13 October 2015
Sector Update| Healthcare
Healthcare
Performance of top companies:
September 2015
Company
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
GSK Pharma
Lupin
Sanofi
Torrent
Glenmark
Dr Reddy Labs
Ipca Labs
Alembic
Biocon
2QFY16
(%)
Sep’15
Sector Update
Indian pharma: Volume growth comes off in Sep’15
Indian pharma market (IPM) grew 9.9% YoY to INR86b in September 2015,
which was lower than the preceding two months owing to lower volumes—
resulting in 11.7% YoY growth for the July-September 2015 period.
IPM moving annual (MAT) growth for September 2015 stood at 13.7% YoY,
driven by 6.2% YoY volume growth, pricing growth (4.7%) and new product
growth (2.8%) in September 2015.
Benefitted by growth in Elder portfolio, Torrent Pharma reported highest
growth in September (16%YoY), followed by Glenmark (13.1% YoY), Sanofi
(13.5%YoY), Cadila (12.6%YoY) and Lupin (12.4% YoY).
Glenmark continues to benefit from anti-diabetic brands (up 57% YoY) and
Sanofi from Cardiac portfolio (22% YoY).
GSK (2.6% YoY), Cipla (4.5%), Alkem (5.4%) and IPCA (3.6%) significantly
underperformed the market.
Anti-diabetic therapy accounts for 8% of the IPM market; it grew 18.1%YoY in
September 2015. Other therapies that outperformed the market were cardiac
(11.8%), gastro-intestinal (12.8%), neuro/CNS (15.2%), derma (12.9%) and
gynecology (13.4%). Within brands, Janumet registered the highest growth
(104%) in September 2015. However, Mixtard (human insulin) continues to be
the largest brand in India (INR4.5b) and registered 9% decline in September
2015.
In value terms, DPCO-listed products grew 2.8% YoY whereas non-DPCO
products registered 10.9% YoY growth.
Volume-wise, DPCO registered unit growth of 1.2% and non-DPCO 1.1%.
11.7
13.4
12.4
8.8
11.5
4.7
6.0
0.3
19.4
13.5
18.6
23.2
13.6
2.2
14.1
0.1
9.9
11.8
9.6
4.5
12.6
4.8
7.1
2.6
12.4
13.5
16.0
13.1
7.5
3.6
6.0
(11.2)
Torrent, Glenmark, Sanofi and Cadila report highest growth in Sept-2015
Anti-diabetic led in therapies and Sun Pharma’s Janumet in drugs
DPCO v/s non-DPCO market (September 15)
Exhibit 1: Volume and price increase driving the IPM (Quarterly trend)
Volume Growth (%)
Price Growth (%)
New Product Growth (%)
17.3
10.4
3.6
1.7
5.1
1QFY15
13.7
2.0
3.6
8.1
2QFY15
2.9
11.1
2.4
5.2
3.5
3QFY15
4QFY15
5.2
9.2
Total Growth (%)
14.8
2.9
4.9
7.2
1QFY16
11.7
2.9
4.6
4.2
2QFY16
7.5
3.6
1.4
2.5
4QFY14
Source: AIOCD, MOSL
Amey Chalke
(Amey.Chalke@MotilalOswal.com);+91 22 3982 5423
13 October
are advised to refer through disclosures made at the end of the Research Report.
Investors
2015
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P
1

Sector Update| Healthcare
Indian Pharma Market - September 2015
Exhibit 2: Performance of top companies: September 2015
Company
MAT Sep -15
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
(INR m) Share (%)
(%)
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Sep-15
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
GSK Pharma
Lupin
Sanofi
Torrent Pharma
Dr Reddy Labs
Ipca Labs
Alembic Pharma
Biocon
930,215
82,702
58,228
46,093
39,056
32,545
32,134
30,771
32,204
23,387
21,939
21,320
11,989
12,548
3,242
100.0
8.9
6.3
5.0
4.2
3.5
3.5
3.3
3.5
2.5
2.4
2.3
2.3
1.3
1.3
0.3
13.7
26.6
13.5
14.6
11.0
12.7
9.8
4.3
18.0
17.4
23.4
23.3
14.7
8.3
13.8
6.7
7.2
7.7
7.2
6.3
7.1
4.2
14.7
(16.5)
11.0
(4.6)
(0.6)
20.8
16.1
(19.4)
13.4
53.8
8.6
11.2
6.1
4.2
6.5
3.6
16.8
(9.1)
3.7
(5.7)
3.2
15.8
12.9
(8.9)
10.7
39.1
11.5
10.4
5.3
9.2
9.6
13.4
15.6
(8.0)
25.4
3.5
5.8
14.7
17.8
15.9
11.2
34.4
13.9
12.4
11.4
19.6
10.3
16.8
15.8
2.4
13.8
10.1
12.6
15.5
18.2
17.6
15.3
20.7
11.1
12.1
7.2
10.7
9.1
14.0
7.6
5.9
14.1
15.3
19.8
14.8
7.5
11.6
8.7
5.8
17.2
12.8
18.7
20.5
10.3
20.3
16.0
6.6
20.5
28.8
27.5
24.4
17.0
24.7
14.8
15.7
15.0
19.9
16.3
19.4
12.9
14.1
10.8
5.1
17.9
13.5
28.2
31.5
21.2
0.3
17.7
6.6
11.7
13.4
12.4
8.8
11.5
4.7
6.0
0.3
19.4
13.5
18.6
23.2
13.6
2.2
14.1
0.1
9.9
11.8
9.6
4.5
12.6
4.8
7.1
2.6
12.4
13.5
16.0
13.1
7.5
3.6
6.0
(11.2)
Glenmark Pharma 21,646
Source: AIOCD, MOSL
Exhibit 3: Performance of top therapies: September 2015
Therapy
MAT Sep -15
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15
(INR m) Share (%)
(%)
930,215
141,975
116,487
108,419
83,779
72,123
74,809
64,261
57,106
55,481
46,230
16,997
15,660
15,482
100.0
15.3
12.5
11.7
9.0
7.8
8.0
6.9
6.1
6.0
5.0
1.8
1.7
1.7
13.7
7.4
15.1
16.0
12.4
11.6
26.0
11.3
14.0
18.3
10.9
29.6
10.5
14.2
7.2
(2.2)
9.5
9.3
9.6
12.1
17.1
3.6
6.7
17.9
0.8
12.2
8.8
22.3
8.6
2.8
8.9
9.8
11.0
11.2
16.5
5.5
9.0
18.8
0.6
11.0
6.0
25.7
11.5
6.8
12.0
12.5
11.8
16.1
19.4
9.6
8.3
19.2
6.4
11.2
4.5
35.3
13.9
12.3
12.5
15.2
15.0
14.7
24.7
13.4
10.4
15.6
8.4
15.0
8.0
35.3
11.1
5.8
12.2
13.0
13.1
7.1
24.3
9.2
10.9
16.7
7.4
18.4
7.4
13.4
17.2
15.5
16.3
18.6
13.7
20.4
30.0
14.9
12.3
19.2
11.0
15.6
12.2
20.2
15.0
8.1
16.2
17.5
13.3
15.1
27.0
12.1
16.1
20.5
12.5
14.0
11.1
11.3
11.7
2.1
15.6
14.8
10.0
4.8
22.9
9.6
16.4
16.9
12.3
10.1
11.3
Sep-15
9.9
3.2
11.8
12.8
5.9
4.1
18.1
9.0
15.2
12.9
13.4
4.9
11.2
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins
Respiratory
Anti Diabetic
Pain / Analgesics
Neuro / Cns
Derma
Gynaecological
Ophthal
Hormones
Anti-Neoplastics
12.8
2.2
Source: AIOCD, MOSL
13 October 2015
2

Sector Update| Healthcare
Story in charts
Exhibit 4: SUNP portfolio continued double digit growth
Sun Pharma - YoY growth (%)
Ranbaxy - YoY growth (%)
27
8
33
23
6
11
23
8
5
15
5
16
6
27
Exhibit 5: Lantus growth has come off over last two months
Lantus - YoY growth (%)
31 31
22 25
18
41
37
31
34
24
Sanofi - YoY growth (%)
26
6
33
25
10
10
17
14
10
1
15
11
22
9
13
9
16
4
20
8
32 26
6
14
Source: AIOCD, MOSL
Source: AIOCD, MOSL
Exhibit 6: Anti-malarials account for 20% of IPCA sales
IPCA - YoY growth (%)
66
11
9
33
5
13
3
13
29
36
12
15
15
Anti-Malarials - YoY growth (%)
Exhibit 7: CDH has underperformed IPM in last 11 months
IPM - YoY growth (%)
18
7
10
21
Zydus cadila - YoY growth (%)
18
14 15
9
-10 -20
-6
-6
-9
0
-15
3
6
4
7
4
12
9
1414 13
12
10
1514
1211 1311 13
10
Source: AIOCD, MOSL
Source: AIOCD, MOSL
Exhibit 8: Cardiac portfolio contributes 25% of Lupin sales
Cardiac - YoY growth (%)
32
19
14 18 15 17
18
26
23
20
31
23
Lupin - YoY growth (%)
16
17
18
23
25
34
21
28
12
14
Exhibit 9: IPM growth drivers in September 2015 (%)
Vol growth
Price growth
New Product growth
0.3
0.2
3.4
11.1
11
14
2.9
4.7
2.3
IPM
0.2
0.8
1.8
DPCO
5.6
1.9
Non DPCO
Non Sch. Para 19
Source: AIOCD, MOSL
Source: AIOCD, MOSL
13 October 2015
3

Sector Update| Healthcare
Sun Pharma (Sun+Ranbaxy)
Exhibit 10: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Cardiac
Anti Diabetic
Anti Diabetic
Gynaecological
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Cardiac
Cardiac
MAT Sep 15
Value(INR m) Gr.(%) (%) Mkt.sh.
82,702
14.6
8.9
2,025
(7.6)
6.6
1,471
33.8
4.8
1,467
17.6
2.8
1,418
52.3
2.7
1,395
25.7
2.7
1,356
16.8
2.6
1,343
34.3
2.6
1,127
36.6
2.2
1,097
15.7
3.6
1,088
23.8
2.1
Growth (%)
3M*
Sep -15
13.4
11.8
(6.5)
(9.2)
33.3
28.9
19.6
19.8
42.4
37.3
24.2
19.5
9.8
(2.7)
31.0
33.9
35.9
22.8
9.1
6.4
20.5
16.0
Source: AIOCD, MOSL
In Sep’15, Sun +Ranbaxy
portfolio grew 11.8%YoY
driven by 23% growth in
Sun and -1% growth in
Ranbaxy
Istamet, in licensed from
MSD, growing in excess of
35%YoY for Sep’15, 3M
and MAT
Total
Volini
Rosuvas
Gemer
Istamet
Susten
Pantocid
Levipil
Pantocid Dsr
Storvas
Aztor
*2M: Jul-Aug 2015
Exhibit 11: Therapy Mix (%)
Volume growth is primary
growth driver for
Sun Pharma
Neuro / Cns
Cardiac
Anti-Infectives
Gastro Intestinal
Anti Diabetic
Pain / Analgesics
*2M: Apr-May 2015
Share MAT Growth
100.0
14.6
18.0
19.5
17.5
19.4
11.8
14.4
12.0
25.8
8.9
26.5
7.1
6.5
3M*
13.4
16.0
18.9
9.2
21.6
24.8
6.6
Sep 15 Growth
11.8
15.2
16.4
13.9
17.4
21.7
1.8
Source: AIOCD, MOSL
Exhibit 12: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
16.7
12.4
12.7
58.3
MAT growth (%)
14.6
20.3
(4.4)
29.7
15.1
Growth Contribution (%)
100.0
22.0
(4.5)
22.7
59.8
Source: AIOCD, MOSL
Exhibit 13: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
56
16
13
44
11
16
44
11
17
44
12
19
Acute growth (%)
44
13
19
46
11
19
46
10
20
Exhibit 14: Growth Distribution (%) (MAT Sep’15)
7.8
4.0
Vol GR
Source: AIOCD, MOSL
Price GR
2.7
NP GR
Source: AIOCD, MOSL
13 October 2015
4

Sector Update| Healthcare
Cipla
Exhibit 15: Top 10 Drugs
Drug
Therapy
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Anti-Infectives
Respiratory
Cardiac
Growth (%)
MAT Sep 15
Value(INR m) Gr. (%) (%) Mkt Share
3M Sep -15
46,093
14.6
100.0
8.8
4.5
1,849
22.0
4.0
14.1
6.0
1,431
19.2
3.1
17.1
16.8
1,391
0.6
3.0
(2.9)
(7.6)
1,365
11.2
3.0
6.0
0.3
1,156
15.5
2.5
9.1
3.4
994
2.5
2.2
(4.7)
(7.4)
872
19.4
1.9
10.0
10.9
773
(5.3)
1.7 (17.4)
(11.6)
730
22.3
1.6
13.0
9.8
692
24.6
1.5
7.0
(1.8)
Source: AIOCD, MOSL
Cipla’s domestic business
grew 4.5%YoY in September
2015, much lower than the
market growth of 9.9%
Total
Foracort
Budecort
Asthalin
Seroflo
Duolin
Aerocort
Azee
Novamox
Montair Lc
Dytor
Growth is primarily driven
by Volumes
Exhibit 16: Therapy Mix (%)
Share MAT Growth
100.0
14.6
30.4
12.5
26.2
13.8
12.5
15.1
7.5
16.7
4.7
30.8
3.6
24.0
Sep 15 Growth
8.8
4.5
7.6
3.0
4.6
2.2
6.0
(1.9)
16.2
11.2
18.5
11.0
20.8
10.9
Source: Source: AIOCD, MOSL
3M
Acute and Chronic
portfolios are growing at
equal rates for Cipla
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Exhibit 17: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.6
17.5
16.0
42.0
MAT growth (%)
14.6
12.4
16.8
14.7
14.9
Growth Contribution (%)
100.0
21.3
19.8
16.1
42.8
Source: AIOCD, MOSL
Exhibit 18: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
41
15
14
41
17
17
41
17
18
41
18
18
Acute growth (%)
41
18
18
41
18
17
41
15
14
Exhibit 19: Growth Distribution (%)(MAT Sep’15)
9.5
3.7
1.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
Source: AIOCD, MOSL
13 October 2015
5

Sector Update| Healthcare
Cadila Healthcare
Exhibit 20: Top 10 Drugs
Drug
Therapy
Derma
Gynaecological
Cardiac
Respiratory
Gastro Intestinal
Cardiac
Blood Related
Cardiac
Anti Malarials
Gynaecological
MAT Sep 15
Value(INR Gr. (%) (%) Mkt Sh.
39,056
11.0
100.0
1,926
21.3
4.9
1,280
(2.8)
3.3
1,228
18.7
3.1
938
23.4
2.4
932
2.5
2.4
703
(0.4)
1.8
683
5.1
1.7
620
(11.3)
1.6
593
12.9
1.5
565
11.5
1.4
Growth (%)
3M
Sep -15
11.5
12.6
12.8
13.8
22.3
99.4
12.1
(0.4)
19.9
31.6
(2.7)
(6.0)
2.5
12.3
(30.7)
(21.0)
(7.1)
(16.8)
28.0
42.4
12.2
12.9
Source: AIOCD, MOSL
Cadila outperformed the
market growth for
September 2015
Total
Skinlite
Mifegest Kit
Atorva
Deriphyllin
Pantodac
Amlodac
Zyrop
Aten
Falcigo
Primolut N
Apart from Anti-infective
and Gastro intestinal, all
other top therapies are
growing in double digits
Exhibit 21: Therapy Mix (%)
Share
100.0
17.0
12.8
12.5
11.1
9.5
8.0
Cardiac
Anti-Infectives
Gastro Intestinal
Gynaecological
Respiratory
Derma
MAT Growth
11.0
12.7
6.2
5.2
11.5
18.5
26.8
3M
Sep 15 Growth
11.5
12.6
15.7
11.8
5.9
8.7
8.2
7.5
14.0
24.4
18.0
19.7
22.7
16.3
Source: Source: AIOCD, MOSL
Exhibit 22: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.2
16.8
14.1
44.9
MAT growth (%)
11.0
8.9
8.6
8.7
13.9
Growth Contribution (%)
100.0
20.0
13.4
11.3
55.3
Source: AIOCD, MOSL
Exhibit 23: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
29
11
8
30
12
7
30
11
8
30
11
8
Acute growth (%)
Exhibit 24: Growth Distribution (%)(MAT Sep’15)
30
11
8
33
13
9
33
13
10
3.6
4.0
3.3
Vol GR
Source: AIOCD, MOSL
Price GR
NP GR
Source: AIOCD, MOSL
13 October 2015
6

Sector Update| Healthcare
GSK Pharma
Exhibit 25: Top 10 Drugs
GSK pharma continues to
grow in single digit for
September 2015
Drug
Total
Augmentin
Synflorix
Calpol
Zinetac
Betnovate C
Betnovate N
Eltroxin
Ceftum
Betnesol
Rotarix
Therapy
Anti-Infectives
Vaccines
Pain / Analgesics
Gastro Intestinal
Derma
Derma
Hormones
Anti-Infectives
Hormones
Vaccines
Growth (%)
MAT Sep 15
Value(INR m) Gr. (%) Mkt Share
3M Sep-15
30,771
4.3
100.0
0.3
2.6
3,283
18.8
10.7 (2.5)
(5.9)
1,802
50.5
5.9 23.8
40.3
1,593
6.5
5.2
6.7
24.2
1,510
4.6
4.9 (1.9)
(9.1)
1,400
36.8
4.6 41.2
42.6
1,332
21.4
4.3 31.4
27.5
1,273
8.7
4.1 14.9
(2.6)
1,268
9.5
4.1
4.2
(3.5)
1,047
53.8
3.4 43.5
39.7
975
29.3
3.2 106.6
172.5
Source: AIOCD, MOSL
Anti-infective and Derma
declined 7% and 2%
respectively
Exhibit 26: Therapy Mix (%)
Share
100.0
24.5
21.0
11.8
8.9
7.8
7.2
Top 10 brands are the key
growth contributors
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
MAT Growth
4.3
(1.1)
18.0
(4.1)
4.4
24.1
4.0
3M
Sep 15 Growth
0.3
2.6
(8.0)
(7.4)
7.4
(2.1)
1.2
39.2
6.5
20.9
27.6
16.7
2.9
0.1
Source: Source: AIOCD, MOSL
Exhibit 27: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
50.3
20.9
14.3
14.5
MAT growth (%)
4.3
21.1
(1.0)
(6.5)
(19.2)
Growth Contribution (%)
100.0
211.7
(5.0)
(23.9)
(82.8)
Source: AIOCD, MOSL
Exhibit 28: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
13
13
3
4
4
7
Acute growth (%)
13
4
9
14
4
12
14
4
14
14
3
13
Exhibit 29: Growth Distribution (%) (MAT Sep’ 15)
13
(1)
1
2.5
1.8
0.1
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
Source: AIOCD, MOSL
13 October 2015
7

Sector Update| Healthcare
Lupin
Exhibit 30: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Cardiac
Respiratory
Cardiac
Gastro Intestinal
Respiratory
Gastro Intestinal
Anti-Infectives
Respiratory
Anti-Infectives
Growth (%)
MAT Sep 15
Value(INR) Gr. (%) Mkt Share 3M Sep 15
32,204
18.0
100.0 19.4
12.4
1,320
13.2
4.1 19.6
15.0
990
18.2
3.1 14.5
1.4
831
36.9
2.6 45.4
36.3
528
9.0
1.6 11.3
0.7
527
26.2
1.6 20.3
9.7
518
34.5
1.6 35.6
20.3
500
18.9
1.6 22.3
12.8
496
3.0
1.5 (3.1)
0.5
415
17.4
1.3 15.0
6.7
402
(6.9)
1.2 (2.7)
7.0
Source: AIOCD, MOSL
Lupin reported 12%YoY
growth in Sept-2015, much
higher than the market
growth of 9.9%
Total
Gluconorm-G
Tonact
Budamate
Ramistar
Rablet-D
Esiflo
Rablet
R-Cinex
Telekast-L
Merotrol
Apart from Anti-infectives
(primarily TB products) and
Vitamins, all other therapy
segments are growing in
double digits
Exhibit 31: Therapy Mix (%)
Share
100.0
25.1
21.9
12.1
10.7
7.9
5.9
MAT Growth
18.0
22.4
3.8
25.7
23.8
21.2
14.4
Cardiac
Anti-Infectives
Respiratory
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Sep 15 Growth
19.4
12.4
25.1
13.7
4.7
5.6
25.1
15.5
25.8
15.1
22.0
14.1
18.1
7.9
Source: Source: AIOCD, MOSL
3M
Volumes are the key growth
driver for Lupin
Exhibit 32: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
20.3
16.2
17.2
46.3
MAT growth (%)
18.0
16.9
14.4
15.2
20.8
Growth Contribution (%)
100.0
19.2
13.4
14.9
52.5
Source: AIOCD, MOSL
Exhibit 33: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
47
20
11
47
21
13
48
19
11
48
16
9
Acute growth (%)
48
22
14
48
24
14
48
23
14
Exhibit 34: Growth Distribution (%) (MAT Sep’ 15)
9.0
4.6
4.4
Vol GR
Source: AIOCD, MOSL
Price GR
NP GR
Source: AIOCD, MOSL
13 October 2015
8

Sector Update| Healthcare
Sanofi India
Exhibit 35: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Pain / Analgesics
Vaccines
Cardiac
Respiratory
Cardiac
Anti Diabetic
Anti-Infectives
Neuro / Cns
Gastro Intestinal
Growth (%)
MAT Sep 15
Value(INR) Gr. (%) (%) Mkt. sh.
3M
Sep-15
23,387
17.4
100.0 13.5
13.5
2,440
26.6
10.4 15.2
14.3
1,585
4.8
6.8 (5.7)
(4.2)
1,463
14.1
6.3 (25.7)
(64.5)
1,177
42.8
5.0 9.6
7.4
1,166
18.2
5.0 10.2
14.4
940
(20.1)
4.0 (9.5)
33.0
871
17.7
3.7 7.9
10.2
857
80.9
3.7 38.0
22.7
841
13.0
3.6 5.2
6.8
760
13.8
3.2 24.4
26.9
Source: AIOCD, MOSL
Sanofi outperformed the
market growth in
September 2015
Top 10 brands accounts for
52% of growth for Sanofi
Total
Lantus
Combiflam
Pentaxim
Clexane
Allegra
Cardace
Amaryl M
Targocid
Frisium
Enterogermina
Exhibit 36: Therapy Mix (%)
Share
100.0
21.5
18.4
15.5
9.9
9.0
8.9
MAT Growth
17.4
14.6
14.4
35.1
8.5
8.6
19.0
3M
Sep 15 Growth
13.5
13.5
9.9
12.8
11.8
22.0
28.1
2.7
(1.2)
0.4
5.3
9.1
17.0
20.6
Source: Source: AIOCD, MOSL
Volume growth has been
the primary growth driver
for Sanofi
Anti Diabetic
Cardiac
Vaccines
Pain / Analgesics
Neuro / Cns
Respiratory
Exhibit 37: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
51.8
26.4
13.1
8.7
MAT growth (%)
17.4
17.1
17.0
20.0
16.3
Growth Contribution (%)
100.0
51.0
25.9
14.8
8.3
Source: AIOCD, MOSL
Exhibit 38: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
50
20
3
50
20
14
49
18
15
49
16
17
Acute growth (%)
49
15
19
49
14
22
49
13
21
Exhibit 39: Growth Distribution (%)(MAT Sep’15)
13.6
3.3
Vol GR
Source: AIOCD, MOSL
13 October 2015
Price GR
0.4
NP GR
Source: AIOCD, MOSL
9

Sector Update| Healthcare
Torrent Pharma
Exhibit 40: Top 10 Drugs
.
Torrent registered 16%YoY
growth in September 2015,
led by high growth in Elder
brands
Drug
Total
Shelcal
Chymoral Forte
Nikoran
Dilzem
Nebicard
Azulix-Mf
Nexpro Rd
Nexpro
Alprax
Rozucor
Therapy
Vitamins
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Anti Diabetic
Gastro Intestinal
Gastro Intestinal
Neuro / Cns
Cardiac
Growth (%)
MAT Sep 15
Value(INR) Gr. (%) Mkt.sh. 3M Sep-15
21,939
23.4 100.0
18.6
16.0
1,951
75.7
8.9
44.6
29.3
1,142
91.0
5.2
78.1
50.8
797
15.3
3.6
14.9
18.0
626
3.1
2.9
4.7
7.3
552
16.8
2.5
17.5
15.7
521
28.1
2.4
25.3
24.0
509
20.0
2.3
(1.7)
1.0
472
16.8
2.2
3.2
5.0
379
2.8
1.7
11.0
8.0
348
22.4
1.6
21.7
17.3
Source: AIOCD, MOSL
Vitamins and Pain analgesic
growing in excess of
35%YoY for Sept’15, 3M
and MAT
Exhibit 41: Therapy Mix (%)
Share
100.0
28.9
16.0
15.0
14.9
7.7
5.8
Volume and Price hike are
key growth drivers for
Torrent pharma
Cardiac
Neuro / Cns
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Anti-Infectives
MAT Growth
23.4
16.4
17.9
20.0
47.1
73.9
(10.6)
3M
Sep 15 Growth
18.6
16.0
17.2
15.6
15.2
10.8
5.5
8.5
41.2
36.7
65.2
52.4
(26.6)
(30.7)
Source: Source: AIOCD, MOSL
Exhibit 42: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.3
18.1
16.2
32.5
MAT growth (%)
23.4
35.9
14.7
22.0
17.9
Growth Contribution (%)
100.0
46.3
12.3
15.4
26.0
Source: AIOCD, MOSL
Exhibit 43: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
51
15
13
50
21
17
50
17
25
50
18
27
Acute growth (%)
50
18
28
50
19
29
50
18
29
Exhibit 44: Growth Distribution (%)(MAT Sep’15)
15.1
7.2
1.1
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
10
Source: AIOCD, MOSL
13 October 2015

Sector Update| Healthcare
Glenmark Pharma
Exhibit 45: Top 10 Drugs
Drug
Therapy
Cardiac
Cardiac
Respiratory
Derma
Derma
Anti Diabetic
Cardiac
Anti Diabetic
Respiratory
Derma
Growth (%)
MAT Sep 15
Value(INR Gr. (%) (%) Mkt Share 3M
Sep-15
21,646
23.3
100.0 23.2
13.1
1,588
16.0
7.3 20.8
7.0
1,267
15.7
5.9 18.6
8.2
978
4.7
4.5
1.5
(3.3)
844
13.8
3.9
3.3
(9.5)
790
42.6
3.6 36.2
17.0
761
105.9
3.5 57.3
50.3
645
29.2
3.0 30.9
11.6
529
105.5
2.4 47.5
37.6
403
51.0
1.9 28.1
9.1
325
16.7
1.5 (3.8)
(24.2)
Source: AIOCD, MOSL
Glenmark continues to
outperform market growth
for Sept’15, 3M and on
MAT basis
Total
Telma
Telma H
Ascoril Plus
Candid-B
Candid
Zitamet
Telma Am
Zita(Glenmark)
Ascoril Ls
Candid Mouth
Volume growth is key driver
for Glenmark
Exhibit 46: Therapy Mix (%)
Share
100.0
28.4
22.6
15.0
14.1
8.8
2.5
Top 10 brands account for
43% of MAT growth for
Glenmark
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gastro Intestinal
MAT Growth
23.3
22.0
19.1
21.2
23.8
56.5
39.6
2M
Aug 15 Growth
23.2
13.1
23.1
10.9
21.6
9.8
15.9
7.7
17.0
7.2
56.0
57.0
29.5
23.6
Source: Source: AIOCD, MOSL
Exhibit 47: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.9
19.0
16.1
27.1
MAT growth (%)
23.3
27.4
24.5
22.1
18.0
Growth Contribution (%)
100.0
43.0
19.7
15.4
21.8
Source: AIOCD, MOSL
Exhibit 48: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
37
37
22
17
22
19
Acute growth (%)
37
24
20
37
26
21
37
28
23
38
27
Exhibit 49: Growth Distribution (%)(MAT Sep’15)
37
22
15.4
21
4.1
Vol GR
Source: AIOCD, MOSL
Price GR
3.9
NP GR
Source: AIOCD, MOSL
11
14
13 October 2015

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 50: Top 10 Drugs
Drug
Therapy
Gastro Intestinal
Gastro Intestinal
Pain / Analgesics
Gastro Intestinal
Cardiac
Gastro Intestinal
Derma
Cardiac
Anti-Neoplastics
Anti-Neoplastics
Growth (%)
MAT Sep 15
Value(INR Gr. (%) (%) Mkt Share 3M
Sep -15
21,320
14.7
100.0 13.6
7.5
1,167
24.7
5.5 50.3
59.6
824
14.5
3.9 20.4
28.4
636
4.8
3.0 (16.2)
(12.7)
632
23.9
3.0 28.7
29.5
613
9.2
2.9 17.5
23.2
547
28.9
2.6 61.8
60.7
509
13.2
2.4 (13.8)
(11.0)
491
8.0
2.3 (3.6)
2.9
457
175.9
2.1 211.1
126.3
451
(2.4)
2.1
6.0
(32.4)
Source: AIOCD, MOSL
Dr Reddy’s Labs grew 7.5%
YoY in September 2015
Anti-Neoplastics declined
17%YoY in September 2015
Total
Omez
Omez D
Nise
Econorm
Stamlo
Razo D
Mintop
Stamlo Beta
Grafeel
Reditux
Exhibit 51: Therapy Mix (%)
Share
100.0
22.2
15.3
10.4
8.9
7.9
7.0
All three constituents –
Price, Volume and New
products contributing
equally to overall growth
.
Gastro Intestinal
Cardiac
Anti-Neoplastics
Respiratory
Anti-Infectives
Pain / Analgesics
MAT Growth
14.7
18.9
15.3
17.1
14.7
18.1
5.2
3M
Sep 15 Growth
13.6
7.5
26.0
28.5
13.0
13.3
22.6
(17.2)
4.2
(0.8)
2.9
(6.4)
(1.1)
(3.6)
Source: Source: AIOCD, MOSL
Exhibit 52: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
30.1
21.9
15.7
32.3
MAT growth (%)
14.7
19.3
15.4
14.3
10.6
Growth Contribution (%)
100.0
37.9
22.8
15.3
24.1
Source: AIOCD, MOSL
Exhibit 53: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
31
11
8
30
16
10
30
16
11
30
16
13
Acute growth (%)
30
17
30
17
11
30
16
12
Exhibit 54: Growth Distribution (%)(MAT Sep’15)
11
5.6
Vol GR
Source: AIOCD, MOSL
6.3
Price GR
2.8
NP GR
Source: AIOCD, MOSL
13 October 2015
12

Sector Update| Healthcare
IPCA labs
Exhibit 55: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti Malarials
Anti Malarials
Anti Diabetic
Anti-Neoplastics
Pain / Analgesics
Anti-Infectives
Growth (%)
MAT Sep 15
Value(INR Gr. (%) Mkt Share 3M
Sep-15
11,989
8.3
100.0
2.2
3.6
758
32.5
6.3 28.6
22.2
636
17.4
5.3 19.9
36.0
603
20.6
5.0 11.5
8.7
447
16.6
3.7 18.3
41.0
415
9.1
3.5
4.5
5.0
335
(3.2)
2.8 (17.0)
4.2
311
2.1
2.6
2.3
1.8
297
11.4
2.5
7.4
1.9
257
2.2
2.1
5.9
8.9
225
(11.6)
1.9 (30.8)
(28.2)
Source: AIOCD, MOSL
IPCA reported single digit
growth in September 2015
However, MAT growth
stood at 8.3% YoY
Total
Zerodol Sp
Zerodol P
Hcqs
Larinate
Rapither-Ab
Lariago
Glycinorm M
Folitrax
Zerodol
Azibact
Top 10 brands are
contributing 47% to
MAT growth
Exhibit 56: Therapy Mix (%)
Share
100.0
24.1
20.0
16.9
8.2
6.8
5.2
Volume and price growths
are the key growth drivers
for IPCA
Pain / Analgesics
Anti Malarials
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
MAT Growth
8.3
14.1
3.7
8.0
8.2
0.5
(1.1)
3M
Sep 15 Growth
2.2
3.6
13.0
14.8
(5.0)
5.6
7.6
5.7
5.0
3.8
(15.3)
(21.8)
0.1
(1.7)
Source: Source: AIOCD, MOSL
Exhibit 57: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
36.6
22.2
17.7
23.5
MAT growth (%)
8.3
11.0
6.8
4.7
8.4
Growth Contribution (%)
100.0
47.3
18.5
10.5
23.7
Source: AIOCD, MOSL
Exhibit 58: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
27
21
21
27
15
19
27
12
17
27
Acute growth (%)
27
27
27
Exhibit 59: Growth Distribution (%)(MAT Sep’15)
10
14
7
13
7
11
3.6
6
9
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
2.6
2.1
Source: AIOCD, MOSL
13 October 2015
13

Sector Update| Healthcare
Alembic Pharma
Exhibit 60: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Anti-Infectives
Anti-Infectives
Gynaecological
Respiratory
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Anti Diabetic
Growth (%)
MAT Sep 15
Value(INR Gr. (%) Mkt.sh. 3M Sep-15
12,548
13.8
100.0 14.1
6.0
1,338
13.6
10.7 1.0
(8.0)
905
0.4
7.2 (12.0)
(17.5)
559
8.7
4.5 12.8
8.3
474
26.8
3.8 36.2
23.4
359
(12.1)
2.9 (0.7)
(13.9)
322
21.1
2.6 31.1
25.0
283
14.8
2.3 25.8
17.9
235
4.1
1.9 (8.7)
(17.9)
230
11.3
1.8 10.6
11.3
226
28.9
1.8 27.6
12.0
Source: AIOCD, MOSL
Alembic Pharma grew
6%YoY in September 2015
Respiratory and Anti-
infective therapies declined
10% and 3% respectively
Total
Azithral
Althrocin
Roxid
Gestofit
Wikoryl
Ulgel
Rekool D
Zeet
Rekool L
Glisen Mf
Exhibit 61: Therapy Mix (%)
Growth is equally
distributed among small to
medium size brands
Anti-Infectives
Gastro Intestinal
Respiratory
Cardiac
Gynaecological
Vitamins / Minerals / Nutrients
Share MAT Growth
100.0
13.8
26.5
0.7
14.1
14.8
12.8
11.4
12.4
38.0
10.0
26.2
6.1
4.0
3M
Sep 15 Growth
14.1
6.0
(4.8)
(9.5)
17.0
9.2
4.1
(2.7)
50.5
35.9
33.2
20.6
9.7
(0.9)
Source: Source: AIOCD, MOSL
Exhibit 62: Brand wise growth distribution
.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
39.8
18.1
16.7
25.4
MAT growth (%)
13.8
9.7
24.8
23.3
7.9
Growth Contribution (%)
100.0
29.0
29.7
26.0
15.3
Source: AIOCD, MOSL
Exhibit 63: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
18
18
17
24
9
28
11
29
10
Acute growth (%)
19
31
11
19
33
11
20
38
12
37
9
Exhibit 64: Growth Distribution (%)(MAT Jun’15)
6.1
4.0
3.7
Vol GR
Source: AIOCD, MOSL
Price GR
NP GR
Source: AIOCD, MOSL
13 October 2015
14

Sector Update| Healthcare
Biocon
Exhibit 65: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
Blood Related
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Growth (%)
MAT Sep 15
Value(INR Gr. (%) (%) Mkt Sh.
3M
Sep -15
3,242
6.7
100.0
0.1
(11.2)
832
17.9
25.7
5.6
(3.5)
504
38.6
15.6 30.1
18.6
197
6.2
6.1 (35.3)
(40.8)
192
(14.8)
5.9 (23.9)
(28.1)
174
448.3
5.4 107.5
(7.9)
169
75.9
5.2 94.3
61.6
157
22.8
4.8 19.6
10.6
93
20.6
2.9
9.3
7.4
53
238.4
1.6 70.6
(4.9)
51
(33.0)
1.6 (31.0)
(19.4)
Source: AIOCD, MOSL
Overall company growth at
-11% YoY in September
2015 and 0.1% YoY in 3M
Newly launched, Canmab
reported 8% YoY decline in
September 2015
Total
Insugen
Basalog
Abraxane
Blisto Mf
Canmab
Erypro
Insugen R
Insugen N
Abstet
Metadoze-Ipr
Exhibit 66: Therapy Mix (%)
Share MAT Growth
100.0
6.7
59.8
13.8
20.8
35.6
6.7
(40.2)
5.2
76.7
2.7
(3.9)
2.4
(62.7)
Sep 15 Growth
0.1
(11.2)
5.4
(2.6)
(3.2)
(30.2)
(53.1)
(47.0)
95.3
63.4
(11.8)
(2.7)
(12.2)
1.6
Source: Source: AIOCD, MOSL
3M
New products are key
growth drivers for Biocon
Anti Diabetic
Anti-Neoplastics
Cardiac
Blood Related
Derma
Anti-Infectives
Exhibit 67: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
74.7
14.6
8.1
2.6
MAT growth (%)
6.7
27.1
(16.5)
(40.5)
(32.8)
Growth Contribution (%)
100.0
254.4
(45.9)
(88.2)
(20.3)
Source: AIOCD, MOSL
Exhibit 68: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
72
72
21
18
Acute growth (%)
72
15
72
13
6
72
11
9
72
Exhibit 69: Growth Distribution (%)(MAT Sep’15)
72
26
5.2
8
4
-1.0
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
2.5
6
8
7
5
Source: AIOCD, MOSL
13 October 2015
15

Sector Update| Healthcare
Abbott (Abbott ltd + Abbott India)
Exhibit 70: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Respiratory
Gynaecological
Hormones
Anti Diabetic
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Vitamins
Growth (%)
MAT Sep 15
Value(INR Gr. (%) Mkt.sh. 3M Sep -15
58,228
13.5
100.0 12.4
9.6
4,473
22.2
7.7 15.5
(8.7)
2,521
2.7
4.3 14.3
30.3
1,677
11.2
2.9 (0.4)
(1.9)
1,642
26.8
2.8 8.5
10.5
1,273
0.6
2.2 (18.7)
(22.5)
1,171
15.7
2.0 7.2
11.7
1,131
12.4
1.9 49.1
41.9
1,085
11.4
1.9 2.7
3.9
934
10.8
1.6 0.0
(8.8)
773
10.8
1.3 7.5
(16.4)
Source: AIOCD, MOSL
Abbott registered 9.6%
growth for September 2015
Top five therapies are
growing in double digits for
Abbott
Total
Mixtard
Phensedyl
Duphaston
Thyronorm
Novomix
Udiliv
Vertin
Duphalac
Actrapid
Pediasure
Exhibit 71: Therapy Mix (%)
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Anti-Infectives
Cardiac
Growth is primarily driven
by Volumes
Share MAT Growth
100.0
13.5
19.5
21.9
15.5
18.0
11.0
16.7
9.9
8.5
9.4
4.2
8.7
9.7
2M
Aug 15 Growth
12.4
9.6
15.5
4.6
14.3
13.9
11.7
(0.5)
13.2
10.3
12.1
14.2
10.1
13.4
Source: Source: AIOCD, MOSL
Exhibit 72: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
28.6
15.8
15.0
40.5
MAT growth (%)
13.5
13.4
17.0
21.6
9.7
Growth Contribution
(%)
100.0
28.3
19.2
22.4
30.1
Source: AIOCD, MOSL
Exhibit 73: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
41
11
7
41
14
10
41
14
11
41
16
13
40
17
15
40
17
12
40
16
Acute growth (%)
Exhibit 74: Growth Distribution (%)(MAT Sep’15)
7.1
12
4.8
1.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
Source: AIOCD, MOSL
13 October 2015
16

Sector Update| Healthcare
Mankind Pharma
Exhibit 75: Top 10 Drugs
Drug
Therapy
Sex Stimulants
Anti-Infectives
Gynaecological
Others
Cardiac
Anti-Infectives
Anti Diabetic
Vitamins
Gastro Intestinal
Vitamins
Growth (%)
MAT Sep 15
Value(INR
Mkt. sh.
3M
Gr. (%)
Sep-15
32,545
12.7
100.0
4.7
4.8
1,835
3.9
5.6
(3.5)
(6.5)
1,604
2.4
4.9 (14.4)
(14.4)
891
12.7
2.7
11.8
22.8
558
23.0
1.7
30.3
34.6
557
17.3
1.7
9.3
7.2
528
10.4
1.6 (10.8)
(0.5)
493
21.7
1.5
27.6
27.1
479
(5.2)
1.5
8.2
(1.4)
456
1.4
1.4 (11.6)
(16.5)
417
12.6
1.3
3.5
10.3
Source: AIOCD, MOSL
Mankind grew 5% for
September, 4.7% in 3M and
12.7% on MAT basis
Total
Manforce
Moxikind Cv
Unwanted Kit
Prega News
Amlokind-At
Gudcef
Glimestar M
Nurokind Plus
Zenflox Oz
Nurokind Gold
Anti-infective and
Respiratory portfolios
declined in September 2015
Exhibit 76: Therapy Mix (%)
Share
100.0
24.8
13.4
11.0
8.3
6.2
6.0
MAT Growth
12.7
5.7
23.9
13.1
21.5
9.2
3.7
3M
Smaller brands contributes
53% growth for Mankind
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Cardiac
Respiratory
Gynaecological
Jun 15 Growth
4.7
4.8
(5.9)
(3.2)
20.3
18.7
5.8
2.6
16.2
13.9
(8.7)
(3.5)
1.7
5.3
Source: Source: AIOCD, MOSL
Exhibit 77: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.1
16.5
15.4
44.0
MAT growth (%)
12.7
7.1
12.1
14.4
15.7
Growth Contribution (%)
100.0
14.1
15.8
17.1
52.9
Source: AIOCD, MOSL
Exhibit 78: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
17
21
13
17
21
16
17
21
16
17
20
16
Acute growth (%)
17
18
16
23
16
15
23
15
12
Exhibit 79: Growth Distribution (%)(MAT Sep’15)
2.7
Vol GR
Source: AIOCD, MOSL
13 October 2015
6.1
Price GR
3.9
NP GR
Source: AIOCD, MOSL
17

Sector Update| Healthcare
Alkem
Exhibit 80: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Vitamins
Pain / Analgesics
Gastro Intestinal
Vitamins
Growth (%)
MAT Sep 15
Value (INR) Gr. (%) Mkt Share 3M
Sep -15
32,134
9.8
100.0 6.0
7.1
2,228
0.3
6.9 (3.0)
4.7
1,826
20.7
5.7 10.5
1.5
1,808
15.1
5.6 (12.8)
(17.0)
1,794
10.5
5.6 (0.8)
(2.9)
1,510
24.7
4.7 13.1
8.9
860
2.7
2.7 (7.9)
(1.8)
853
15.0
2.7 5.8
1.8
813
8.5
2.5 (6.6)
(6.8)
786
18.6
2.4 13.6
14.6
737
9.9
2.3 19.0
7.6
Source: AIOCD, MOSL
Alkem grew 7% for
September, 6.0% for 3M
and 9.8% on MAT basis
Total
Clavam
Pan
Taxim
Taxim O
Pan D
Xone
Gemcal
Sumo
Ondem
A To Z Ns
In Sep 2015, Neuro/CNS
and Gynaec grew 30% and
21.5% respectively
Exhibit 81: Therapy Mix (%)
Price is primary growth
drivers for MAT growth
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Gynaecological
Share MAT Growth
100.0
9.8
43.5
8.3
16.4
18.5
13.1
12.5
7.3
8.3
4.0
1.9
3.3
(4.6)
3M
Sep 15 Growth
6.0
7.1
(1.6)
0.9
11.5
7.8
15.5
12.0
2.6
7.1
23.2
30.1
18.4
21.5
Source: Source: AIOCD, MOSL
Exhibit 82: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
41.7
17.8
12.2
28.3
MAT growth (%)
9.8
11.9
12.2
17.2
2.7
Growth Contribution (%)
100.0
49.7
21.8
20.1
8.3
Source: AIOCD, MOSL
Exhibit 83: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
9
17
13
9
14
14
9
11
13
9
10
13
Acute growth (%)
9
11
12
9
10
11
10
12
10
Exhibit 84: Growth Distribution (%)(MAT Sep’15)
5.3
2.4
Vol GR
Price GR
2.0
NP GR
Source: AIOCD, MOSL
Source: AIOCD, MOSL
13 October 2015
18

METALS GALLERY
HEALTHCARE MONTHLY
HEALTHCARE MONTHLY
SECTOR UPDATES

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Update| Healthcare
Sector
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