市場調査レポート

インドの製薬企業の将来展望:次のレベルへの成長の加速化 - ジェネリック医薬品以外の分野へのバリューチェーンの拡大

India Pharma Outlook 2015: Accelerating growth to the next level: Moving up the value chain beyond Generics

発行 MP Advisors 商品コード 295955
出版日 ページ情報 英文 109 Pages
納期: 即日から翌営業日
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インドの製薬企業の将来展望:次のレベルへの成長の加速化 - ジェネリック医薬品以外の分野へのバリューチェーンの拡大 India Pharma Outlook 2015: Accelerating growth to the next level: Moving up the value chain beyond Generics
出版日: 2015年02月02日 ページ情報: 英文 109 Pages
概要

インド国内の医薬品市場は、2013年の不振期から抜け出して2014年には成長に転じ、2015年も引き続き成長していくものと思われます。他方、米国はインドのジェネリック医薬品にとって今でも最大の輸出市場ですが、FDA (食品医薬品局) からの認証取得に絡むトラブルも多くなったため、新興国市場の開拓をも進めています。インド政府は国内の製薬業界の強化に努めており、2015年を「原薬 (API、医薬品有効成分) の年」と宣言しました。製造コストの低さや、合弁事業などの経営戦略を生かして、複合ジェネリック医薬品やバイオシミラーの分野に乗り出す動きも見られます。

当レポートでは、インドの製薬企業の全体的なビジネスおよび市場成長に関する展望を提供しております。

目次

  • Aurobindo Pharma:業績の最終的な回復
  • Biocon:世界各国との事業提携と、研究製造業務受託サービス (CRAMS) 市場の更なる拡大 - 今後の成長促進要因
  • Cadila:NCE (新規化学成分)、バイオシミラー、経皮薬、複合ジェネリック医薬品
  • Caplin Point:無借金企業と強力な経営 - ラテンアメリカへの投資戦略による持続的成長の見通し
  • Cipla:研究成果を迅速に反映させるための新鮮なリーダーシップ
  • Dishman:腫瘍関連のCRAMSから原薬 (API) 企業へと転換する高い可能性 - 戦略はうまく機能するのか?
  • Dr. Reddy's:腫瘍向けジェネリック医薬品と複合製剤が、今後の成長を促進する
  • Glenmark:今後2年間で、NBE (新規生物成分) /NCEパイプラインを成熟化させて、可視性を高める
  • Jubilant Life Science:一体型CRAMSビジネス - 財政再建では根本的な問題解決にはならない
  • Lupin:真にグローバルなインド企業 - 新たな成長段階に入るのか?
  • Natco:米国・インド市場で、化学・製剤・知的財産 (IP) での強みを生かす
  • Orchid:企業債務リストラ (CDR) を進めるも、経営陣は自信を失う
  • Panacea Biotech:CDRが認証され、製剤事業に望みをおく
  • Shilpa Medicare:腫瘍向けAPIのリーダーで、それ以外の事業 (ペプチド、複合製剤) にも着手 - 次は米国市場へ
  • Stride Arcolab:Shasunとの合併後の蜜月期間
  • Sun Pharma:インド最大のジェネリック企業、バイオ医薬品の開発にも挑戦

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目次
Product Code: 4482

Domestic sales improved in 2014, recovering from the slump in the 2013 caused by the market's reaction to the new drug pricing policy. In 2015, growth is expected to continue to be healthy, as the momentum continues and improving economic growth allow more spending on healthcare. Sun Pharma acquisition of troubled Ranbaxy helped it to become the leading Indian pharma company in terms of domestic market share. Sun's in-licensing of biologics from Merck also indicates, Indian companies willingness to advance its pipeline towards upper value chain. Though, US market remains the largest market for India generic exports, it is witnessing a slowdown in product approvals and channel consolidation which has impacted overall pricing and margin for the industry. The increase in audits by US FDA staff on the Indian plants of both multinationals and Indian companies have led to an increased number of issuance of warning letters. Indian Pharma companies are trying to diversify into other markets such as Brazil, Mexico, Venezuela and also in some East European markets to lower this growing dependency on the US.

Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, Government of India under 'Make in India' program has decided to declare the year 2015 as 'Year of Active Pharmaceutical Ingredients (API).' Under the 'Make in India' initiative, it is expected that the government will introduce many industry-friendly policies and incentives to give a major thrust to the growth of Indian bulk drug industry to make it a formidable force globally. State government of Telnagana has already announced many incentives for the bulk manufacturing units.

Indian companies are taking center stage in Complex Generics at US and EU markets. In Bio-similars, Indian companies will have perhaps the largest basket aimed at Emerging Countries in 2015-20 and later for Developed countries. Though few but is the beginning of NCE/mAb development by Indian companies is a sign of Indian Generics moving up in the chain. Biopharma/ biotech companies in India, S. Korea, China may have significant advantages of low-cost manufacturing, colossal markets, and healthy government support over potential peers from other regions. The cost barriers in the biosimilar market lead regulated marketed giants to tie up with Asian companies to gain access to these advantages and hedging their bets through a joint-venture strategy.

Aurobindo Pharma - Recovery so Far, So Good

  • Strong Presence in US market - Channel consolidation has no Impact so far
  • Acquisition of commercial operations in Western Europe from Actavis
  • Domestic Business
  • Antiretroviral (ARV) Business
  • Table 1: Global Regulatory Filings

Biocon - Global Partnerships and Creating Further Value of CRAMS -Future Drivers

  • Near term Growth Drivers
  • Long term growth Drivers
  • R&D Partnership Update

Cadila - NCE, Bio-Similars, Transdermal and Complex Generics

  • US remains the key growth driver
  • NCE/NBE pipeline
  • Table 1: Key transdermal products and timelines for filing and approval
  • Table 2: colon targeted drugs -near to medium term growth driver of Cadila Healthcare

Caplin Point - Debt free Company With Strong Management - Latin America Investment Strategy will Provide Consistent Growth

  • Formulation capabilities:
  • Financial status:
  • Export business:
  • Contract Manufacturing

Cipla - Fresh Leadership to Start Delivering Results Soon!

  • Solid Base to Enter 'Front-End' Marketing In Overseas Markets
  • Capabilities in the Respiratory Area
  • Initiatives to Bring Value to the Society Continue
  • Table 1: Respiratory coverage
  • Table 2: Strong manufacturing to cater to global markets
  • Table 3: Wide technology platform base
  • Table 4: Wide technology platform base

Dishman - High Potent/Onco CRAMS to API: Will These Strategies Work?

  • India CRAMS - Challenges Faced
  • New Initiative At Business Segments
  • Figure 1: Crams business - value chain
  • Table 1: Bulk API products - highly potent
  • Table 2: Bulk API products

Dr. Reddy's - Onco Generics and Complex Formulation Are New Catalysts for Growth

  • Rich Pipeline with 'difficult to make' products
  • Positioned Well to participate in Biosimilars opportunities
  • Russia/CIS - Momentum Continues:
  • Figure 1: Varieties of formulations in pipeline
  • Table 1: Expected new launches in next three years
  • Table 2: Select products launched by Dr. Reddys in past three years
  • Table 3: Leadership products in Russia
  • Table 4: Growth of sales in Russia

Glenmark - Maturing NBE/NCE pipeline Visibility to increase in the next two years

  • Buisness Segments
  • Junivia Case
  • India formulation
  • USA Formulation
  • Africa, Asia and CIS Region (ROW)
  • Europe Formulation
  • Latin America
  • API Business
  • Domestic Business
  • Further Value Creation
  • R & D pipeline Update

Jubilant Life Science - Integrated CRAMS Business - Financial Restructuring Unlikely Solve Key Issue

  • Pharmaceutical Business De-growth to Impact Margin
  • Life Science Ingredients margin is not very attractive!
  • Geography wise Business and Long term Outlook

Lupin - A True Global Indian Company - Will Enter New Phase of Growth

  • Solid Foundation in USA
  • Japanese success story is likely to be continued:
  • Increasing investments in R&D are strengthening the foundation:
  • Chart 1: Lupin: business split for fy 03/14
  • Table 1: upcoming ftf opportunities
  • Annexure 1: strategic initiatives and alliances in fy 03/14

Natco - Leveraging Chemistry, Formulation and IP Strengths - For US and India markets

  • New Market Entry
  • Leading oncology player in domestic market
  • API Exports
  • NCE pipeline
  • CML Market position
  • Key Oncology in Domestic Market to Value in Coming Years

Orchid - CDR in place but Lost Confidence on Management

  • US Formulation Business, the Key Growth Driver, Strategy still a question?
  • From the ANDAs list, we see four products, where Orchid has meaningful opportunity - Depends on the partner it chooses:
  • Facilities Post Hospira deals:
  • Table 1 :Cephalosporin API Us DMF List
  • Table 2A: Us Antibiotic Consumption In Volume
  • Table 2B: Cephalosporin's Consumption In Volume
  • Table 3 : Key Andas And Competition

Panacea Biotech : CDR Approved: Turnaround Expected From Formulation Business

  • Panacea has shown confidence in rebuilding the business through research and strategy
  • Business Segments Review
  • Indian Market Position
  • International Markets Updates
  • Strategic Alliances
  • Joint Venture Partnerships with Global Companies
  • Panacea Biotec Research Capabilities
  • Formulation Platform technologies Developed
  • Manufacturing Facilities- Regulatory Approval
  • WHO and UNICEF Vaccine Business Update
  • Table 1: NDDS Pipeline

Shilpa Medicare: A Leader in Oncology API, Expanding into Non-Onco, Peptides and Complex Formulations - US Market the Next Target!

  • Acquisitions so far
  • Table 1 : Select Key Oncology API And Their DMF Status
  • Table 2: Select Non-Onco API And Their DMFStatus
  • Table 3 : Select API Under Development

Stride Arcolab : Honeymoon Phase on- post Merger with Shasun

  • Complementary Business- Shasun and Strides
  • Malaria and HCV opportunity are future growth drivers--
  • Notable acquisitions with Stride Arcolab
  • Biotech/Biosimilar- Long term Drivers- Stelis Biopharma
  • Hedging Risk in biosimilar/biologics

Sun Pharma, : Largest Indian generic Company venturing into Biologic Innovation

  • Domestic market - balanced portfolio, sustainable base
  • Leadership in Domestic Oncology Market is Likely to be Maintained:
  • Overseas Market Business
  • Rest of the world formulation business:
  • Acquisition & Collaboration and its impact on the company's growth
  • Table 1: Domestic Chronic Disease Focused Portfolio
  • Table 2 : Year Wise Approvals In The Us
  • Table 3 : Therapy Wise Approvals In The Us
  • Annexure 1 : History Of Creating Value By Executing Value Assets
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