PharmaLeaders: Top 10 Pharmaceutical Companies in India Benchmark Report - Competitive Analysis of the Leading Players in 2013



Summary



GlobalData’s "PharmaLeaders: Top 10 Pharmaceutical Companies in India Benchmark Report - Competitive Analysis of the Leading Players in 2013" applies GlobalData’s proprietary ranking methodology to compare the competitive position of 10 India-based pharmaceutical companies on 15 financial metrics. The performance of each of these companies is analyzed based on their financial performance, cost-containment, capital structure, and efficiency to illustrate the different strategies these companies are using to increase shareholder value and capture market share from branded pharmaceuticals manufacturers. In addition to the financial metrics, this report presents competitive landscapes of the various markets in which these companies operate, as well as detailed company profiles, including SWOT analyses, of these major players. It also describes the operations strategies of these companies.

Throughout the report, GlobalData’s analysts provide you with expert insight, expanding on each strategy and factor discussed, with the aim of providing you with the tools you need to make informed business decisions.

Highlights

About the Report

This report is an essential source of information and analysis on the Indian pharmaceutical industry. Using detailed company data, financial analysis, corporate strategy, and market trends analysis, GlobalData has highlighted 10 companies in the Indian pharmaceuticals space, forming a basis for in-depth analysis of the current and future growth drivers of the domestic pharmaceuticals market. The report discusses the key factors shaping and driving the Indian pharmaceutical industry, and provides insight on the competitive landscape and emerging strategies that are expected to significantly alter the market position of the industry leaders.

Key Questions Answered

- What are the drivers of the Indian pharmaceutical industry?
- What is the forecast for the Indian pharmaceutical market to 2020?
- What specific strategies are pharmaceutical companies in India employing to capture market share from branded and generic pharmaceutical companies worldwide?
- How are these companies dealing with cost-containment to increase their margin?
- How does my assets utilization and overall manufacturing efficiency match up with theirs?
- How are these pharmaceutical companies maximizing their capital spending to attain a competitive advantage?



Scope


- The report includes a financial model, which uses GlobalData’s proprietary benchmarking methodology to rank 10 leading pharmaceutical companies in India on 15 different financial metrics
- The report provides analysis of the key drivers and trends shaping the Indian pharmaceutical industry
- The report provides a geographic segmentation and competitive assessment of the various markets in which the companies covered in the report market their products.
- The report contains expert insights on the corporate strategies of Indian pharmaceutical companies seeking competitive advantage in the highly competitive generics industry
- The report includes in-depth company profiles of the 10 Indian pharmaceutical companies featured, including insightful SWOT analyses



Key Benefits

- Understand the key factors driving the substantial growth being witnessed in the Indian pharmaceutical industry and the market’s outlook through 2020
- Benchmark your company’s performance against other pharmaceutical companies in India to identify strengths that can be leveraged and/or areas of possible improvement
- Plan your entry and/or expansion activities involving the Indian pharmaceutical market by understanding the market dynamics and identifying possible partners and/or acquisition targets
- Analyze and track the strategies that successful pharmaceutical companies in India are using to gain share in the increasingly competitive market
- Understand the underlying financial metrics that differentiate certain companies from the pack in terms of growth and profitability, spending, asset structure, and efficiency
- Use this information as an independent source for your due diligence and transaction strategy

Table Of Contents

1 Table of Contents
1 Table of Contents 6
1.1 List of Tables 12
1.2 List of Figures 14
2 Introduction 16
2.1 Report Scope 16
2.2 Upcoming Related Reports 18
2.3 Recently Published Reports 18
2.4 GlobalData’s Benchmarking Methodology 19
3 India’s Pharmaceutical Industry Dynamics 20
3.1 Overview 20
3.2 Intellectual Property Rights in India 20
3.3 Quality Manufacturing Facilities Create an Ideal Environment for Pharmaceuticals to Thrive 22
3.4 Inter-Firm Competition Enables Capabilities Development 24
3.5 Government Policies and Initiatives Drive Demand 24
3.6 Increased ANDA Filings by Indian Drug Companies 25
3.7 Cost Effect of GDUFA on Indian Drug Companies 30
3.8 A Budding Biosimilars Market 31
3.8.1 Gradual Transition from a Semi-Regulated to a Regulated Market 31
3.8.2 Marketed Biosimilars in India 32
4 Company Analysis 34
4.1 Sun Pharmaceuticals: The Benchmark Leader 34
4.1.1 Business Overview 34
4.1.2 SWOT Analysis 35
4.2 Wockhardt 39
4.2.1 Business Overview 39
4.2.2 SWOT Analysis 40
4.3 Cipla 43
4.3.1 Business Overview 43
4.3.2 SWOT Analysis 44
4.4 Ranbaxy 47
4.4.1 Business Overview 47
4.4.2 SWOT Analysis 48
4.5 Lupin Pharmaceuticals 52
4.5.1 Business Overview 52
4.5.2 SWOT Analysis 53
4.6 Zydus Cadila 56
4.6.1 Business Overview 56
4.6.2 SWOT Analysis 57
4.7 Glenmark 60
4.7.1 Business Overview 60
4.7.2 SWOT Analysis 61
4.8 Torrent Pharmaceuticals 65
4.8.1 Business Overview 65
4.8.2 SWOT Analysis 66
4.9 Dr. Reddy’s 70
4.9.1 Business Overview 70
4.9.2 SWOT Analysis 71
4.10 Aurobindo Pharmaceuticals 75
4.10.1 Business Overview 75
4.10.2 SWOT Analysis 76
5 GlobalData’s Benchmark Rankings 78
5.1 Sun Pharmaceuticals: India’s Leading Pharmaceutical Company 78
6 Financial Management 80
6.1 Competitive Framework 80
6.2 Overview 80
6.3 Financial Management: Heat Map 82
6.4 Financial Metrics 83
6.4.1 Revenue Leaders 83
6.4.2 Revenue Laggards 85
6.4.3 Revenue Growth Leaders 86
6.4.4 Revenue Growth Laggards 88
6.4.5 Operating Income Leaders 90
6.4.6 Operating Income Laggards 91
6.4.7 Operating Income YTY Growth Leaders 93
6.4.8 Operating Income YTY Growth Laggards 94
6.4.9 Operating Margin Leaders 95
6.4.10 Operating Margin Laggards 97
7 Expense Management 99
7.1 Competitive Framework 99
7.2 Overview 100
7.3 Expense Management: Heat Map 103
7.4 Expense Metrics 104
7.4.1 SGandA Spending Leaders 104
7.4.2 SGandA Spending Laggards 105
7.4.3 SGandA Expenditures as a Percentage of Revenue Leaders 106
7.4.4 SGandA Expenditures as a Percentage of Revenue Laggards 108
7.4.5 SGandA Spending YTY Change Leaders 110
7.4.6 SGandA YTY Spending Change Laggards 111
7.4.7 Operating Expenses as a Percentage of Revenue Leaders 113
7.4.8 Operating Expenses Laggards 114
8 Capital Management 116
8.1 Competitive Framework 116
8.2 Overview 116
8.3 Competitive Framework: Heat Map 118
8.4 Capital Management Metrics 119
8.4.1 Debt Ratio Leaders 119
8.4.2 Debt Ratio Laggards 120
8.4.3 Cash Ratio Leaders 121
8.4.4 Cash Ratio Laggards 124
8.4.5 Quick Ratio Leaders 125
8.4.6 Quick Ratio Laggards 126
8.4.7 ROI Leaders 127
8.4.8 ROI Laggards 128
9 Resource Management 130
9.1 Competitive Framework 130
9.2 Overview 130
9.3 Resource Management: Heat Map 133
9.4 Financial Metrics 134
9.4.1 Revenue per Employee Leaders 134
9.4.2 Revenue per Employee Laggards 135
9.4.3 Expenditure per Employee Leaders 137
9.4.4 Expenditure per Employee Laggards 138
10 Geographical Segmentation 140
10.1 India 140
10.2 Europe, Middle East, and Africa 142
10.3 North America 144
10.4 Rest of World 146
11 Strategic Outlook 147
11.1 Current Growth in the Indian Pharmaceutical Industry Expected to Continue 147
11.2 Increased Focus on RandD 148
11.3 Government’s Pricing Revision Will Further Reduce Margins 148
11.4 Stiff Competition from Multinationals May Stymie Development of Smaller Domestic Players 149
11.5 Growing Pressures on Indian Patent Laws Could Challenge Domestic Companies 150
12 Appendix 151
12.1 Bibliography 151
12.2 Abbreviations 153
12.3 Research Methodology 157
12.3.1 Coverage 157
12.3.2 Secondary Research 158
12.3.3 Expert Panel Validation 158
12.4 About the Authors 159
12.4.1 Analyst 159
12.4.2 Director of Healthcare Industry Dynamics 159
12.4.3 Global Head of Healthcare Research and Consulting 160
12.5 About the Industry Dynamics Team 160
12.6 About GlobalData 160
12.7 Disclosure Information 161
12.8 Disclaimer 161

List of Tables


Table 1: First-Time Generic Drug Approvals, 2012 - Part 1 26
Table 2: First-Time Generic Drug Approvals, 2012 - Part 2 27
Table 3: First-Time Generic Drug Approvals, 2012 - Part 3 28
Table 4: First-Time Generic Drug Approvals, 2012 - Part 4 29
Table 5: Biosimilars Currently Marketed in India 33
Table 6: Wockhardt’s Product Pipeline 41
Table 7: Lupin’s Product Pipeline 54
Table 8: Glenmark: Novel Drugs Pipeline 63
Table 9: Torrent Pharmaceuticals’ Current Discovery Portfolio 66
Table 10: Dr. Reddy’s Currently Marketed Biosimilars 73
Table 11: GlobalData’s Benchmark Rankings, Top 10 Pharmaceutical Companies in India, 2012 79
Table 12: Top 10 Indian Pharmaceutical Companies’ FM Composite Scores and Overall FM Scores, 2012 82
Table 13: Revenue-Leading Companies’ FM Composite Scores and Overall FM Scores, 2012 83
Table 14: Top Three Revenue Laggards in 2012 85
Table 15: Top Three Revenue Growth Leaders in 2012 86
Table 16: Top Three Revenue Growth Laggards in 2012 89
Table 17: Top Three Operating Income Leaders in 2012 90
Table 18: Top Three Operating Income Laggards in 2012 91
Table 19: Top Three YTY Operating Income Growth Leaders in 2012 93
Table 20: Top Three YTY Operating Income Growth Laggards in 2012 94
Table 21: Top Three Operating Margin Leaders in 2012 95
Table 22: Top Three Operating Margin Laggards in 2012 97
Table 23: Top 10 Indian Pharmaceutical Companies’ Composite and Overall EM Scores, 2012 103
Table 24: Top SGandA Spending Leaders in 2012 104
Table 25: Top SGandA Spending Laggards in 2012 105
Table 26: Top SGandA Spending as a Percentage of Revenue Leaders, 2012 107
Table 27: Top SGandA Spending as a Percentage of Revenue Laggards, 2012 108
Table 28: Top SGandA Spending YTY Change Leaders 110
Table 29: Top SGandA Spending YTY Change Leaders 111
Table 30: Top Operating Expenses as a Percentage of Revenue Leaders 113
Table 31: Top Operating Expenses Laggards as a Percentage of Revenue 114
Table 32: Top 10 Indian Pharmaceutical Companies’ Composite and Overall CM Scores, 2012 118
Table 33: Top Debt-to-Assets Leaders in 2012 119
Table 34: Debt-to-Assets Laggards in 2012 120
Table 35: Cash Ratio Leaders in 2012 122
Table 36: Cash Ratio Laggards in 2012 124
Table 37: Quick Ratio Leaders in 2012 125
Table 38: Quick Ratio Laggards in 2012 126
Table 39: ROI Leaders in 2012 127
Table 40: ROI Laggards in 2012 128
Table 41: Top 10 Indian Pharmaceutical Companies’ Composite and Overall RM Scores, 2012 133
Table 42: Top Three Revenue per Employee Leaders in 2012 134
Table 43: Top Three Revenue per Employee Laggards in 2012 135
Table 44: Top Three Expenditure per Employee Leaders in 2012 137
Table 45: Top Three Expenditure per Revenue Laggards in 2012 138

List of Figures

Figure 1: Value of Pharmaceutical Exports from India, 2002-2012 23
Figure 2: Sun Pharmaceuticals: SWOT Analysis 35
Figure 3: Wockhardt: SWOT Analysis 40
Figure 4: Cipla: SWOT Analysis 44
Figure 5: Ranbaxy: SWOT Analysis 48
Figure 6: Lupin Pharmaceuticals: SWOT Analysis 53
Figure 7: Zydus Cadila: SWOT Analysis 57
Figure 8: Glenmark: SWOT Analysis 61
Figure 9: Torrent Pharma: SWOT Analysis 66
Figure 10: Dr. Reddy’s: SWOT Analysis 71
Figure 11: Aurobindo Pharmaceuticals: SWOT Analysis 76
Figure 12: Competitive Assessment of the Top 10 Pharmaceutical Companies in India, 2012 81
Figure 13: Leading Pharmaceutical Companies in India by Revenue in 2011 and 2012 86
Figure 14: Leading Pharmaceutical Companies in India by YTY Revenue Growth in 2012 89
Figure 15: Leading Pharmaceutical Companies in India by Operating Income ($m), 2011 and 2012 92
Figure 16: Leading Pharmaceutical Companies in India by YTY Operating Income Growth 95
Figure 17: Leading Pharmaceutical Companies in India by Operating Margin in 2011 and 2012 98
Figure 18: Competitive Landscape of the Top 10 Pharmaceutical Companies in India in 2012 - SGandA Expenses as a Percentage of Revenue vs. Operating Expenses as a Percentage of Revenue 101
Figure 19: Leading Pharmaceutical Companies in India by SGandA Spending as a Percentage of Revenue, 2011 and 2012 102
Figure 20: Leading Pharmaceutical Companies in India by SGandA Spending, 2011 and 2012 106
Figure 21: Leading Pharmaceutical Companies in India by SGandA Spending as a Percentage of Revenue, 2012 109
Figure 22: Leading Pharmaceutical Companies in India by SGandA Expenditures YTY Change, 2012 112
Figure 23: Leading Pharmaceutical Companies in India by Operating Expenses as a Percentage of Revenue, 2011 and 2012 115
Figure 24: Competitive Landscape of the Top 10 Players in the Indian Pharmaceutical Industry — Debt Ratio vs. Cash Ratio, 2012 117
Figure 25: Leading Pharmaceutical Companies in India by Debt Ratio, 2011 and 2012 121
Figure 26: Leading Pharmaceutical Companies in India by Cash Ratio, 2011 and 2012 124
Figure 27: Leading Pharmaceutical Companies in India by Quick Ratio, 2011 and 2012 127
Figure 28: Leading Pharmaceutical Companies in India by ROI, 2011 and 2012 129
Figure 29: Global Headcount of the Top 10 Players in the Indian Pharmaceutical Industry 131
Figure 30: Competitive Landscape of the Top 10 Players in the Indian Pharmaceutical Industry 132
Figure 31: Leading Pharmaceutical Companies in India by Revenue per Employee, 2011 and 2012 136
Figure 32: Leading Pharmaceutical Companies in India by Expenditure per Employee, 2012 139
Figure 33: Forecast Growth in the Indian Pharmaceutical Market, 2013-2020 ($bn) 140
Figure 34: Competitive Landscape of the Top 10 Domestic Pharmaceutical Companies in India, 2012 141
Figure 35: Competitive Landscape of the Leading India-based Pharmaceutical Companies in the EMEA Region, 2012 144
Figure 36: Competitive Landscape of the Leading Indian Pharmaceutical Companies in North America, 2012 145
Figure 37: Competitive Landscape of the Leading Indian Pharmaceutical Companies in the ROW, 2012 146
Figure 38: Forecast Growth in the Indian Pharmaceutical Market, 2013-2020 ($bn) 147

ompanies Mentioned

Sun Pharmaceuticals
Wockhardt
Cipla
Ranbaxy
Lupin Pharmaceuticals
Zydus Cadila
Glenmark
Torrent Pharmaceuticals
Dr. Reddy’s
Aurobindo Pharmaceuticals

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