【出版时间及名称】：2010年3月印度制药行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：138
        【目录或简介】：
We analyse the dynamics of more than 20 emerging markets (EMs) and
strategies of 20 pharma companies including big pharma, global generics and
Indian generics to evaluate EM potential for Indian companies.
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Indian firms could triple EM revenues in five years: Indian firms
command a less than 5% share of EMs (ex-India and China) despite having
rich experience of a branded generic model in India. EMs are growing at 12-
15% and given their low base, Indian companies can continue growing at
20%-plus for many years, higher than the growth in India and the US.
■
Intensifying competition necessitates early entry: Indian firms are being
pushed to expand further in EMs due to increasing competition from global
pharma companies and the US market has become unattractive. We do not
see competition necessarily as a negative: more competition could in fact
help grow these under-penetrated markets. However, we clearly see the
urgency in companies to step up their EM presence: in branded markets,
early entry facilitates share gains.
■
China, India, Brazil, Russia and Mexico are the most lucrative markets on
our risk-reward framework. These markets have strong growth prospects,
high profitability, low price control and high out-of-pocket expenses reducing
the risks on the regulatory front.
■
Lupin and Dr. Reddy’s outscore in EMs: Sustained growth requires strong
execution skills, sound strategy and balance sheet strength. We like Lupin’s
expansion strategy in EMs and its strong execution track record. Dr. Reddy’s
is the largest Indian company in Russia, the most profitable market. We also
recommend Glenmark in the medium term after its balance sheet issues
have been addressed.