most conducive environment

to best contribute to the Company and their personal development.

Many thanks to all our customers, our channel partners, and associates for their

support. And, to you, our shareholders, thank you for having faith in Emcure.

Yours Sincerely


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Management Team

Namita Thapar

Namita Thapar , 36, holds the position of the Chief

Financial Officer in our Company. She is a graduate in

Commerce from the Pune University, a qualified

Chartered Accountant from the Institute of Chartered

Accountants of India and received a Masters in Business

Administration degree from Duke University, USA. Mrs.

Thapar has a total work experience of 13 years. Prior to

joining our Company, she worked with Guidant

Corporation, USA.

Vikas Thapar

Vikas Thapar , 39, holds the position of the Senior Vice

President - Corporate Development and Strategy in our

Company. He received a bachelor’s degree in

Management Science from the University of California,

San Diego in 1996, and received a Masters in Business

Administration degree from the University of Southern

California in 2000. He has around 15 years of work

experience in Finance and Business Development. Prior to

joining our Company, he worked with Agilent

Technologies and Ebay, USA. He has been associated with

our Company since 2006.

Samit Satish Mehta


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Samit Satish Mehta , 33, holds the position of the Senior

Director (Speciality and Oncology) in our Company. He is

a graduate and a post graduate in Commerce from the

Pune University. He received his Masters in the Business

Administration degree from the Wharton School,

University of Pennsylvania. He has worked as a

management consultant (strategy) at Ernst & Young and

advised companies in different sectors including

education, mining and healthcare.

Nitin Gore

Dr. Nitin Gore , 52, holds the position of Controller

(Corporate Quality) in our Company. He is a graduate in

Science (Chemistry) and a post graduate degree in Organic

Chemistry from the Bombay University and a Ph.D. in

Chemistry from the Bombay University with specialisation

in Analytical Chemistry. He has a total work experience of

27 years. Prior to joining our Company, he worked with

Wockhardt Limited, Aurangabad. He has been associated

with our Company since January 2004.

Sanjay Rajanikant Mehta

Sanjay Mehta ,48, holds the position of Senior Director

(Commercial) in our Company. He is a graduate in

Commerce from the Pune University. He has been

associated with our Company since April 1989.


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Dr. Sanjay Singh

Dr. Sanjay Singh , 46, holds the position of the Chief

Executive Officer with our Subsidiary, Gennova

Biopharmaceuticals Limited. He is a graduate in Science

from the Lucknow University and a post graduate degree

in Science (Biochemistry) from the Lucknow University

and holds a Ph.D. in Biochemistry from the Central Drug

Research Institute, Lucknow. Prior to joining Gennova, he

was working with National Institute of Health, USA. He

has been associated with Gennova since October 2006.

Prakash Kumar Guha

Prakash Kumar Guha, 49, holds the position of the

Managing Director with our Subsidiary, Zuventus

Healthcare Limited. He is a graduate in Science from the

Utkal University. Prior to joining Zuventus, he worked

with Wander Limited. He has been associated with

Zuventus since July 2002.

Fakrul Sayeed

Fakrul Sayeed, 65, holds the position of the Chief

Executive Officer with our Subsidiary, Emcure

Pharmaceuticals USA Inc. He is a graduate in Pharmacy

from the Dhaka University, Bangladesh and a post

graduate degree in Pharmaceutical Chemistry from

Philadelphia College of Pharmacy and Science,

Philadelphia, PA. Prior to joining Emcure USA, he

worked with PTS International Inc., New Jersey. He has


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been associated with Emcure USA since 2007.

Jeffrey Glazer

Jeffrey Glazer, 42, holds the position of the Chief

Executive Officer with our Subsidiary, Heritage

Pharmaceuticals Inc. He is a graduate in Pharmacy from

the Long Island University, A & M, and a J.D. from Seton

Hall University Law School. Prior to joining Heritage

Pharmaceuticals, he worked with the US subsidiary of

Glenmark Pharmaceuticals Limited as its executive vice

president (corporate development) and general counsel. He

has been associated with Heritage Pharmaceuticals since

2011.

Fouad Benghalem

Fouad Benghalem,66, holds the position of the Chief

Executive Officer with our Subsidiary, Emcure Mena FZ-

LLC. He holds a graduate degree in Law and Political

Science from the University Mohamed V – Rabat,

Morocco and a degree in Business Administration from

the High School of Commerce and Management, ISCAE,

Casablanca, Morocco. Prior to joining Emcure Dubai, he

worked with GlaxoSmithkline Pharmaceuticals

International. He has been associated with Emcure Dubai

since September 2012.


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Board Of Directors

At Emcure, we understand that a strong Board is fundamental to our success.The

Emcure Board consisting of Independent and Executive Directors is drawn from

highly eminent people from areas such as Pharmaceuticals, Government, Banking

& Finance, Law, Business and Education.

Non-Executive Directors

Humayun Dhanrajgir - Chairman

Mr. Humayun Dhanrajgir is the Chairman and an

Independent Director of our Company. He is a graduate in

Chemical Engineering from Loughborough University,

United Kingdom, a member of the Institute of Chemical

Engineers, United Kingdom and a member of the Chartered

Engineer, London. He has also completed the advanced

management program from Harvard Business School. He

has significant experience in the pharmaceutical industry.

He has held several senior management positions including

the position of the vice chairman and the managing director

of Glaxo India Limited. Mr. Dhanrajgir has also held the

position of the managing director of Kodak India Limited

and he retired from this position in October 2000. He was

the president of the Organization of Pharmaceutical

Producers of India in 1992 and was also a member of

General Committee of Bombay Chamber of Commerce and

Industry. Mr. Dhanrajgir is also a trustee of Breach Candy


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Hospital Trust, Mumbai and Lintas Employees Trust. He is

on the advisory board of the United States Pharmacopeia

(India). He is a member of the Global Advisory Board of

Asian Center for Corporate Governance and Sustainability.

Mr. Dhanrajgir has been on the Board since 2000.

Shreekant Krushnaji Bapat

Mr. Shreekant Bapat is an Independent Director and a

Non-Executive Director of our Company. He is a graduate

in commerce from Pune University. He is a highly

distinguished erstwhile officer of the Indian Police Service

having held senior positions with the Government of India

and the Government of Maharashtra such as Joint Director

– Intelligence Bureau, Ministry of Home Affairs,

Commissioner of Police, Mumbai and Member of the

Maharashtra Public Service Commission. Mr. Bapat is a

recipient of the President’s medal for distinguished service

and Police medal for meritorious service. Mr. Bapat was

the president of the India chapter of a global philanthropic

foundation for seven years. He has special interest in areas

relating to national security, human resource development

and corporate social responsibility. Mr. Bapat has been on

the Board since 1999.

Dr. Girish L. Telang

Dr. Girish Telang is an Independent Director and a Non-

Executive Director of our Company. He is a medical

graduate from Grant Medical College, Mumbai University.

He served in Indian Army Medical Corps for five years. He

has significant pharmaceutical industry experience during


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his career of 35 years with Roche, a Swiss pharmaceutical

company, where he was instrumental in starting it’s

operations in India and was appointed Managing Director

in 1998 and later given regional responsibility of heading

operations of Roche India Management Centre. He retired

as the vice chairman and a member of the board of

directors of Roche Products India in March 2013. He is on

the board of directors of Masters Biopharma India Private

Limited. He is a member of Governing Body of Kundnani

College of Pharmacy and L.H. Hiranandani College of

Pharmacy, Mumbai University and on the Research

Advisory Committee of Pravara Institute of Medical

Sciences, a deemed University. He has been on the Board

since 2012.

Berjis Minoo Desai

Mr. Berjis Desai is an Independent and a Non-Executive

Director of our Company. He is a graduate in Law from the

Bombay University and a post-graduate in Law from

Cambridge University, United Kingdom. Mr. Desai is the

managing partner of J. Sagar Associates, a national law

firm having offices in Mumbai, Delhi, Gurgaon, Bangalore

and Hyderabad. He specializes in mergers and acquisitions,

derivatives, corporate and financial laws, international

business laws and international commercial arbitration. Mr.

Desai has been on the Board since 1997.


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Marvin Samson

Mr. Marvin Samson is an Independent Director and a

Non-Executive Director of our Company. He is a graduate

in Science (Chemistry) from the Temple University. He is

the founder of several organisations in the United States

including Samson Medical Technologies, Elkins-Sinn and

Marsam Pharmaceuticals. He was the president and the

chief executive officer of SICOR when it was acquired by

Teva. He was also the chairman of the Board and the chief

executive officer of Qualitest Pharmaceuticals, which was

acquired by Endo Pharmaceuticals, and continued to serve

as consultant to Endo. Mr. Samson holds five patents in the

United States pertaining to pharmaceutical manufacturing.

He also holds the position of chairman and director of JHP

Pharmaceutical. Additionally, he serves as the chairman of

the board of trustees of the University of the Sciences in

Philadelphia. Mr. Samson has received various awards for

business leaderships. He is actively involved in

philanthropic activities. Mr. Samson has been on the Board

since 2007.

Amit Chandra

Mr. Amit Chandra is a non-independent and non-

executive director of our company. Mr. Chandra is the

Managing Director at Bain Capital and joined Emcure

board as a representative of Bain Capital in April, 2014.

Mr. Chandra received his undergraduate degree in

Electrical Engineering from VJTI, Bombay University. He

received his MBA from Boston College, on a full research

assistantship, and was awarded the school's Distinguished


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Alumni in 2007. Prior to joining Bain Capital, he spent

most of his professional career at DSP Merrill Lynch, a

leading investment bank in India. At the firm, he had direct

oversight of its Global Markets & Investment Banking

business, which included the firm's substantial principal

businesses. He retired from DSP Merrill Lynch in 2007 as

its Board Member & Managing Director. Consequently, for

a part of 2007, Mr. Chandra was a partner of NSR

Advisors, which advised NSR Private Equity, a $1.3 bn

fund focused on the sub-continent. Prior to his MBA, Mr.

Chandra worked at India's leading engineering &

construction firm, Larsen & Toubro. Mr. Chandra was

named a Young Global Leader by the World Economic

Forum in 2007.

Executive Directors

Satish Ramanlal Mehta

Mr. Satish Mehta is the Managing Director and the Chief

Executive Officer of our Company. He is a graduate in

Science and a post graduate in Chemistry from the Pune

University. He has also obtained a post graduate diploma in

management from the Indian Institute of Managment,

Ahmedabad. Mr. Mehta has vast experience in the

pharmaceutical industry. His leadership has made our

Company a major player in the pharmaceutical industry. He

has been on the Board since 1981

Arun Kumar Khanna


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Mr. Arun Kumar Khanna is an Executive Director and

the Chief Operating Officer of our Company. He is a

graduate in Science from Jabalpur University. He has 41

years of experience with leading pharmaceutical companies

such as Ranbaxy Pharmaceuticals, Alkem Labs and Cadila

Laboratories Limited. Mr. Khanna has been associated with

our Company since 1995. He has played a pivotal role in

transforming our Company into a fast growing Indian

pharmaceutical company and in ensuring wide global reach

of the leading brands of our Company. His efforts have

resulted in appreciation of Company’s corporate social

resposibility in the area of HIV/AIDS. He has been on the

Board since 1995.

Mukund Keshao Gurjar

Dr. Mukund Gurjar is an Executive Director and Chief

Scientific Officer (Research and Development) of our

Company. He is a graduate, a post graduate and Ph.D. in

Chemistry from the Nagpur University. He also holds a

second Ph. D. degree in Chemistry from the London

University, United Kingdom as well as a post doctoral

fellowship from Toronto, Canada. Prior to joining our

Company, he was the deputy director of the National

Chemical Laboratory, Pune where he spent 25 years

spearheading innovative and advance research in Organic

Chemistry. He has over 32 years of experience in

pharmaceutical sciences and is a fellow at various national

and international academies. He is a member of the

editorial board of the prestigious journal Organic Process

Research & Development published by the American

Chemical Society. For his contributions to synthetic

organic chemistry involving both basic and applied


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research, he has been felicitated with various awards. A

large number of students have obtained Ph.Ds under the

supervision of Dr. Gurjar and has published more than 200

papers in various international journals. He has been

associated with our Company since 2001 and also became a

member of the Board in the same year.

Mukund Ranade

Mr. Mukund Ranade is an Executive Director and the

President (Business Development) of our Company. He is a

graduate in Chemistry from the Bombay University and a

post graduate diploma in Management from the Indian

Institute of Management, Ahmedabad. He has played an

instrumental role in initiating and managing relationships

with leading global pharmaceutical companies for the

Regulated Markets. He has 37 years of work experience.

Prior to joining our Company, he worked with Chanrai

group, Singapore at a senior management position. He also

worked with Glaxo, India, where he held the position of a

General Marketing Manager. He has been on the Board

since 2012.

Mahesh Nathalal Shah

Mr. Mahesh Shah is an Executive Director and Director

(Technical) of our Company. He is a graduate in Science

from the Bombay University and a post graduate in Science

(Organic Chemistry) from the Gujarat University. He has

37 years of experience in the pharmaceutical industry. He

has played a leading role in obtaining regulatory approvals

from USFDA for solid dosage and bulk drug manufacturing


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facilities, in addition to regulatory approvals major

regulatory authorites including USFDA, UKMHRA, etc.

He is currently in charge of manufacturing operations of all

the formulation plants. He has been associated with our

Company since its inception and has been on the Board

since 1999.

Sunil Rajanikant Mehta

Mr. Sunil Mehta is an Executive Director and Senior

Director (Projects) of our Company. He is a graduate in

Commerce from the Pune University and a post graduate

(diploma) in Business Administration from the Institute of

Management Development and Research, Pune. He has

been associated with our Company since October 1983. He

joined the Board in 2013.


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Milestones


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Corporate Social Responsibility

We at Emcure, see Social Initiatives as an integral component of Corporate Social

Responsibility. Our investments in the community have gone beyond the adhoc

disbursement of funds, to planned programs in areas of healthcare, education and

environment.

Various CSR activities:

CSR Activities for the Quarter January - March 2013

CSR Activities for the Quarter October - December 2012

CSR Activities for the Quarter April - June 2012

CSR Activities for the Quarter October - December 2011

CSR Activities for the Quarter July - September 2011

CSR Activities for the Quarter April - June 2011

Project DiSHAA

Emcure Celebrates World AIDS Day 2010

Medical Van

Diwali Fair

Blood Donation Camp

Childrens day collection drive

Christmas party at orphanage


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TAAL, the Corporate Social Responsibility (CSR)

Nirmalya

CSR - NGO

Cancer Patients Diwali party

Childrens day drive

Dental Camp

Art Based Therapy

Project Bicycle

TAAL

Other initiatives


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BUSINESS AREAS

Manufacturing

We operate nine manufacturing facilities including eight in India and one in the

United States. Five of our facilities are approved by USFDA. We manufacture a

wide range of pharmaceutical products for Domestic Market and international

markets as well as APIs predominantly for use in manufacturing of pharmaceutical

products, which has allowed us to benefit from vertical integration, allowing us to

source quality APIs in a cost effective and timely manner.

We believe that quality, compliance and the environment, health and safety of our

manufacturing facilities are of paramount importance to our manufacturing

operations. Our environment, health and safety initiatives help us to ensure the

safety of the manufactured products, our employees and the environment. For

example, we have created facilities to handle products with special needs such as

facility using isolator technology for high potency products, temperature and

humidity controlled environments.

Our state-of-the-art facilities implement international cGMP to produce quality

products. Our facilities comply with international cGMP as required by the various

regulatory bodies that have accredited us including those in India, the USFDA, the

UK-MHRA, ANVISA Brazil and MHLW Japan.


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We are capable of manufacturing a wide range of dosage forms including oral

solids, oral liquids, soft gelatin capsules and injectables. We have also

demonstrated our ability to handle complex manufacturing processes, such as

lyophilization and complete isolation technology to manufacture cytotoxic

products. We also handle products that require a specialized environment with,

among other things, controlled release pharmaceutical products, controlled

humidity and temperature conditions

Solid Orals

We currently produce several billions of tablets annually at our facilities located in

Hinjewadi, Jammu and East Brunswick, New Jersey. We are also able to produce a

wide range of pharmaceutical products including dissolvable and chewable tablets

and hard and soft-shelled capsules with a focus on controlled release. We have the

ability to develop taste masking tablets as well, such as anti-allergic and iron

tablets with no metallic aftertaste to ensure better patient compliance. Other novel

drug delivery systems that we build into solid orals include sublingual and oral

disintegration technology. Hot melt technology is currently being applied to

antiretrovirals such as Ritonovir to make it heat resistant. Some of our products

also include tablet in tablet / bi-layer tablet technologies to pair multiple

pharmaceutical products.


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Injectables

We currently manufacture injectable products in our facility at Hinjewadi and have

commenced manufacturing injectable products at our Jammu facility. Our

injectables manufacturing facilities are able to handle different packaging formats,

such as vials and pre-filled syringes, and forms, such as lyophilized and liquid. We

are also able to produce high potency injectables, particularly oncology products,

at our cytotoxic facility by using isolation technology, which is particularly

complex.

Soft-gelatin Capsules

We manufacture pharmaceutical products as soft-gelatin capsules through our

manufacturing facility in East Brunswick, New Jersey, which is USFDA, U.S.

Environmental Protection Agency (“EPA”) and U.S. Occupational Safety and

Health Administration (“OSHA”) compliant. We believe that the U.S. market for

soft-gelatin capsules will continue to grow as the average age of the U.S.

population increases.

Acres

Our manufacturing facilities in Kurkumbh and Pimpri allow us to manufacture

several different APIs simultaneously. Our Kurkumbh manufacturing facility has

four distinct blocks: intermediates, iron compounds, general purpose and


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cytotoxics. The facility is capable of handling various reactions including

Grignard, Palladium based Heck and Suzuki cross-coupling, Friedel-Craft

alkylation, asymmetric reactions and reductions, as well as the capability to handle

various pyrophoric and hazardous reagents at very low temperatures.

Marketing

Our Domestic Business

We were the 75th ranked pharmaceutical company in India in 1995 and have

grown significantly since then. Between the 12 months ended March 31, 2008 and

the 12 months ended March 31, 2013, our domestic branded generics business has

grown at a CAGR of 16.4% while the Indian pharmaceutical market has grown at a

CAGR of 13.7%.

We are ranked as the 7th largest pharmaceutical company in the therapeutic areas

in which we operate (Source: IMS Health India, SSA, March 2013). We have

increased our focus on chronic therapeutic areas, which have grown at a faster rate

than acute therapeutic areas. The share of our total sales attributable to chronic

therapies has increased over the past five years. We intend to continue to build our

pipeline of products for chronic therapies.

Our products are classified on the basis of their therapeutic use. Our top three

therapeutic areas, cardiology, gynecology and anti-infectives, together constituted

54.8% of our total sales in Domestic Market. (Source: MAT, March 2013)


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Among the top 300 brands in India, we have eight brands covering diverse

therapeutic areas:

Orofer XT (Haematologics/ iron preparations)

Vintor (blood related)

Orofer S (Haematologics/ iron preparations)

Asomex (cardio/ anti hypertension)

Metpure XL (cardio/ anti hypertension)

Augpen (antibiotics)

Bevon (vitamins/ minerals/ nutrients)

Zostum (antibiotics)

(Source: IMS Health India, TSA, MAT March 2013.)

In-licensing, Intellectual Property License Rights and Other Partnerships

We have partnered with several multi-national corporations to market their

products in India. The collaboration enables these corporations to leverage our

strength in sales and marketing to expand their presence in India and on the other

hand, allows us to expand and offer a larger portfolio of products. Recently, we

have entered into the following in-licensing arrangements, intellectual property

license rights or other partnership rights:


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Roche : We have an co-marketing arrangement with Roche for three of its

key innovative biologial products within India - Peg-interferon alfa – 2A

40KD (Taspiance), Trastuzumab (Biceltis) and Rituximab (Ikgdar). Within

this arrangement we are marketing these products under separate Roche

trademarks in India

Under an existing memorandum of understanding, we will also enter into

loan-license agreements with Roche (India). under which we will initially

label and pack and later fill-finish Trastuzumab and Rituximab to be

marketed by both, Roche and us under separate Roche trademarks, for

Indian market.

Sanofi : Through our Subsidiary, we have an agreement to exclusively

market Sanofi – Pasteur’s Verorab® (Rabies Vaccine) in India. We also

have a non-exclusive distribution agreement with Sanofi India for their anti-

diabetic product “Daonil” for India and Nepal.

Novartis : We have entered into a co-marketing agreement with Novartis

(India) for its products Vysov® and Vysov®-M across India.

Vifor : We have been granted an IP license to be able to manufacture and

commercialize our own iron complex (ferric carboxymaltose) product in

India.


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Janssen R&D Ireland (formerly Tibotec Pharmaceuticals) : We have

been granted a non-exclusive license to manufacture and commercialize

rilpivirine in 112 countries including India.

BMS : We have been granted a royalty free exclusive license to market

Atazanavir in India.

Regulated Markets

We commenced our sales and marketing operations in the United States through

our acquisition of Heritage in April 2011. Heritage, our wholly owned Subsidiary,

is a New Jersey-based generic pharmaceutical company focused on the acquisition,

licensing, development, sale and marketing of generic prescription products in the

United States.

Under the Heritage label, we focus our sales primarily on the retail market, which

includes national drug wholesalers, distributors, cooperatives and chain

pharmacies. We also promote the sales efforts of wholesalers and drug distributors

that sell Heritage’s products to clinics, governmental agencies and other managed

health care organizations.

We have relationships with some of the leading multi-national pharmaceutical

companies in the world such as Pfizer, BMS, Teva and Mylan, for whom we

currently manufacture products for Regulated Markets. While we will continue to


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focus on building our sales, focusing on products with high entry barriers and

limited competition, and build on our existing relationships.

Pfizer : We have a manufacturing and supply agreement for different oral

solid products for the United States market. We have also out-licensed an

Injectable product for the North American market.

BMS : We supply three solid oral products for the Regulated Markets –

Sustiva, Zerit and Videx.

Teva : Since 2007, we have been manufacturing solid orals. We currently

produce several products for the North American markets.

Sandoz : We are a supplier of products to Sandoz for the United States.

Mylan : We have recently signed a manufacturing and supply agreement to

handle various products for the United States.

Sagent : We developed and handle commercial supplies of technologically

challenging products such as Atracurium for the United States markets under

Sagent’s ANDAs.

Relationships with multi-national companies have provided us with a deeper

understanding of the Regulated Markets in terms of regulatory requirements,

logistics and supply chain management.


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Rest of World

We sell and market our products in over 65 countries in the Rest of World,

targeting Africa, the Commonwealth of Independent States, Latin America, the

Middle East, and South East Asia. Many of these markets have similar

characteristics to the Indian pharmaceutical market, such as rising income levels,

improving healthcare infrastructure, self-pay healthcare systems and less stringent

regulations than the Regulated Markets, all of which we believe creates a favorable

market environment for selling pharmaceutical products (branded generics).

We cater to the Rest of World through our differentiated portfolio (including chiral

molecules and biosimilars) of pharmaceutical products (branded generics) focused

on oncology, cardiology, nephrology, blood related, antiretrovirals and

gynecology. We continue to file product registrations to further penetrate the Rest

of World.

We sell and market our products through important alliances with local partners

and multi-national pharmaceutical companies and, increasingly, through our own

in-house sales efforts in select markets. We expect to continue to expand our in-

house sales and marketing efforts in select geographies. In some of these markets,

we also enter into technology transfer agreements on either profit sharing or

royalty based models whereby our partners import APIs from us and locally

manufacture (under our manufacturing process) the pharmaceutical product.


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OBJECTIVES OF THE STUDY

To study the consumer preferences towards Emcure Pharmaceuticals Ltd.

To know which one is better alu-alu, Blister, Strip Packing packing.

To know whether Emcure Pharmaceuticals ltd is giving a tough competition to

other Pharmaceuticals company.

To find out which product is giving profit.

To study the customer satisfaction level.


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RESEARCH METHODOLOGY AND

STATISTICAL TECHNIQUES

This report is based on primary as well secondary data, however

primary data collection was given more importance since it is overhearing

factor in attitude studies. One of the most important uses of research

methodology is that it helps in identifying the problem, collecting, analyzing

the required information data and providing an alternative solution to the

problem. It also helps in collecting the vital information that is required by the

top management to assist them for the better decision making both day to day

decision and critical ones.

Data sources:

Research is totally based on primary data and Secondary data. Research

has been done by Primary & Secondary Data collection. The primary data has

been collected by interacting with various people with help of Interviews and

questionnaires. The secondary data has been collected through various

journals and websites.

Primary Data:

Primary data is the data which is collected by the researcher directly from his

own observations and experiences. In this project I adopt communication

method for primary data collection by interacting with various respondents,

asking for their opinion, attitudes etc.


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Secondary data

Secondary data is data collected by someone other than the user. Common

sources of secondary data for social science include censuses, surveys, and

organizational records. To avoid duplicating efforts, running up unnecessary

costs and tiring the informants, it is recommended wherever possible to rely

on existing information.

Sampling:

Sampling is that part of statistical practice concerned with the selection of

individual observations intended to yield some knowledge about

a population of concern, especially for the purposes of statistical inference.

Sampling Procedure: The sample was selected from the investors of

various area mainly industrial areas, educational sector, insurance

sector, telecom sector, entertainment sector, health sector, many small

and large firms etc. It was also collected through personal visits to

persons, by formal and informal talks and through filling up the

questionnaire prepared.

Sample size: The sample size of my project is limited to 100 people

only.

Sample design: Data has been presented with the help of bar graph and

pie charts


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EMCURE PHARMACEUTICALS LTD. - STRATEGIC SWOT

ANALYSIS REVIEW

Emcure Pharmaceuticals Ltd. - Strategic SWOT Analysis Review provides a

comprehensive insight into the company's history, corporate strategy, business

structure and operations. The report contains a detailed SWOT analysis,

information on the company's key employees, key competitors and major products

and services.

This up-to-the-minute company report will help you to formulate strategies to drive

your business by enabling you to understand your partners, customers and

competitors better.

Scope

Business description - A detailed description of the company's operations

and business divisions.

Corporate strategy – Global Data's summarization of the company's business

strategy.

SWOT analysis - A detailed analysis of the company's strengths, weakness,

opportunities and threats.


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Company history - Progression of key events associated with the company.

Major products and services - A list of major products, services and brands

of the company.

Key competitors - A list of key competitors to the company.

Key employees - A list of the key executives of the company.

Executive biographies - A brief summary of the executives' employment

history.

Key operational heads - A list of personnel heading key

departments/functions.

Important locations and subsidiaries - A list of key locations and subsidiaries

of the company, including contact details.

Key manufacturing facilities - A list of key manufacturing facilities of the

company.

Highlights

Emcure Pharmaceuticals Ltd. (Emcure) is a pharmaceutical company. The

company develops, manufactures and markets health care products. Its products

include Nucron, Xennea, Xennex, Nifirex, Criante, Neuroscience, Global HIV,

Pharma, Gennova, Oncocare, and APIs. Emcure offers APIs such as acamprosate

calcium, acetazolamide, amtolmetin guacil, arformeterol tartrate, armodafinil,

busulfan, carprofen, cyclophosphamide, deferiprone, desvenlafaxine, efavirenz,


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and felodipine. The company provides products under therapeutic areas such as

blood related, cardiology, pain and analgesics, HIV, gynecology, nephrology, anti-

infective, and vitamins, minerals and nutrients.

Emcure Pharmaceuticals Ltd. Key Recent Developments

Mar 01, 2013: Roche Likely To Cut Down Prices Of Two Cancer Drugs In India

Reasons to Buy

Gain key insights into the company for academic or business research

purposes. Key elements such as SWOT analysis and corporate strategy are

incorporated in the profile to assist your academic or business research

needs.

Identify potential customers and suppliers with this report's analysis of the

company's business structure, operations, major products and services and

business strategy.

Understand and respond to your competitors' business structure and

strategies with Global Data's detailed SWOT analysis. In this, the company's

core strengths, weaknesses, opportunities and threats are analyzed, providing

you with an up to date objective view of the company.


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Examine potential investment and acquisition targets with this report's

detailed insight into the company's strategic, business and operational

performance.


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LIMITATIONS OF THE STUDY

Some of the persons were not so responsive.

Possibility of error in data collection because many of consumers may have

not given actual answers of my questionnaire.

Sample size is limited to 100. The sample size may not adequately represent

the whole market.

Some respondents were reluctant to divulge personal information which can

affect the validity of all responses.

The research is confined to a Jammu city only.


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BIBLIOGRAPHY