17 May 2016
Sector Update| Healthcare
Healthcare
Performance of top companies:
(April 2016)
Company
MAT Apr 16
3.5
5.2
9.9
2.1
1.0
12.3
(4.4)
(0.9)
(8.6)
2.8
(1.5)
4.5
(0.5)
(3.0)
5.7
3.3
0.0
7.6
7.7
Sector Update
Regulatory factors impacted IPM growth in April-2016
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Lupin
Alkem
GSK Pharma
Pfizer
Dr Reddy Labs
Glenmark
Sanofi
Torrent Pharma
Alembic Pharma
Ipca Labs
Merck
Ajanta Pharma
Biocon
11.5
13.2
10.7
11.3
11.0
18.1
14.7
8.3
3.0
8.5
18.4
20.7
5.8
12.5
16.6
5.1
11.3
10.3
5.1
Indian pharma market (IPM) grew 3.5%YoY to INR82b in April 2016, much
lower than 6.5%YoY reported in April 2016. Growth was largely impacted by
external factors like FDC ban and NLEM list.
Moving annual (MAT) growth for Arpil 2016 stood at 11.5% YoY, primarily
driven by pricing with 4.7%YoY growth. Volume growth was at 4.0% and new
products growth was at 2.8% for MAT April 2016.
Mankind registered 12.3% growth in April 2016, highest among all Indian
companies.
Abbott India reported 9.9%YoY growth, followed by Sun Pharma at 5.2%YoY.
Other companies that delivered positive growth are Glenmark (4.5%), Alembic
Pharma (5.7%), and Pfizer (2.8%).
However, GSK Pharma (-8.6% YoY), Lupin (-4.4%), Torrent Pharma (-3.0%) and
Alkem (-0.9%) showed decline for April 2016.
Neuro/CNS therapy accounts for 6% of the IPM market; it grew 9%YoY in April
2016. Other therapies that outperformed the market growth were Cardiac
(7.4%), Gastro Intestinal (5.0%) and Vitamins (5.4%). Within brands, Lantus
registered the highest growth (36%) in April 2016. Other big brands which
reported growth in excess of 25% were Corex, Januvia, Rosuvas, and
Duphaston.
In value terms, DPCO-listed products grew -2.7% YoY whereas non-DPCO
products registered 4.3% YoY growth.
Volume-wise, DPCO registered unit growth of -3.2% and non-DPCO -6.5%.
Mankind, Sun Pharma and Abbott reported highest growth in Apr-2016
Neuro/CNS led in therapies
DPCO v/s non-DPCO Market (April 16)
Exhibit 1: Volume growth substantially lower in 4QFY16 (Quarterly trend)
Volume Growth (%)
Price Growth (%)
16.9
13.6
1.5
4.6
7.5
2QFY15
10.9
2.5
5.1
3.3
3QFY15
3.3
5.2
8.4
4QFY15
New Product Growth (%)
Total Growth (%)
14.7
3.3
4.8
6.6
1QFY16
11.8
3.0
4.6
4.2
2QFY16
14.7
3.0
5.0
6.7
3QFY16
9.3
2.9
5.0
1.4
4QFY16
Source: AIOCD, MOSL
17 May 2016
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 3982 5584
Amey Chalke
(Amey.Chalke@MotilalOswal.com); +91 22 39825423

Sector Update| Healthcare
Indian Pharma Market - April 2016
Exhibit 2: Performance of top companies: April 2016
Company
MAT Apr-16
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
(INR m) Share (%)
(%)
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Apr-16
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Lupin
Alkem
GSK Pharma
Pfizer
Dr Reddy Labs
Sanofi
Torrent Pharma
Alembic Pharma
Ipca Labs
Merck
Ajanta Pharma
Biocon
988,572
86,683
60,890
49,088
42,009
37,234
34,293
33,765
31,584
28,865
23,729
23,553
22,695
13,788
12,644
6,177
4,789
3,382
100.0
8.8
6.2
5.0
4.2
3.8
3.5
3.4
3.2
2.9
2.4
2.4
2.4
2.3
1.4
1.3
0.6
0.5
0.3
11.5
13.2
10.7
11.3
11.0
18.1
14.7
8.3
3.0
8.5
18.4
20.7
5.8
12.5
16.6
5.1
11.3
10.3
5.1
11.9
9.5
6.9
10.7
12.2
14.4
25.4
15.3
(7.1)
13.9
17.2
18.7
4.7
7.2
13.3
16.0
11.3
44.4
34.1
14.3
10.8
11.4
19.7
12.1
16.8
13.8
15.4
2.4
12.8
18.4
15.6
9.8
12.6
15.3
17.6
15.9
34.9
20.7
11.2
10.5
6.2
10.7
9.8
14.0
14.1
7.2
5.6
23.4
7.6
14.9
14.0
19.8
8.7
11.6
25.8
25.3
5.8
17.0
11.4
18.4
20.5
12.4
20.3
20.5
16.2
6.6
20.3
17.1
24.5
29.0
27.5
14.8
24.7
29.4
15.4
15.7
14.9
20.5
16.3
19.4
13.9
14.1
17.7
11.6
5.1
14.4
21.3
31.6
13.6
28.2
17.7
0.3
24.9
10.3
6.6
12.0
13.9
12.4
8.8
13.1
15.2
19.0
6.4
0.2
13.9
13.5
23.2
13.7
18.6
14.1
2.2
13.7
13.5
0.1
14.8
10.6
13.0
17.8
14.4
23.2
14.3
16.2
13.2
9.6
26.8
23.5
8.0
9.3
24.6
14.8
10.7
10.2
4.8
9.4
13.4
4.1
8.4
8.1
21.8
17.2
6.0
1.1
1.6
21.9
15.4
(3.0)
6.7
14.8
7.3
7.1
8.4
10.3
3.5
5.2
9.9
2.1
1.0
12.3
(4.4)
(0.9)
(8.6)
2.8
(1.5)
4.5
(0.5)
(3.0)
5.7
3.3
0.0
7.6
7.7
Glenmark Pharma 23,726
Source: AIOCD, MOSL
Exhibit 3: Performance of top therapies: April 2016
Therapy
MAT Apr-16
Value
Market Growth
(INR m) Share (%)
(%)
988,572 100.0
11.5
149,049
123,707
116,234
86,846
15.1
12.5
11.8
8.8
7.7
8.2
6.9
6.2
6.1
5.0
0.3
1.7
1.6
6.4
13.3
13.6
8.9
8.9
19.8
10.1
15.1
15.3
10.4
(0.4)
10.9
2.4
Last 8 Quarters in Growth (%)
1M
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Apr-16
11.9
6.9
11.9
13.4
11.5
16.5
19.2
9.8
8.4
21.2
9.1
(47.6)
4.0
35.8
14.3
12.3
12.2
15.7
14.7
15.0
24.1
13.6
10.4
17.4
10.9
(74.0)
9.2
35.9
11.2
5.8
11.6
13.2
12.7
7.3
22.5
9.3
10.6
18.5
9.7
(75.1)
8.2
13.7
17.0
15.6
15.2
18.0
12.7
20.5
27.9
15.1
12.0
19.9
13.2
(78.7)
12.3
22.9
14.9
8.4
15.9
17.1
13.1
15.0
25.9
12.5
16.0
20.7
12.4
(55.9)
12.9
12.4
12.0
2.9
15.5
14.8
10.0
5.0
22.9
10.3
16.9
17.6
12.8
(2.8)
11.1
13.0
14.8
15.6
13.3
16.0
7.6
18.0
21.5
15.0
15.3
14.9
11.3
(4.2)
14.6
6.7
9.4
5.2
12.1
12.6
7.9
6.2
14.8
8.1
14.7
13.6
9.0
5.2
3.5
(3.5)
7.4
5.0
5.4
(6.0)
12.1
0.7
9.0
7.1
4.0
(1.8)
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins
Respiratory
Anti Diabetic
Pain / Analgesics
Neuro / Cns
Derma
Gynaecological
Ophthal
Hormones
Anti-Neoplastics
76,521
80,966
68,079
61,575
60,502
49,734
3,300
16,740
15,403
9.5
2.1
(6.6)
(16.3)
Source: AIOCD, MOSL
17 May 2016
2

Sector Update| Healthcare
Sun Pharma + Ranbaxy
Exhibit 4: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Cardiac
Anti Diabetic
Anti Diabetic
Gynaecological
Neuro / Cns
Gastro Intestinal
Cardiac
Gastro Intestinal
Cardiac
Growth (%)
MAT Apr 16
Value(INR
Gr. (%)
Mkt Sh. (%) 3M* Apr 16
86,683
13.2
100.0
12.2
5.2
2,206
4.5
2.5
17.6
21.2
1,697
29.2
2.0
33.3
28.7
1,582
17.8
1.8
15.4
11.0
1,582
30.5
1.8
22.9
17.5
1,513
20.3
1.7
16.2
10.3
1,495
25.3
1.7
19.3
11.1
1,402
9.5
1.6
4.0
0.9
1,211
15.0
1.4
13.8
1.4
1,198
21.5
1.4
8.4
4.7
1,153
16.3
1.3
8.2
-2.5
Source: AIOCD, MOSL
Sun’s domestic business
grew 5.2%YoY in April 2016,
higher than the market
growth of 3.5%
Sun Pharma Laboratories
Volini
Rosuvas
Gemer
Istamet
Susten
Levipil
Pantocid
Storvas
Pantocid Dsr
Aztor
*3M: Jan-Mar2016
Growth is primarily driven
by Volumes
Exhibit 5: Therapy Mix (%)
Share
100.0
17.2
18.1
12.1
11.8
9.0
7.2
MAT Gr. (%)
13.2
15.6
17.8
16.1
10.0
18.4
10.8
Chronic portfolio grew
faster at 16.4%YoY on
MAT basis
Neuro / Cns
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
*3M: Jan-Mar 2016
3M
12.2
9.8
17.5
9.2
6.1
11.7
11.2
Apr 16 Gr. %
5.2
3.4
10.2
2.2
-3.1
4.8
3.6
Source: AIOCD, MOSL
Exhibit 6: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
17.4
13.0
12.7
25.7
MAT growth (%)
13.2
18.0
27.3
15.9
21.4
Growth Contribution (%)
100.5
22.7
23.9
15.0
38.9
Source: AIOCD, MOSL
Exhibit 7: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
16.4
10.7
Exhibit 8: Growth Distribution (%) (MAT Apr 16)
6.3
3.5
3.5
42.9
ACUTE
33.6
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
3

Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Respiratory
Anti-Infectives
Gastro Intestinal
MAT Mar16
Value(INR m) Gr.(%)
49,088
11.3
1,970
13.5
1,615
20.5
1,373
-2.0
1,331
0.5
1,238
11.8
974
-2.6
937
12.9
816
19.5
785
-4.4
730
25.8
Mkt Sh
100.0
4.0
3.3
2.8
2.7
2.5
2.0
1.9
1.7
1.6
1.5
Growth (%)
3M*
Apr-16
5.6
2.1
5.5
4.6
8.1
8.1
-7.7
-6.8
-9.2
-9.9
7.4
1.6
-4.0
-9.0
-3.0
7.8
9.1
7.5
-8.8
0.0
-1.3
-7.9
Source: AIOCD, MOSL
In April 2016, Cipla grew
2.1%YoY against market
growth of 3.5%
Total
Growth in top three
therapies have come off in
April 2016
Foracort
Budecort
Asthalin
Seroflo
Duolin
Aerocort
Azee
Montair Lc
Novamox
Emeset
Exhibit 10: Therapy Mix (%)
price is key growth driver
for Cipla
Share
100.0
30.2
26.9
11.8
7.8
4.6
3.5
MAT Gr. (%)
11.3
9.9
12.2
4.2
19.3
13.3
13.9
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
3M*
5.6
3.0
8.3
-2.1
13.9
-0.1
1.9
Apr 16 Growth
2.1
-0.9
3.8
-2.4
12.4
-3.0
-2.7
Source: AIOCD, MOSL
Exhibit 11: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.0
16.4
16.2
43.4
MAT growth (%)
11.3
8.7
13.6
12.4
11.6
Growth Contribution (%)
100.0
18.9
19.3
17.6
44.2
Source: AIOCD, MOSL
Exhibit 12: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
13.2
8.8
MAT VAL GR MAR 16 (%)
Exhibit 13: Growth Distribution (%) (MAT Apr 16)
5.5
1.9
Price GR
NP GR
Source: AIOCD, MOSL
25.8
ACUTE
18.3
CHRONIC
Source: AIOCD, MOSL
0.8
Vol GR
17 May 2016
4

Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Drug
Therapy
Derma
Cardiac
Gynaecological
Respiratory
Gastro Intestinal
Anti Malarials
Cardiac
Cardiac
Cardiac
Blood Related
Growth (%)
MAT Mar16
Value(INR m) Gr. (%) Mkt Sh. 3M
Apr-16
42,009
11.0
100.0
5.8
1.0
1,800
-3.0
4.3
1.3
2.1
1,323
13.4
3.1
13.6
11.7
1,292
11.4
3.1
-2.6
-19.6
1,031
16.4
2.5
5.3
-2.8
987
12.7
2.3
25.2
14.7
757
16.9
1.8
0.4
-22.2
741
-0.2
1.8
-13.2 -13.3
712
4.8
1.7
-0.6
-9.0
635
41.9
1.5
25.2
12.1
621
-11.9
1.5
-11.2 -19.3
Source: AIOCD, MOSL
Cadila continued to
underperform the market
growth for April 2016
Zydus + Biochem
Skinlite
Atorva
Mifegest Kit
Deriphyllin
Pantodac
Falcigo
Amlodac
Aten
Clopitorva
Zyrop
Anti-infective and Gastro-
intestinal outperformed the
company growth
Exhibit 15: Therapy Mix (%)
Share
100.0
15.9
14.0
12.5
10.3
9.6
8.8
MAT Gr. (%)
11.0
13.1
19.1
8.6
6.3
16.7
10.0
Cardiac
Anti-Infectives
Gastro Intestinal
Gynaecological
Respiratory
Derma
3M
5.8
11.0
17.5
12.4
-2.7
9.4
8.4
Apr-16 Growth
1.0
6.9
12.0
2.9
-14.8
1.3
7.4
Source: AIOCD, MOSL
Exhibit 16: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
23.6
16.9
14.5
45.0
MAT growth (%)
11.0
8.0
17.5
17.2
8.5
Growth Contribution (%)
100.0
17.5
25.4
21.4
35.6
Source: AIOCD, MOSL
Exhibit 17: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
11.1
MAT VAL GR MAR 16 (%)
Exhibit 18: Growth Distribution (%)(MAT Apr -16)
10.9
25.4
ACUTE
12.4
CHRONIC
Source: AIOCD, MOSL
0.8
Vol GR
5.5
1.9
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
5

Sector Update| Healthcare
GSK Pharma
Exhibit 19: Top 10 Drugs
GSK pharma declined 9% in
Apr 16
Drug
Total
Therapy
Anti-Infectives
Vaccines
Pain / Analgesics
Derma
Gastro Intestinal
Derma
Hormones
Vaccines
Anti-Infectives
Hormones
Apart from Vaccines all
other therapies have
showed disappointed
growth
Augmentin
Synflorix
Calpol
Betnovate C
Zinetac
Betnovate N
Eltroxin
Rotarix
Ceftum
Betnesol
Growth (%)
MAT Apr 16
Value(INRm) Gr. (%) Mkt Sh.
3M Apr-16
31,584
3.0
100.0
-3.9
-8.6
3,141
-3.4
9.9
-14.0 -12.9
1,972
25.3
6.2
20.7
13.1
1,755
11.0
5.6
5.2
6.9
1,592
31.9
5.0
3.0
-25.9
1,550
2.4
4.9
0.4
-2.4
1,542
27.5
4.9
20.8
0.0
1,328
12.6
4.2
4.3
-7.3
1,294
63.7
4.1
40.4
55.8
1,270
1.9
4.0
-1.7
-1.3
1,172
30.9
3.7
-12.3 -22.2
Source: AIOCD, MOSL
Exhibit 20: Therapy Mix (%)
Share
100.0
23.9
19.9
14.3
9.3
8.2
7.4
MAT Gr. (%)
3.0
-3.9
2.6
22.9
9.2
20.8
5.0
Chronic portfolio is growing
at 9.6% YoY on MAT basis
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
3M
-3.9
-5.2
-16.3
31.8
3.2
-3.8
-3.9
Apr 16 Growth
-8.6
-6.7
-29.4
35.6
-1.9
-14.7
-2.1
Source: AIOCD, MOSL
Exhibit 21: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
52.6
19.5
14.2
13.7
MAT growth (%)
3.0
15.0
3.3
-0.8
-24.6
Growth Contribution (%)
100.0
235.4
21.4
-3.8
-152.9
Source: AIOCD, MOSL
Exhibit 22: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
Exhibit 23: Growth Distribution (%) (MAT Apr 16)
9.6
5.5
2.0
26.7
ACUTE
3.9
CHRONIC
Source: AIOCD, MOSL
0.8
Vol GR
Price GR
1.9
NP GR
Source: AIOCD, MOSL
17 May 2016
6

Sector Update| Healthcare
Lupin
Exhibit 24: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Cardiac
Respiratory
Gastro Intestinal
Respiratory
Cardiac
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Respiratory
Growth (%)
MAT Apr 16
Value(INRm Gr. (%) Mkt Sh. 3M Apr 16
34,293
14.7
100.0 10.1
-4.4
1,450
17.6
4.2
15.9
3.2
1,002
6.5
2.9
6.2
-3.8
866
22.3
2.5
15.7
6.4
560
16.9
1.6
14.2
5.0
545
22.1
1.6
1.4
0.0
530
4.2
1.5
4.4
-6.3
519
13.4
1.5
7.3
-5.2
490
-1.8
1.4
-4.6
-16.8
428
9.1
1.2
5.8
-14.6
426
10.6
1.2
2.1
0.1
Source: AIOCD, MOSL
Lupin reported -4.4% YoY
decline in Apr-2016, much
lower than the market
growth of 3.5%
Lupin Ltd
Gluconorm-G
Tonact
Budamate
Rablet-D
Esiflo
Ramistar
Rablet
R-Cinex
Tazar
Telekast-L
Chronic portfolio grew
18%YoY on MAT basis
Exhibit 25: Therapy Mix (%)
Share
100.0
25.1
21.3
12.2
11.0
7.9
5.6
MAT Gr. (%)
14.7
16.8
4.9
19.5
21.3
16.9
7.4
Volumes are the key growth
driver for Lupin
Cardiac
Anti-Infectives
Respiratory
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
3M
10.1
12.4
1.1
10.0
19.9
11.7
-3.2
Apr 16 Growth
-4.4
-2.6
-13.9
-0.2
6.1
-3.3
-15.8
Source: AIOCD, MOSL
Exhibit 26: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
19.9
16.0
17.0
47.1
MAT growth (%)
14.7
12.7
11.0
13.3
17.5
Growth Contribution (%)
100.0
17.4
12.3
15.6
54.7
Source: AIOCD, MOSL
Exhibit 27: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
18.4
11.4
Exhibit 28: Growth Distribution (%) (MAT Apr 16)
7.1
4.4
3.2
NP GR
Source: AIOCD, MOSL
15.7
ACUTE
14.2
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
17 May 2016
7

Sector Update| Healthcare
Alkem
Exhibit 29: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Growth (%)
MAT Apr 16
Value(INR) Gr (%) Mkt.Sh. 3M
Apr 16
33,765
8.3
100.0 2.1
-0.9
2,395
5.8
7.1
-0.1
-2.4
1,966
12.9
5.8 17.0
9.8
1,897
6.9
5.6
-0.4
-0.7
1,598
11.8
4.7 12.6
12.3
1,495
-18.9
4.4 -31.7 -28.4
908
4.2
2.7
-4.8
-2.6
846
2.4
2.5
-3.4
-4.8
823
9.3
2.4
3.1
6.5
797
16.2
2.4 14.6
5.8
777
-4.7
2.3
-9.0
-5.8
Source: AIOCD, MOSL
Alkem declined 0.9% for
April, grew 2% for 3M and
8% on MAT basis
Total
Clavam
Pan
Taxim O
Pan D
Taxim
Xone
Gemcal
Ondem
A To Z Ns
Sumo
In Apr 16, GI, CNS and
Derma has outperformed
the company growth
Exhibit 30: Therapy Mix (%)
Share
100.0
42.7
16.6
13.3
7.2
4.5
3.4
MAT Gr. (%)
8.3
3.8
11.3
10.0
5.7
24.8
18.7
Price is primary growth
drivers for MAT growth
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Derma
3M
2.1
-5.6
11.3
4.9
-1.0
30.9
11.5
Apr 16 Growth
-0.9
-7.9
8.5
-0.7
-1.5
27.4
3.5
Source: AIOCD, MOSL
Exhibit 31: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
40.0
18.0
12.2
29.9
MAT growth (%)
8.3
3.8
11.3
11.5
11.4
Growth Contribution (%)
100.0
19.4
24.0
16.5
40.1
Source: AIOCD, MOSL
Exhibit 32: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
21.2
Exhibit 33: Growth Distribution (%)(MAT Apr 16)
5.5
6.9
28.3
ACUTE
2.9
CHRONIC
Source: AIOCD, MOSL
0.8
Vol GR
Price GR
1.9
NP GR
Source: AIOCD, MOSL
17 May 2016
8

Sector Update| Healthcare
Sanofi India
Exhibit 34: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Pain / Analgesics
Respiratory
Cardiac
Cardiac
Gastro Intestinal
Anti Diabetic
Neuro / Cns
Vaccines
Respiratory
Growth
MAT Apr 16
Value(INR Gr. (%)
3M Apr-
Mkt Share (%)
23,553
5.8
100.0
-0.6 -0.5
2,804
24.1
11.9
37.4 36.2
1,384 -13.4
5.9
-58.0 -71.2
1,251
11.8
5.3
9.3 10.6
1,159
4.1
4.9
-1.0 6.1
1,048
1.9
4.4
21.1 19.0
944
35.4
4.0
52.1 47.7
936
11.6
4.0
19.1 18.9
891
8.5
3.8
14.9 10.5
886
98.9
3.8
-18.4 -6.7
721
27.3
3.1
21.7 21.7
Source: AIOCD, MOSL
Sanofi portfolio declined
0.5%YoY in April 2016
Top 10 brands accounts for
120% of growth for Sanofi
Sanofi India
Lantus
Combiflam
Allegra
Clexane
Cardace
Enterogermina
Amaryl M
Frisium
Vaxigrip
Avil
Exhibit 35: Therapy Mix (%)
Share
100.0
24.1
19.9
10.7
9.6
9.4
8.9
MAT Growth
5.8
17.8
13.0
-24.9
17.0
7.5
-8.9
3M
-0.6
30.1
18.1
-58.3
11.7
14.7
-42.3
Apr-16 Growth
-0.5
27.6
16.1
-48.1
11.1
8.7
-54.0
Source: AIOCD, MOSL
Price growth has been the
primary growth driver for
Sanofi
Anti Diabetic
Cardiac
Vaccines
Respiratory
Neuro / Cns
Pain / Analgesics
Exhibit 36: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
51.0
25.8
14.1
9.0
MAT growth (%)
5.8
14.7
-13.6
17.5
11.0
Growth Contribution (%)
100.0
119.5
-74.5
38.5
16.5
Source: AIOCD, MOSL
Exhibit 37: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
14.1
Exhibit 38: Growth Distribution (%)(MAT Apr 16)
3.3
(2.4)
11.2
ACUTE
11.0
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
1.7
0.8
NP GR
Source: AIOCD, MOSL
17 May 2016
9

Sector Update| Healthcare
Torrent Pharma
Exhibit 39: Top 10 Drugs
.
Torrent registered -3%YoY
growth in April 2016,
affected by significant
slowdown in key brands
Drug
Therapy
Torrent Pharmaceuticals
Vitamins / Minerals /
Shelcal
Chymoral Forte
Pain / Analgesics
Nikoran
Cardiac
Dilzem
Cardiac
Nebicard
Cardiac
Azulix-Mf
Anti Diabetic
Nexpro Rd
Gastro Intestinal
Nexpro
Gastro Intestinal
Vitamins / Minerals /
Shelcal Ct
Alprax
Neuro / Cns
Growth (%)
MAT Apr 16
ValueINRm Gr. (%) Mkt.Sh. 3M Apr-16
22,695
12.5
100.0
2.9
-3.0
1,884
17.0
8.3
-11.4
-19.0
1,126
25.2
5.0
-7.6
-0.5
842
10.6
3.7
9.6
6.7
629
1.8
2.8
1.4
-6.7
613
20.2
2.7
17.1
6.9
568
20.3
2.5
14.2
9.5
529
7.5
2.3
6.8
5.9
474
4.9
2.1
-3.3
-7.0
417
55.7
1.8
74.1
65.7
393
9.8
1.7
4.6
-4.1
Source: AIOCD, MOSL
Torrent growth has slowed
down due to change in
strategy of bonus sales
Exhibit 40: Therapy Mix (%)
Share
100.0
29.2
16.3
15.5
14.7
7.8
5.9
MAT Gr. (%)
12.5
11.6
13.0
25.8
6.9
29.7
16.6
Volume and Price hike are
key growth drivers for
Torrent pharma
Cardiac
Neuro / Cns
Vitamins / Minerals / Nutrients
Gastro Intestinal
Pain / Analgesics
Anti Diabetic
3M
2.9
4.5
7.5
8.9
-0.1
4.8
9.5
Apr 16 Growth
-3.0
-1.8
-0.1
0.5
-5.7
6.2
4.1
Source: AIOCD, MOSL
Exhibit 41: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
32.9
18.0
16.4
32.6
MAT growth (%)
12.5
16.1
11.1
9.3
11.5
Growth Contribution (%)
100.0
41.1
16.2
12.5
30.2
Source: AIOCD, MOSL
Exhibit 42: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
12.9
Exhibit 43: Growth Distribution (%) (MAT Apr 16)
12.1
10.0
ACUTE
10.2
CHRONIC
Source: AIOCD, MOSL
5.8
5.1
1.6
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
10

Sector Update| Healthcare
Glenmark Pharma
Exhibit 44: Top 10 Drugs
Drug
Therapy
Cardiac
Cardiac
Respiratory
Derma
Derma
Cardiac
Anti Diabetic
Respiratory
Anti Diabetic
Derma
Growth (%)
MAT Apr 16
ValueINRm Gr. (%) Mkt Sh. (%) 3M
Apr 16
23,726
20.7
100.0
11.2
4.5
1,779
22.3
7.5
17.6
-6.1
1,398
20.1
5.9
19.6
21.0
1,050
9.3
4.4
-4.7
8.6
910
45.0
3.8
53.1
83.0
908
12.4
3.8
17.7
13.1
760
35.6
3.2
31.5
29.0
537
-12.8
2.3
-86.5
-94.0
502
37.5
2.1
11.8
14.5
437
0.3
1.8
-49.7
-57.2
367
64.0
1.5
57.6
37.3
Source: AIOCD, MOSL
Glenmark continues to
outperform market growth
for Apr 16, 3M and on
MAT basis
Glenmark Pharmaceuticals
Telma
Telma H
Ascoril Plus
Candid
Candid-B
Telma Am
Zitamet
Ascoril Ls
Zita(Glenmark)
Onabet
Volume growth is key driver
for Glenmark
Exhibit 45: Therapy Mix (%)
Share
100.0
28.8
22.8
15.4
13.2
8.6
2.7
MAT Gr.(%)
20.7
23.5
21.3
20.1
10.3
30.1
41.3
Top 10 brands account for
35% of MAT growth for
Glenmark
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Vitamins / Minerals / Nutrients
3M
11.2
23.8
17.5
2.7
-7.0
-5.4
36.8
Apr 16 Growth
4.5
16.7
7.4
-0.2
-15.5
-8.9
28.3
Source: AIOCD, MOSL
Exhibit 46: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
36.4
17.9
17.2
28.4
MAT growth (%)
20.7
19.9
19.2
24.7
20.5
Growth Contribution (%)
100.0
35.2
16.8
19.9
28.1
Source: AIOCD, MOSL
Exhibit 47: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
24.0
18.8
Exhibit 48: Growth Distribution (%)(MAT Apr 16)
8.6
5.3
12.4
ACUTE
7.2
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
6.8
NP GR
Source: AIOCD, MOSL
17 May 2016
11

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 49: Top 10 Drugs
Drug
Therapy
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Cardiac
Pain / Analgesics
Anti-Neoplastics
Derma
Cardiac
Anti-Neoplastics
Growth (%)
MAT Apr 16
Value INRm Gr. (%) Mkt Sh.
3M
Apr-16
23,729
18.4
100.0
11.9
-1.5
1,326
32.1
5.6
12.7
0.4
985
29.2
4.1
27.1
4.0
731
30.4
3.1
26.1
3.5
702
53.7
3.0
61.3
41.5
684
18.5
2.9
13.0
-3.9
641
-2.7
2.7
-7.9
-9.5
625
113.0
2.6
32.6
-8.9
560
12.9
2.4
3.0
-19.0
477
-2.1
2.0
-8.1
0.6
471
2.7
2.0
-18.7
-29.4
Source: AIOCD, MOSL
Dr Reddy’s Labs grew -1.5%
YoY in April 2016
Total
Some of the key Anti-
neoplastic brands (Razo D,
Grafeel) are reporting
superior growth for Dr
Reddy’s Lab
Omez
Omez D
Econorm
Razo D
Stamlo
Nise
Grafeel
Mintop
Stamlo Beta
Reditux
Exhibit 50: Therapy Mix (%)
Share
100.0
22.8
14.8
10.8
8.5
7.9
6.8
MAT Gr. (%)
18.4
25.1
15.3
26.1
8.8
15.3
9.1
Gastro Intestinal
Cardiac
Anti-Neoplastics
Respiratory
Anti-Infectives
Pain / Analgesics
3M
11.9
19.2
10.4
5.4
2.2
5.7
4.7
Apr 16 Growth
-1.5
1.3
-3.5
-15.5
-9.9
4.1
-6.9
Source: AIOCD, MOSL
Volume and Price are
contributing equally to
overall growth
Exhibit 51: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
30.4
21.4
15.7
32.5
MAT growth (%)
18.4
25.2
14.8
18.8
14.9
Growth Contribution (%)
100.0
39.2
17.7
16.0
27.1
Source: AIOCD, MOSL
Exhibit 52: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
19.4
MAT VAL GR MAR 16 (%)
Exhibit 53: Growth Distribution (%) (MAT Apr 16)
16.3
10.2
5.7
13.9
ACUTE
6.1
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
2.5
NP GR
Source: AIOCD, MOSL
17 May 2016
12

Sector Update| Healthcare
IPCA labs
Exhibit 54: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti Malarials
Anti Diabetic
Anti Malarials
Anti-Neoplastics
Pain / Analgesics
Anti Malarials
MAT Apr 16
Value(INR m) Gr. (%)
12,644
5.1
927
37.9
750
27.3
631
7.2
463
8.0
405
-0.4
351
11.2
327
-12.3
318
7.5
277
7.4
258
-20.4
Growth (%)
Mkt.Sh.
3M
Apr 16
100.0
5.3
3.3
7.3
32.4
15.7
5.9
36.9
51.6
5.0
4.6
-0.9
3.7
-6.8
19.0
3.2
-14.0
-12.7
2.8
28.1
34.5
2.6
-17.5
-21.7
2.5
12.8
-1.6
2.2
15.5
27.0
2.0
-8.5
-4.3
Source: AIOCD, MOSL
MAT growth stood at
5% YoY
Ipca Laboratories Pvt Ltd.
Zerodol Sp
Zerodol P
Hcqs
Larinate
Rapither-Ab
Glycinorm M
Lariago
Folitrax
Zerodol
Lumerax
Top 10 brands are
contributing 75% to
MAT growth
Exhibit 55: Therapy Mix (%)
Share
100.0
26.1
19.1
17.1
8.2
6.0
5.3
MAT Gr. (%)
5.1
19.9
-3.3
7.8
5.9
-12.6
4.8
Price growth is the key
growth drivers for IPCA
Pain / Analgesics
Anti Malarials
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
3M
5.3
23.7
-7.5
11.2
7.2
-18.1
15.1
Apr 16 Growth
3.3
20.9
-7.1
3.9
5.8
-13.9
15.3
Source: AIOCD, MOSL
Exhibit 56: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.2
21.9
17.8
23.1
MAT growth (%)
5.1
10.7
8.2
1.3
-2.7
Growth Contribution (%)
100.0
74.5
34.1
4.7
-13.2
Source: AIOCD, MOSL
Exhibit 57: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
5.1
MAT VAL GR MAR 16 (%)
Exhibit 58: Growth Distribution (%) (MAT Apr 16)
3.8
5.0
1.5
8.7
ACUTE
3.3
CHRONIC
Source: AIOCD, MOSL
-0.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
13

Sector Update| Healthcare
Alembic Pharma
Exhibit 59: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Anti-Infectives
Anti-Infectives
Gynaecological
Respiratory
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Gastro Intestinal
Growth (%)
MAT Apr 16
Value(INR Gr. (%) Mkt Sh.
3M
Apr 16
13,788
16.6
100.0
9.1
5.7
1,393
6.9
10.1
-10.4 -17.2
803
-14.4
5.8
-17.1 -15.1
578
9.1
4.2
-4.2
-6.6
544
30.3
3.9
21.5
22.1
394
5.7
2.9
8.8
-0.9
350
19.8
2.5
-3.8
-12.6
317
21.4
2.3
15.4
11.4
247
2.7
1.8
-16.3 -25.4
244
21.8
1.8
17.5
10.4
243
10.7
1.8
6.5
-0.2
Source: AIOCD, MOSL
Alembic Pharma grew
5.7%YoY in April 2016
Total
Cardiac, Vitamins and
Gynaec therapies grew in
excess of 20% in April 2016
Azithral
Althrocin
Roxid
Gestofit
Wikoryl
Ulgel
Rekool D
Zeet
Rekool
Rekool L
Exhibit 60: Therapy Mix (%)
Share
100.0
24.1
13.9
13.7
13.0
10.6
6.3
MAT Gr. (%)
16.6
-1.1
16.0
42.8
14.3
30.5
18.6
Volume growth is key
growth driver for Alembic
Pharma
Anti-Infectives
Gastro Intestinal
Cardiac
Respiratory
Gynaecological
Vitamins / Minerals / Nutrients
3M
9.1
-10.6
7.6
29.8
-2.4
24.5
34.1
Apr 16 Growth
5.7
-14.0
2.8
23.3
-11.8
23.5
29.6
Source: AIOCD, MOSL
Exhibit 61: Brand wise growth distribution
.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
37.1
19.0
17.1
26.8
MAT growth (%)
16.6
7.1
31.3
22.0
18.3
Growth Contribution (%)
100.0
17.2
31.9
21.7
29.2
Source: AIOCD, MOSL
Exhibit 62: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
40.0
Exhibit 63: Growth Distribution (%)(MAT Apr 16)
8.1
11.5
9.7
ACUTE
2.1
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
5.1
3.4
17 May 2016
14

Sector Update| Healthcare
Biocon
Exhibit 64: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Anti Diabetic
Blood Related
Anti-Neoplastics
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
MAT Apr 16
Value(INR m) Gr. (%)
3,382
5.1
873
9.4
564
23.1
202
66.2
188
49.1
178
-17.8
168
13.9
163
-24.3
91
7.8
85
-5.6
71
82.4
Growth (%)
Mkt Sh.
3M
Apr-16
100.0
11.1
7.7
25.8
9.0
12.9
16.7
13.0
8.0
6.0
24.8
29.0
5.6
11.0
37.5
5.3
-15.5
-28.4
5.0
8.3
1.6
4.8
37.2
74.5
2.7
871.4
782.1
2.5
-23.5
-34.4
2.1
48.8
2.9
Source: AIOCD, MOSL
Overall company growth at
7.7% YoY in April 2016
Total
Abraxane and Biomab Egfr,
growing in excess of 50% in
April 2016
Insugen
Basalog
Erypro
Canmab
Blisto Mf
Insugen R
Abraxane
Biomab Egfr
Insugen N
Psorid
Exhibit 65: Therapy Mix (%)
Share
100.0
59.6
21.5
6.0
5.3
2.7
2.4
MAT Gr. (%)
5.1
6.4
10.7
67.4
-37.3
2.4
-15.2
Top 10 products are key
growth drivers for Biocon
Anti Diabetic
Anti-Neoplastics
Blood Related
Cardiac
Derma
Anti-Infectives
3M
11.1
3.0
52.7
25.9
-22.8
-2.5
-5.7
Apr 16 Growth
7.7
0.3
44.7
31.0
-23.0
-5.8
-3.1
Source: AIOCD, MOSL
Exhibit 66: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
76.4
13.7
7.9
2.1
MAT growth (%)
5.1
12.5
-0.4
-19.7
-44.5
Growth Contribution (%)
100.0
175.4
-1.2
-39.8
-34.4
Source: AIOCD, MOSL
Exhibit 67: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
7.8
4.0
MAT VAL GR MAR 16 (%)
Exhibit 68: Growth Distribution (%) (MAT Apr 16)
2.9
1.7
0.9
ACUTE
2.3
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
0.5
NP GR
Source: AIOCD, MOSL
17 May 2016
15

Sector Update| Healthcare
Abbott India
Exhibit 69: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Respiratory
Hormones
Gynaecological
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Gastro Intestinal
Anti Diabetic
Gastro Intestinal
MAT Apr 16
Value(INR m) Gr. (%)
60,890
10.7
4,448
9.1
2,440
5.7
1,802
16.0
1,683
2.2
1,279
34.7
1,208
6.6
1,162
-12.4
1,129
6.1
837
-10.2
812
21.4
Growth (%)
Mkt Sh. 3M
Apr 16
100.0
6.8
9.9
7.3
-6.7
-5.1
4.0
-16.9
-21.2
3.0
17.3
8.7
2.8
7.8
25.3
2.1
19.2
21.0
2.0
8.5
25.5
1.9
15.2
27.7
1.9
12.7
9.6
1.4
-13.7
-13.4
1.3
21.6
22.3
Source: AIOCD, MOSL
Abbott grew 9.9% for April,
7% for 3M and 10.7% on
MAT basis
Total
Mixtard
Phensedyl Cough Linctus
Thyronorm
Duphaston
Vertin
Udiliv
Novomix
Duphalac
Actrapid
Stemetil
In Apr 2016, Gastro
Intestinal grew 17.7%YoY
Exhibit 70: Therapy Mix (%)
Share
100.0
19.0
15.8
10.8
10.1
9.7
8.8
MAT Gr. (%)
10.7
10.9
14.7
8.6
11.9
12.2
8.5
Acute segment is growing at
11% for Abbott
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Anti-Infectives
Cardiac
3M
6.8
5.1
13.4
3.7
11.0
-1.0
13.0
Apr 16 Growth
9.9
8.3
17.7
4.0
12.2
1.3
15.2
Source: AIOCD, MOSL
Exhibit 71: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.6
16.1
15.3
41.0
MAT growth (%)
10.7
7.3
17.4
16.1
8.8
Growth Contribution (%)
100.0
19.3
24.5
22.0
34.1
Source: AIOCD, MOSL
Exhibit 72: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
Exhibit 73: Growth Distribution (%) (MAT Apr 16)
11.0
3.8
4.0
1.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
10.3
32.9
ACUTE
22.1
CHRONIC
Source: AIOCD, MOSL
17 May 2016
16

Sector Update| Healthcare
Mankind
Exhibit 74: Top 10 Drugs
Drug
Therapy
Growth (%)
MAT Apr 16
Value(INR m) Gr. (%) Mkt Sh. (%) 3M
Apr-16
37,234
18.1
100.0
16.9
12.3
1,792
-2.1
4.8
-10.8
-4.2
1,673
-0.5
4.5
-2.9
-6.4
1,164
38.5
3.1
48.5
26.5
646
26.4
1.7
23.9
23.5
639
19.6
1.7
25.6
18.8
617
39.6
1.7
39.5
40.1
585
8.9
1.6
0.3
0.7
549
101.2
1.5
51.8
46.2
476
1.8
1.3
1.4
-5.1
448
14.2
1.2
17.8
12.7
Source: AIOCD, MOSL
Mankind grew 12.3% for
April, 16.9% for 3M and
18.1% on MAT basis
Mankind Pharmaceuticals
Sex Stimulants /
Manforce
Moxikind Cv
Anti-Infectives
Unwanted Kit
Gynaecological
Prega News
Others
Amlokind-At
Cardiac
Glimestar M
Anti Diabetic
Gudcef
Anti-Infectives
Candiforce
Anti-Infectives
Zenflox Oz
Gastro Intestinal
Vomikind
Gastro Intestinal
In Mar 2016, Vitamins,
Cardiac and Gynac
portfolios grew in excess
of 15%
Exhibit 75: Therapy Mix (%)
Share
100.0
23.7
14.3
10.9
8.6
6.4
6.2
MAT Gr. (%)
18.1
7.6
33.6
17.7
27.5
15.4
20.3
Price and volumes are
primary growth drivers
for Mankind
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Cardiac
Respiratory
Gynaecological
3M
16.9
1.9
33.9
18.2
32.4
7.4
28.0
Apr 16 Growth
12.3
-1.4
26.6
11.0
24.2
3.9
16.1
Source: AIOCD, MOSL
Exhibit 76: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
23.1
15.5
15.0
46.4
MAT growth (%)
18.1
14.4
13.1
21.3
20.8
Growth Contribution (%)
100.0
18.9
11.7
17.2
52.1
Source: AIOCD, MOSL
Exhibit 77: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
17.1
MAT VAL GR MAR 16 (%)
21.4
Exhibit 78: Growth Distribution (%) (MAT Apr 16)
6.6
7.3
4.1
24.4
ACUTE
7.2
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
17

Sector Update| Healthcare
Ajanta Pharma
Exhibit 79: Top 10 Drugs
Drug
Therapy
MAT Apr 16
Value(INR m)
(
4,789
)
457
437
353
151
136
135
121
89
82
81
Gr.(%)
10.3
-4.4
2.9
15.7
26.2
19.8
29.0
4.8
32.6
191.2
13.1
Mkt Sh. (%)
100.0
9.5
9.1
7.4
3.2
2.8
2.8
2.5
1.9
1.7
1.7
Growth
3M (%) Apr 16
8.6
1.1
7.0
6.3
28.9
35.8
32.0
8.2
16.5
111.6
25.9
7.6
5.8
-14.4
3.9
10.0
35.2
47.0
30.0
24.1
91.7
30.3
Ajanta grew 7.6% for
April,8.6% for 3M and
10.3% on
MAT basis
Total
Met Xl
Melacare
Atorfit Cv
Soft Drops
Feburic
Rosufit Cv
Met Xl Am
Cinod
Rosutor Gold
Olopat
Cardiac
Derma
Cardiac
Ophthal
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Cardiac
Ophthal
In Apr2016, Ophthal
declined 5.4% YoY
Source: AIOCD, MOSL
Exhibit 80: Therapy Mix (%)
Share
100.0
33.7
22.7
22.4
6.0
5.0
2.6
MAT Gr. (%)
10.3
14.1
12.5
1.2
11.7
8.6
-10.8
Price and New product
introductions are key
growth drivers
Cardiac
Derma
Ophthal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Gastro Intestinal
3M
8.6
12.7
11.4
0.9
-5.7
9.6
-17.5
Apr 16 Growth
7.6
17.6
10.9
-5.4
-2.0
7.0
-34.6
Source: AIOCD, MOSL
Exhibit 81: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
42.6
17.6
17.1
22.7
MAT growth (%)
10.3
11.7
3.3
16.0
9.5
Growth Contribution (%)
100.0
47.8
6.0
25.2
21.1
Source: AIOCD, MOSL
Exhibit 82: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
10.3
Exhibit 83: Growth Distribution (%) (MAT Apr 16)
5.7
10.3
2.2
ACUTE
2.1
CHRONIC
Source: AIOCD, MOSL
-0.6
Vol GR
Price GR
5.3
NP GR
Source: AIOCD, MOSL
17 May 2016
18

Sector Update| Healthcare
Merck
Exhibit 84: Top 10 Drugs
Drug
Therapy
Vitamins
Gynaecological
Vitamins
Gynaecological
Vitamins
Cardiac
Vitamins
Others
Vitamins
Derma
Growth (%)
MAT Apr 16
Value(INR m) Gr.(%) Mkt Sh.(%) 3M Apr 16
6,177
11.3
100.0
3.0 0.0
678
15.9
11.0
-0.3 -7.9
425
32.2
6.9
16.6 16.6
406
23.2
6.6
41.3 58.0
313
19.5
5.1
28.7 26.4
-
302
-4.3
4.9
-14.1
289
8.9
4.7
15.8 14.4
-
288
5.0
4.7
-25.3
262
17.4
4.2
19.9 13.7
262
29.8
4.2
23.7 5.1
257
6.1
4.2
1.9 -37.6
Source: AIOCD, MOSL
Merck remained flat for
April, grew 3% for 3M and
11.3% on MAT basis
Merck Ltd
Neurobion Forte
Livogen
Polybion
Livogen Z
Polybion Sf
Concor
Polybion Lc
Evion Lc
Neurobion Forte Rf
Clobetamil G
In Apr 2016, Derma
portfolio declined in double
digits
Exhibit 85: Therapy Mix (%)
Share
100.0
42.3
19.3
15.3
6.3
4.2
3.8
MAT Gr. (%)
11.3
12.9
8.5
12.1
10.3
17.3
6.0
Volume is primary growth
driver for MAT growth
Vitamins / Minerals / Nutrients
Gynaecological
Cardiac
Derma
Others
Anti Diabetic
3M
3.0
3.6
-4.8
7.7
8.7
19.9
-4.2
Apr 16 Growth
0.0
1.5
-2.5
4.9
-22.3
13.7
-1.0
Source: AIOCD, MOSL
Exhibit 86: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
56.4
25.1
14.5
4.1
MAT growth (%)
11.3
15.3
6.2
13.1
-10.9
Growth Contribution (%)
100.0
73.9
14.4
16.6
-4.9
Source: AIOCD, MOSL
Exhibit 87: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
11.6
MAT VAL GR MAR 16 (%)
Exhibit 88: Growth Distribution (%) (MAT Apr 16)
9.8
5.2
4.3
1.7
4.4
ACUTE
1.1
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
17 May 2016
19

Sector Update| Healthcare
Pfizer
Exhibit 89: Top 10 Drugs
Drug
Therapy
Respiratory
Vitamins / Minerals / Nutrients
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Cardiac
Gastro Intestinal
Hormones
Blood Related
Anti-Infectives
MAT Apr 16
Value(INR m) Gr. (%)
28,865
8.5
3,170
37.1
2,241
-10.1
1,410
3.3
1,365
4.5
1,255
3.3
1,255
-10.7
1,047
20.3
966
9.1
790
25.0
741
3.5
Growth (%)
Mkt Sh.
3M Apr 16
100.0
3.8
2.8
11.0
20.2
28.5
7.8
-16.9 -19.7
4.9
-21.8 -34.7
4.7
-4.9
-8.2
4.3
4.5
-3.2
4.3
1.9
41.7
3.6
16.5
14.0
3.3
-3.8
4.4
2.7
15.9
14.2
2.6
6.8
-0.1
Source: AIOCD, MOSL
Pfizer grew 2.8%YoY in
April 2016
Pfizer + Wyeth
Corex
Becosules
Magnex
Gelusil Mps
Dolonex
Minipress Xl
Mucaine
Wysolone
Folvite
Dalacin C
In Apr 2016, Vitamins
declined 17%YoY
Exhibit 90: Therapy Mix (%)
Share
100.0
16.3
13.8
10.5
10.0
8.8
7.7
MAT Gr. (%)
8.5
5.2
31.7
9.1
-6.5
6.7
17.5
Price is primary growth
driver for Pfizer
Anti-Infectives
Respiratory
Gastro Intestinal
Vitamins / Minerals / Nutrients
Hormones
Gynaecological
3M
3.8
-6.4
17.3
4.4
-14.4
5.7
13.0
Apr 16 Growth
2.8
-16.7
24.4
0.5
-17.3
5.0
12.7
Source: AIOCD, MOSL
Exhibit 91: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
49.3
24.7
14.6
11.3
MAT growth (%)
8.5
7.9
11.3
14.2
-0.7
Growth Contribution (%)
100.0
45.9
31.9
23.1
-0.9
Source: AIOCD, MOSL
Exhibit 92: Acute v/s Chronic (MAT growth)
MAT VAL MAR 16 (INR b)
MAT VAL GR MAR 16 (%)
Exhibit 93: Growth Distribution (%)(MAT Apr 16)
9.5
6.5
3.5
22.2
ACUTE
4.4
CHRONIC
Source: AIOCD, MOSL
1.8
Vol GR
Price GR
0.3
NP GR
Source: AIOCD, MOSL
17 May 2016
20

HEALTHCARE
GALLERY
HEALTHCARE MONTHLY
HEALTHCARE MONTHLY
SECTOR UPDATES

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17 May 2016
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