India's Pharmaceutical Industry Growth and Challenges

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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India's Pharmaceutical Industry Growth and Challenges

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