EXECUTIVE SUMMERY

Sun Pharma, established in 1983, makes specialty pharmaceuticals and APIs for use inChronic therapy areas such as cardiology, psychiatry, neurology, gastroenterology, diabetes and respiratory conditions, sold in 26 markets worldwide. Sun Pharma enjoys a good market share in pharmaceutical industry. Sun Pharma is build of four different companies that are Caraco Pharmaceutical Laboratories, Sun Pharmaceutical Industries Inc. (SPI), Sun Pharmaceutical (Bangladesh) and Alkaloida Chemical Company Exclusive Group Ltd.

In first section of my report I had given brief information about pharmaceutical industry and in second section I had given brief information of Sun Pharmaceutical Industries.

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INDIAN PHARMACEUTICA

L INDUSTRIES

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Introduction to Indian Pharma Industry

A glance look at Indian Pharmaceutical Industry:

India currently represents just U.S. $6 billion of the $550 billion global pharmaceutical industry but its share is increasing at 10 percent a year, compared to 7 percent annual growth for the world market overall. Also, while the Indian sector represents just 8 percent of the global industry total by volume, putting it in fourth place worldwide, it accounts for 13 percent by value, and its drug exports have been growing 30 percent annually.

The “organized” sector of India's pharmaceutical industry consists of 250 to 300 companies, which account for 70 percent of products on the market, with the top 10 firms representing 30 percent. However, the total sector is estimated at nearly 20,000 businesses, some of which are extremely small. Approximately 75 percent of India's demand for medicines is met by local manufacturing.

According to the German Chemicals Association, in 2005, India's top 10 pharmaceutical companies were Ranbaxy, Cipla, Dr. Reddy's Laboratories, Lupin, Nicolas Piramal, Aurobindo Pharma, Cadila Pharmaceuticals, Sun Pharma, Wockhardt Ltd. and Aventis Pharma. Indian-owned firms currently account for 70 percent of the domestic market, up from less than 20 percent in 1970. In 2005, nine of the top 10 companies in India were domestically owned, compared with just four in 1994.

India's potential to further boost its already-leading role in global generics production, as well as an offshore location of choice for multinational drug manufacturers seeking to curb the increasing costs of their manufacturing, R&D and other support services, presents an opportunity worth an estimated $48 billion in 2007.

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Indian Market EvolutionEarly Phase

(1950-75)Mid Phase (1975-2000)

Recent Phase (2000-)

Small Scale Units Medium / Large Scale Units Emergence of Indian origin MNCs

Market Dominated by MNCs Growing share of Indian entities

Global scale of operations of Indian pharmacos

Manufacture of bulk (largely public sector) and import of formulations

Manufacture and marketing of bulk drugs and formulations

Formulations / Generics for the world market

Inward outlook for markets Primarily domestic orientation, nominal export presence

Strong export focus, domestic consolidations. Increasingly high level of R&D orientation

Limited IPR Protection Limited IPR protection Moves towards IPR protection post 2005

High Price Controls High Price Controls Reducing price controls

Performance of Pharmaceutical Industry:

The Indian Pharmaceutical industry, has shown remarkable progress in areas of

i. Infrastructure development,ii. Technology base and

iii. Wide range of products. The Pharmaceutical Industry produces bulk drugs belonging to all major therapeutic groups requiring complicated manufacturing process and also produces different dosage forms.

The main plus point of the industry is developing cost effective technologies in the shortest possible time for drug intermediates and bulk actives without compromising on quality.

Indian companies maintain highest standards in Purity, Stability and International requirements namely, Safety, Health and Environmental protection in production and supply bulk drugs to even innovator companies. This speaks of the high quality standards maintained by large number of Indian companies as these bulk actives are used by the buyer companies in the dosage forms.

The Pharmaceutical industry is an industry involving sophisticated and modern technology that is why major share of Indian Pharma exports itself going to highly developed western countries. They admired Indian Pharmaceutical company not only for excellent quality of drugs and medicines but also for the reasonableness of the cost of it.

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The Major Indian Pharmaceutical Companies

Company Profit( per cent)

Ranbaxy Labs 167.2

Dr Reddy’s Labs 65.8

Cipla 5.2

Nicholas Piramal 473.9

Sun Pharma 35.8

Lupin 26.8

Cadila Healthcare 66.4

Torrent Pharma 313.7

Glenmark 74.5

Biocon 26.1

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Opportunities

The main opportunities for the Indian pharmaceutical industry are in the areas of:• Generics (including biotechnology generics)• Biotechnology• Outsourcing (including contract manufacturing, information technology (IT)and R&D outsourcing).

1) GenericsPrescription drugs worth $40 billion in the U.S. and $25 billion in Europe are due to lose patent protection by 2007-08. Indian firms will likely take around 30 percent of the increasing global generics market, the Associated Chambers of Commerce and Industry of India (Assocham) forecast. Currently, the Indian industry is estimated to account for 22 percent of the generics world market. Low production costs give India an edge over other generics-producing nations, especially China and Israel. It will be easier for Indian firms to win larger generics market shares overseas than at home, particularly in the U.S. and Europe.

Indian drug manufacturers currently export their products to more than 65 countriesworldwide.14 Their largest customer is the U.S., the world's biggest pharmaceutical market. The use of generic drugs is growing quickly in the U.S. due to cost pressure by payers and the introduction on January 1 this year of the Medicare Part D prescription benefit, giving seniors and people with disabilities prescription drug coverage for the first time. With 74 facilities, India has the largest number of U.S. Food and Drug Administration (FDA)- approved drug manufacturing facilities outside the U.S. Indian firms now account for 35 percent of Drug Master File applications and one in four of all U.S. Abbreviated New Drug Application (ANDA) filings submitted to the FDA. Analysts at Credit Lyonnais Securities Asia say they expect the number of generic drug launches by Indian companies in the U.S. to increase from 93 in 2003 to over 250 by 2008.

2) BiotechnologyIn 2003-04, biopharmaceuticals accounted for 60 percent of India's total biotechnology market, which was worth an estimated $709 million-up 39 percent over the previous period. Investment in the sector was up 26 percent to $137 million-and exports accounted for 56 percent of industry revenues. The domestic biopharmaceuticals sector grew 38.5 percent and had the largest local market share, at 76 percent, followed by bioagriculture at 8.4 percent, bioservices at 7.7 percent, and industrial products at 5.5 percent and bio-informatics at 2.5 percent.

With 200 biotech companies and total revenues of $500 million annually, India'sBiotechnology sector is still in the relatively early stages of development. However, it is growing fast, with an initial emphasis on vaccines and bioservices. The industry is situated mainly in Karnataka, although there are operations in Andra Pradesh, Hyderabad, Kerala, Maharashtra and West Bengal. The top 10 players in terms of

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revenues in 2004 were Biocon, Serum Institute of India, Panacea Biotec, Nicholas Piramal, Novo Nordisk, Venkateshwara Hatcheries, Wockhardt, GSK, Bharat Serums & Vaccines, and Eli Lilly & Co, reports Burrill & Co, the U.S.-based life sciences merchant bank. As is generally the case worldwide, most biotech companies in India have developed along the contract or collaborative research models.

3) Outsourcing

I. IT Outsourcing

India's status as an information technology superpower, with access to specialist skills and 24/7 work hours, is a huge advantage as it strengthens its position as the destination of choice for contract research, including drug discovery. Eighty-two percent of U.S. companies overall rank India as their first-choice IT outsourcing destination, says leading international clinical research organization Chiltern International, adding that IT and IT enabled services (ITES) companies have been expanding their activities in India to new business segments such as bioinformatics and life sciences; those doing so or planning to include Accenture, Intel, Satyam, Cognizant, IBM, Oracle and TCS. Wipro Spectramind, India's largest third-party offshore business process outsourcing provider, is conducting bioinformatics work for global pharmaceutical companies.

II. Contract Manufacturing

The global pharmaceutical market is estimated to represent a $48 billion opportunity for India by 2007, in terms of:

• manufacturing outsourcing-supply of active pharmaceutical ingredients (APIs) and Intermediates

• Development outsourcing-conducting preclinical and clinical trials• customized chemistry services-contract research services for compounds

pre-launch.

Worldwide revenues for pharmaceutical industry contract manufacturing and research services (CRAMS) totalled $100 billion in 2004 and will grow at an average annual rate of 10.8 percent to reach $168 billion by 2009, say analysts at Frost & Sullivan. Within this total, the global market for contract manufacturing of prescription drugs is estimated to increase from a value of $26.2 billion to $43.9 billion, although the over-the-counter medicines and nutritional products sector will show the fastest growth.

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Challenges

“The three strategic drivers for accelerating growth of the pharmaceutical industry in India are intellectual property rights-its implementation in letter and spirit; liberal drug pricing policies; and regulatory (as well as labor) law reforms,”

1) Patents and Intellectual Property RightsIndia's new product patent regime is the result of the WTO's Doha Round of negotiations in 2001. Final agreement was reached on TRIPs ground rules for patent protection among WTO member countries, stating that both processes and products should be protected.

Subsequently, on March 22, 2005, India's parliament approved the Patents (Amendment) Act 2005, bringing in a system of product patents backdated to January 1, 2005. The new regime protects only products arriving on the market after January 1, 1995, abolishing the previous process patent system established by the 1970 Patent Act.

2) Pricing IssuesThe prices of 74 bulk drugs and their formulations, which account for around 40 percent of the retail pharmaceutical market, are controlled by the Drug Price Control Order (DPCO) of 1995. The government's 2002 Pharmaceutical Policy would have reduced the numbers of price-controlled drugs still further, but this proposal is currently under judicial review in the Supreme Court. If it is approved, the number of price-controlled drugs is expected to drop to 25.

3) Regulatory ReformsThe government is now starting to develop an infrastructure for clinical trials in India, with amendments made recently to Schedule Y of the Drugs and Cosmetics Rules of 1945 to allow for multicenter concurrent clinical trials in India and address the protection of trial participants, and the integration and quality of data. Among other developments, Good Clinical Practice guidelines have been published and made mandatory. The government is now starting to develop an infrastructure for clinical trials in India, with amendments made recently to Schedule Y of the Drugs and Cosmetics Rules of 1945 to allow for multicenter concurrent clinical trials in India and address the protection of trial participants, and the integration and quality of data. Among other developments, Good Clinical Practice guidelines have been published and made mandatory.

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Breaking the export barriers

Indian pharmaceutical industry is expected to register a growth rate of 11 percent to enhance its size to Rs 600 billion by 2007-08, as against Rs 432.90 billion in 2004-05. According to a study undertaken by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), this increase will primarily come from generic pharma exports to regulated markets of US and Europe, where $65 billion worth of drugs are slated to go off patent. Exports in 2006-07 were Rs 24,600 crore. Indian pharmaceutical exports have tremendous potential to grow at around 18 percent by 2007-08 to take its total export volume to about Rs300 billion as against Rs182.90 billion in 2004-05.

The Indian pharma industry currently ranks 17th in terms of export value of bulk actives and dosage. Indian exports cover more than 200 countries including the highly regulated markets of US, Western Europe, Japan, North America, all the European Union (EU) countries, Brazil, Australia; as well as semi-regulated markets of South East Asia, Africa, Eastern Europe, South and Central America.

In last ten years pharma exports have grown multi-fold. The reasons for growth in regulated/semi-regulated markets would include cost effectiveness of products with high quality, large number of inspection compliance plans from regulated and semi-regulated markets and availability of highly qualified and skilled personnel in R&D, manufacturing, marketing and regulatory areas. Also, India is the most competitive destination for bulk drugs, formulations, ayurvedic and herbal products with more than 75 US FDA approved manufacturing plants ensuring quality products. Another reason for the growth is that, "In terms of regulatory requirements of the countries, whether it is US or Europe, Indian companies have understood what they need, and they have complied with the regulatory requirements," says Amar Lulla, Managing Director, Cipla.

Ashwin Thacker, Managing Director, Flamingo Pharmaceuticals, cites another reason for growth in exports, "Export growth is due to export of new molecules (generic), especially to regulated markets." And Indian companies are proving to be better at developing Active Pharmaceutical Ingredients (APIs) with non-infringing processes for target markets than their competitors, he adds. From APIs, we have moved to manufactured formulations and finished dosages and all this at a fraction of the cost in Western countries.

Regulatory authorities in these countries have also inspected Indian facilities are over a period of time, have come to accept the high standards of the Indian capabilities. "Cipla was the first company, to get a US FDA approval in 1985 and at that time the focus was more on APIs. It then gradually moved on to span more dosage forms", informs Lulla. So it seems that Indian companies have been on the learning curve for the last few years and are on the road to success.

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The market drivers in both these areas are different

Drivers in the regulated markets Drivers in the semi-regulated markets

Inspection compliance plans Less Entry barriers

Common Technical Dossier (CTD) Simple dossiers

Bio equivalence for generics Registration time is less

Clinical Trials Registration requirements are comparatively easy to meet

Financial Muscle of the company Affordable registration fees

High registration fees

Big volumes for generic following

Strict Patent law

In the years to come

"Growth will happen because there are more products which will go off patent and these products will start entering new markets, including Middle East, Africa, Western America, Canada and Mexico," feels Lulla. Even though there has been a decline in demand with respect to key markets, India's export prospects still remain bright as new markets open up. As against a global pharma industry of over $300 billion, India's export sales are in the region of $1.5 billion. The potential for growth is enormous; a 20 per annual growth in exports is expected over the next five years.

The next five years will witness a spate of patent expiries of blockbuster drugs that will accord opportunities to supply bulk drugs and formulations to advanced markets. And India will be a dominant pharma player by 2020 in manufacturing, R&D, CRO and NDDS (New Drug Delivery System). Espicom's market projections assume stable market growth of around 7.2 percent, putting the market at $13.4 billion by 2011. It should be noted, however, that if calls for an end to drug price controls, come to fruition, short-term market growth is likely to be much higher.

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Research and Development

In Pharmaceutical Industry Research and development is for most and very prime requirement, because unknown and dangerous dieses are spreding everywhere very rapidly. A two-tier structure exists to manage the programme, viz., an Apex Executive Committee at the Secretariat level, chaired by the Secretary, Department of Science & Technology and an Expert Committee at the operational level. The Department of Science and Technology has a dedicated programme for promoting R&D in the drugs and Pharmaceutical sector

A Research and Development is necessary not only to cure from dieses but also to beat global competitors. So a high level expertise and adequate human resources with modern facilities are required for drug development, so government gives this responsibility to Science and Technology programme. .

Accordingly, facilities that are needed urgently and that would need to be created, namely,

(a) DHA gyrase screening facility; (b) Quantity- Structure-Activity-Relationship (QSAR) facility; (c) Immunomodulators modeling and screening and (d) Pharmacological testing was identified.

Government has taken several policy initiatives for strengthening Research & Development in Pharma sector. Some of the initiatives are…

Fiscal incentives to R&D units Development of new drug molecules, Clinical research, New drug delivery systems, Excellent infrastructure.

As per information few products are expected to go for clinical trials in the next few years in the areas of Anti-infective, Anti-cancer and, Life-style segments.

Compared to the reported average R&D spending of 2% of turnover in the sector, a few leading Indian Pharma companies have increased their R&D spending to over 5% of their turnover.

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THE GROWTH SCENARIO

India's US$ 5.5 billion Pharmaceutical industry is growing at the rate of 14 percent per year. It is one of the largest and most advanced among the developing countries. Over 20,000 registered Pharmaceutical manufacturers exist in the country. The domestic Pharmaceuticals industry output is expected to exceed Rs260 billion in the financial year 2008, which accounts for merely 1.3% of the global Pharmaceutical sector. Of this, bulk drugs will account for Rs 54 bn (21%) and formulations, the remaining Rs 210 bn (79%). In financial year 2007, imports were Rs 20 bn while exports were Rs87 bn.

So far as Indian Pharmaceutical industry is concern it is adorn by different advantage available in India due to this reason other country’s MNCs also attracted towards it and try to enter in Indian market.

Some of the advantages of India are as under..

Financial Strength:Indian market has full financial strength not only that but finance is also available at low rate of interest and credibility is also high.

Less Legal Restriction:Government encourages new promoters so they keep very less legal binding for Pharmaceutical industry.

Human Capital: India has a pool of personnel with high managerial and technical competence as also skilled workforce. It has an educated work force and English is commonly used. Professional services are easily available.

Cheap chemical synthesis:Its track record of development, particularly in the area of improved cost-beneficial chemical synthesis for various drug molecules is excellent. It provides a wide variety of bulk drugs and exports sophisticated bulk drugs.

Globalization: After 1994 Government has adopted new policy of globalization in which country is committed to a free market economy and above all, it has a 70 million middle class market, which is continuously growing and expanding.

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Consolidation:For the first time in many years, the international Pharmaceutical industry is finding great opportunities in India. The process of consolidation, which has become a generalized phenomenon in the world Pharmaceutical industry, has started taking place in India.

Latest Information & Technology:India has a good network of world-class educational institutions and established strengths in Information Technology. India possesses latest technology which enhance its strength.

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Analysis to Indian Pharma Industry

The industry now produces bulk drugs belonging to all major therapeutic groups. The Indian Pharmaceutical industry has shown tremendous progress in terms of infrastructure development, technology base creation and a wide range of production.

The country ranks fourth worldwide accounting for 8% of world's production by volume and 1.5% by value. It ranks 17th in terms of export value of bulk actives and dosage forms. Indian exports are destined to more than 200 countries around the globe including highly regulated markets of US, Europe, Japan and Australia. Strong scientific and technical manpower and pioneering work done in process development have contributed to this.

Today, India is not just looking at seeking technology but is a potential exporter of products and technology and so an international exhibition will help the industry showcase its strengths. The Pharmaceutical industry in India has undoubtedly created ripples. The success of this industry is quite crucial for the well being of the nation. The Union government too realizes the importance of the Pharmaceutical industry.

The basic objectives of Government's Policy relating to the drugs and Pharmaceutical sector were enumerated in the Drug Policy of 1986. These basic objectives still remain largely valid. However, the drug and Pharmaceutical industry in the country today faces new challenges on account of liberalization of the Indian economy. The need for radically improving the policy framework for knowledge-based industry has also been acknowledged by the Government. The Prime Minister's Advisory Council on Trade and Industry has made important recommendations regarding knowledge-based industry. So that policy inputs are directed more towards promoting accelerated growth of the Pharmaceutical industry and towards making it more internationally competitive.

The Pharmaceutical industry has been identified as one of the most important knowledge based industries in which India has a comparative advantage. Therefore government announces some provision in this regards as…

• Reservation of 5 drugs for manufacture by the public sector only was abolished in Feb. 1999.

• Foreign investment through automatic route was raised from 51% to 74% in March 2000 and the same has been raised to 100%.

• Automatic approval for Foreign Technology Agreements is being given in the case of all bulk drugs.

The Pharmaceutical industry in India has achieved global recognition as a low cost producer and supplier of quality bulk drugs and formulations to the world.

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Indian Pharma Industry: SWOT analysis

It is often said that the pharma sector has no cyclical factor attached to it. Irrespective of whether the economy is in a downturn or in an upturn, the general belief is that demand for drugs is likely to grow steadily over the long-term. True in some sense. But are there risks? The Industry is a largely fragmented and highly competitive with a large number of players having interest in it.

The SWOT analysis of the industry reveals the position of the Indian pharma industry in respect to its internal and external environment.

Strengths:

1. Indian with a population of over a billion is a largely untapped market. In fact the penetration of modern medicine is less than 30% in India. To put things in perspective, per capita expenditure on health care in India is US$ 93 while the same for countries like Brazil is US$ 453 and Malaysia US$189.

2. The growth of middle class in the country has resulted in fast changing lifestyles in urban and to some extent rural centers. This opens a huge market for lifestyle drugs, which has a very low contribution in the Indian markets.

3. Indian manufacturers are one of the lowest cost producers of drugs in the world. With a scalable labor force, Indian manufactures can produce drugs at 40% to 50% of the cost to the rest of the world. In some cases, this cost is as low as 90%.

4. Indian pharmaceutical industry posses’ excellent chemistry and process reengineering skills. This adds to the competitive advantage of the Indian companies. The strength in chemistry skill helps Indian companies to develop processes, which are cost effective.

Weakness:

1. The Indian pharma companies are marred by the price regulation. The companies, which are lowest cost producers, are at advantage while those who cannot produce have either to stop production or bear losses.

2. Indian pharma sector has been marred by lack of product patent, which prevents global pharma companies to introduce new drugs in the country and

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discourages innovation and drug discovery. But this has provided an upper hand to the Indian pharma companies.

3. Indian pharma market is one of the least penetrated in the world. However, growth has been slow to come by. As a result, Indian majors are relying on exports for growth. To put things in to perspective, India accounts for almost 16% of the world population while the total size of industry is just 1% of the global pharma industry.

4. Due to very low barriers to entry, Indian pharma industry is highly fragmented with about 300 large manufacturing units and about 18,000 small units spread across the country. This makes Indian pharma market increasingly competitive. The industry witnesses price competition, which reduces the growth of the industry in value term.

Opportunities

1. The migration into a product patent based regime is likely to transform industry fortunes in the long term. The new patent product regime will bring with it new innovative drugs. This will increase the profitability of MNC pharma companies and will force domestic pharma companies to focus more on R&D.

2. Large number of drugs going off-patent in Europe and in the US between 2005 to 2009 offers a big opportunity for the Indian companies to capture this market. Since generic drugs are commodities by nature, Indian producers have the competitive advantage, as they are the lowest cost producers of drugs in the world.

3. Opening up of health insurance sector and the expected growth in per capita income are key growth drivers from a long-term perspective. This leads to the expansion of healthcare industry of which pharma industry is an integral part.

4. Being the lowest cost producer combined with FDA approved plants, Indian companies can become a global outsourcing hub for pharmaceutical products.

Threats:

1. There are certain concerns over the patent regime regarding its current structure. It might be possible that the new government may change certain provisions of the patent act formulated by the preceding government.

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2. Threats from other low cost countries like China and Israel exist. However, on the quality front, India is better placed relative to China. So, differentiation in the contract manufacturing side may wane.

3. The short-term threat for the pharma industry is the uncertainty regarding the implementation of VAT. Though this is likely to have a negative impact in the short-term, the implications over the long-term are positive for the industry.

4. Increase in over the counter medicines also create problem for medicines because people will buy it directly from market.

PEST ANALYSIS of INDIAN PHARMA INDUSTRY

To understand the implications of the environment on any industry it is imperative to study the four cardinal influencers on the industry namely Political, Economic, Social and Technological factors. It is rather unfortunate that in India these factors have a rather disproportionate influence on the functioning of a commercial organization. From the days of independence the business environment has been overly regulated by a handful of bureaucrats, middlemen, businessmen and politicians. Its only a decade since the country has seen an emergence of a political thought that encourages free enterprise.

Political Factors:

1. The Minister in charge of the industry has been threatening to impose even more stringent Price Control on the industry than before. This is throwing many an investment plan into the doldrums.

2. DPCO which is the bible for the industry has in effect worked contrary to the stated objectives. DPCO nullifies the market forces from encouraging competitive pricing of goods dictated by the market. Now the pricing is determined by the Government based on the approved costs irrespective of the real costs.

3. Effective January, 2005 the country goes in for the IPR (Intellectual Property Rights) regime, popularly known as the Patent Act. This Act will impact the Pharmaceutical Industry the most. Thus far an Indian company could escape paying a patent fee to the inventor of a drug by manufacturing it using a different chemical route. Indian companies exploited this law and used the reverse-engineering route to invent a lot of alternate manufacturing methods. A lot of money was saved this way. This also encouraged competing company to market their versions of the same drug.

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4. In Pharma industry there is a huge PSU segment which is chronically sick and highly inefficient. The Government puts the surpluses generated by efficient units into the price equalization account of inefficient units thereby unduly subsidizing them. On a long term basis this has made practically everybody inefficient.

5. Effective the January, 2005 the Government has shifted from charging the Excise Duty on the cost of manufacturing to the MRP thereby making the finished products more costly. Just for a few extra bucks the current government has made many a life saving drugs unaffordable to the poor.

6. The Government provides extra drawbacks to some units located in specified area, providing them with subsidies that are unfair to the rest of the industry, bringing in a skewed development of the industry. As a results Pharma units have come up at place unsuitable for a best cost manufacturing activity.

Economic Factors:

1. India spends a very small proportion of its GDP on healthcare ( A mere 1% ). This has stunted the demand and therefore the growth of the industry.

2. Per capita income of an average Indian is low ( Rs. 12,890 ), therefore, spending on the healthcare takes a low priority. An Indian would visit a doctor only when there is an emergency. This has led to a mushrooming of unqualified doctors and spread of non-standardized medication.

3. The incidence of Taxes are very high. There is Excise Duty ( State & Central), Custom Duty, Service Tax, Profession Tax, License Fees, Royalty, Pollution Clearance Tax, Hazardous substance (Storage & Handling) license, income tax, Stamp Duty and a host of other levies and charges to be paid. On an average it amounts to no less than 40-45% of the costs.

4. The number of Registered Medical practitioners is low. As a result the reach of Pharmaceuticals is affected adversely.

5. There are only 50,00,000 Medical shops. Again this affects adversely the distribution of medicines and also adds to the distribution costs.

6. India is a high interest rate regime. Therefore the cost of funds is double that in America. This adds to the cost of goods.

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7. India has poor roads and rail network. Therefore, the transportation time is higher. This calls for higher inventory carrying costs and longer delivery time. All this adds to the invisible costs. Its only during the last couple of years that good quality highways have been constructed.

Socio-cultural Factors:

1. Poverty and associated malnutrition dramatically exacerbate the incidence of Malaria and TB, preventable diseases that continue to play havoc in India decades after they were eradicated in other countries.

2. Poor Sanitation and polluted water sources prematurely end the life of about 1 million children under the age of five every year.

3. In India people prefer using household treatments handed down for generations for common ailments.

4. The use of magic/tantrics/ozhas/hakims is prevalent in India.

5. Increasing pollution is adding to the healthcare problem.

6. Smoking, gutka, drinking and poor oral hygiene is adding to the healthcare problem.

7. Large joint families transmit communicable diseases amongst the members.

8. Cattle-rearing encourage diseases communicated by animals.

9. Early child bearing affects the health standards of women and children.

10. Ignorance of inoculation and vaccination has prevented the eradication of diseases like polio, chicken-pox, small-pox, mumps and measles.

11. People don’t go in for vaccination due superstitious beliefs and any sort of ailment is considered as a curse from God for sins committed.

Technological Factors:

1. Advanced automated machines have increased the output and reduced the cost.

2. Computerization has increased the efficiency of the Pharma Industry.

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3. Newer medication, molecules and active ingredients are being discovered. As of January 2005, the Government of India has more than 10,000 substances for patenting.

4. Ayurveda is a well recognized science and it is providing the industry with a cutting edge.

5. Advances in Bio-technology, Stem-cell research have given India a step forward.

6. Humano-Insulin, Hepatitis B vaccines, AIDS drugs and many such molecules have given the industry a pioneering status.

7. Newer drug delivery systems are the innovations of the day.

8. The huge unemployment in India prevents industries from going fully automatic as the Government as well as the Labor Unions voice complains against such establishments.

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SUN PHARMACEUTICAL INDUSTRIES LTD.

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PROFILE

Sun Pharma makes specialty pharmaceuticals and active pharmaceutical ingredients. The brands are prescribed in chronic therapy areas like cardiology, psychiatry, neurology, gastroenterology, diabetology and respiratory.

Sun Pharma has the same drive for growth that marked our early days. Sun Pharma came into existence as a startup with just 5 products in 1983. In the time since, Sun Pharma have crossed several milestones to emerge as a leading pharma company in India, a rank that we have now been at for more than 5 years. (IMS-ORG Retail Store Audit, March 2006)

Sun Pharma has reached leadership in each of the therapy areas that we operate in, and are rated among the leading companies by key customers. Strengthening market share and keeping this customer focus remains a high priority area for the company.

In the post 1996 years, Sun Pharma used a combination of internal growth and acquisitions to drive growth; important mergers were those of the US, Detroit based Caraco Pharm Labs and that of the plant at Halol which is now UKMHRA and USFDA approved.

Under a recent corporate development, the areas related to new molecular entities and drug delivery systems are proposed to be demerged into a separate company.

HISTORYSun Pharma began in 1983 with just 5 products to treat psychiatry ailments. Sales were initially limited to 2 states - West Bengal and Bihar. Sales were rolled out nationally in 1985. Products that are used in cardiology were introduced in 1987, and Monotrate, one of the first products launched at that time has since become one of our largest selling products. Important products in Cardiology were then added; several of these were introduced for the first time in India.

Realizing the fact that research is a critical growth driver, it established its research center SPARC in 1993 and this created a base of strong product and process development skills.

Sun Pharma was listed on the main stock exchanges in India in 1994; and the Rs. 55 crore issue of a Rs. 10 face value equity share at a premium of Rs. 140/- was oversubscribed 55 times. The minimum 25% that was required under the regulations then for listing was offered to the public, the owner family continues to hold a majority stake in Sun Pharma. It used this money to build a greenfield site for API manufacture, as well as for acquisitions. For the acquisitions, typically companies or assets that could be turned around and brought on track were identified.

Its first API manufacturing plant was built in Panoli in 1995, for access to high quality

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actives ahead of competition, and to tap the vast international opportunity for speciality APIs.

Another API plant, its Ahmednagar plant, was acquired from the multinational Knoll Pharmaceuticals in 1996, and upgraded for approvals from regulated markets, with substantial capacity addition over the years. This was the first of several sensibly priced acquisitions, each of which would bring important parts to the long-term strategy.

By 1997, its headquarters were shifted to Mumbai, the commercial capital of the country. Sun Pharma began on the first of its international acquisitions with an initial $7.5 million investment in Caraco Pharm Labs, Detroit. By 2000, it had completed 8 acquisitions, each such move adding new therapy areas or offering an entry to important international markets. A new research center was set up in Mumbai for generic product development for the US market. In India, as new therapy areas were entered into post acquisition; customer attention, product selection and focused marketing helped us gain a foothold in areas like orthopedics, gynecology, oncology, etc. From a ranking at 38th in 1994, by 2000 it was ranked 5th with a leadership in 8 of the 11 therapy areas that it is present in. The year 2000 was the year of turnaround at the US subsidiary, Caraco, as it began to receive approvals after successful inspection by the USFDA. In December 2004, a research center spread over 16 acres was inaugurated by the President of India, with special lab space for drug discovery and innovation. The post 2005 years have witnessed important acquisitions to strengthen our US business- the purchase of manufacturing assets for controlled substances in Cranbury,NJ; that of a site to make creams and lotions in Bryan, that of Alkaloida, a Hungary based API and dosage form manufacturer , and recently, Chattem Ltd., a Tennessee-based controlled substance API manufacturer.

The tally at the end of 2008:

1) 17 manufacturing plants in 3 continents2) 8000 employees3) 2 World class research centers4) Brand selling in markets worldwide5) A growing presence in the US generic market6) Increasing research investments7) 60% of sales from international markets

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SHAREHOLDING PATTERN

The company has share capital base of Rs.15.4 crore. The number of total outstanding shares is 1.54 crore. The face value per share is Rs. 10. The share is currently trading at Rs. 625, as on 16th May, 2001. The market capitalization of the company is Rs. 962.5 crore. The free float available is 11% and the promoters hold 73% stake in the company.Shareholding

BOARD OF DIRECTORS

Dilip S. Shanghvi, Chairman and Managing Director. Mr. Shanghvi founded the company in 1982.

Sudhir V. Valia Executive Director

Sailesh T. Desai Executive Director

Hasmukh S. Shah Non-Executive Independent Director

Keki M. Mistry Non-Executive Independent Director

Ashwin Dani Non-Executive Independent Director

Arvind Joshi President

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GROUP COMPANIES

Caraco Pharmaceutical Laboratories:

Based in Detroit, Michigan, Caraco develops, manufactures, market and distributes generic and private label pharmaceuticals* and markets them throughout the United States. The corporation's present portfolio consists of a number of products in various strengths and package sizes, across a variety of therapeutic segments, including epilepsy and hypertension. For the most recent year ending March 2008, Caraco had sales of over $350 mill.

Caraco's manufacturing facility and executive offices were constructed in 1991, after a $9.1 million loan from the Economic Development Corporation of the city of Detroit. Since August 1997, capital infusions and loans have primarily come from Sun Pharma.

Sun Pharma's investment in and support of Caraco has resulted in, since the second quarter of 2002, Caraco achieving the sales to support its operations. As on March 2008, Sun Pharma owns approx 76% on a diluted basis of the outstanding common shares of Caraco. Sun Pharma has two R&D centers in Baroda and Mumbai, where development work for generics is done.

Sun Pharmaceutical Industries Inc. (SPI):

Sun Pharmaceutical Industries Inc is a Michigan Corporation and a wholly owned subsidiary of Sun Pharmaceutical Industries Ltd, India.

In the second half of 2004, Sun Pharma acquired the trademarks, manufacturing know-how and other intellectual property of certain pharmaceutical products from Women's First Healthcare, Inc, which was under bankruptcy proceedings. On completion of the acquisition in December 2004, these products were assigned to Sun

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Pharma Inc.

In December 2005, Sun Pharma Inc completed the purchase of dosage form manufacturing operations of Able Labs in the US for USD 23.15 million from the US Bankruptcy Court of the District of New Jersey, Trenton. A plant spread over 35,000 sq ft, in Bryan, Ohio, manufactures liquids, creams, and ointments. This plant was purchased from Valeant Pharma.

The Ohio plant is now approved by the USFDA and the Cranbury plant expects to receive approval shortly.

In January 2005, the company entered into a distribution and sale agreement with Caraco. Under the agreement, Caraco distributes and sells SPI’s products using its business organization, management personnel, and distribution set up.

Sun Pharmaceutical (Bangladesh) :

Sun Pharmaceutical (Bangladesh) is a private limited company incorporated in March 2001 under the Companies Act 1994. This company was formed jointly with Sun Pharma, City Overseas Ltd, a company incorporated in Bangladesh and Sun Pharma Global Inc, a company incorporated under the laws of the British Virgin Islands. The company began commercial operations in October 2004. The company owns and operates a pharmaceutical factory and makes pharmaceutical products that are sold in the local market. It currently markets 58 products and had reported a turnover of 105 mill Rs with a profit of Rs.22 mill Rs for the year ending March 08.

Alkaloida Chemical Company Exclusive Group Ltd.

ICN Hungary, purchased from Valeant Pharmaceuticals in 2005, is one of the few units worldwide, authorized to make controlled substances. ICN Hungary has now been renamed Alkaloida Chemical Company. This 170 acre site has facilities spread over 1,75,000 sq ft for the manufacture of bulk actives, with 500 KL capacity and designated areas to make controlled substances. It has a 150,000 sq ft facility for different dosage forms such as film coated and effervescent tablets, capsules, etc. A large 65,000 sq ft research center has labs across synthetic chemistry, instrumentation analytical and structural elucidation. The site is operational with 450 people and additional recruitments are planned over time.

MANUFACTURING

With worldclass technology and a team of strong professionals, we have built sites and systems that meet the most stringent international manufacturing standards. Expert quality teams ensure that systems and processes remain in compliance with the

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latest standards. A number of our plants hold approvals from the USFDA and the UK MHRA. APIs and Dosage forms are made in 19 sites across India, US, Hungary and Bangladesh.

Company's Philosophy on Code of Corporate Governance

Sun Pharma's philosophy on corporate governance envisages working towards high levels of transparency, accountability, consistent value systems, delegation across all facets of its operations leading to sharply focused and operationally efficient growth. The company tries to work by these principles in all its interactions with stakeholders, including shareholders, employees, customers, suppliers and statutory authorities.

LOOKING AHEAD

Over the last few years, we have been moving towards a profile that is much more international and formulation-driven.

The Sun Pharma of tomorrow will have brands registered in major markets of the world, and in most markets, promoted by a high quality field force. In India, we expect to retain our position of market leadership in our key therapy areas, and reach leadership in newer therapy areas that we entered after 1997. In key international

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FormulationSun Pharma makes speciality formulations across a range of dosage forms- oral, injectable and delivery system based.

API( Active Pharmaceutical Ingredients) Sun Pharma makes specialty APIs including peptides, steroids, hormones and anticancers at internationally approved worldclass sites.

Quality PolicyRegularly updated system, procedures and an expert team support a stringent quality policy.

Environmental Policy At Sun pharma, a concern for safety and the environment is part of our plan.

markets across Asia, South East Asia, Russia, China, the Middle East, Latam and Africa we would be a strong speciality company with prescription driven sales. With a strong network and established company equity, we would be an excellent partner for a company seeking to license out products across markets.

In the high value generic markets of the US we expect to become a respected generic company, with a portfolio comprising both of complex and simple-to-file generics, building an edge with technology and the cost advantage of vertical integration. While we have recently completed our fourth acquisition in the US, we believe there are excellent opportunities in the US generic space, where we can affect a turnaround and add value to a business. We have about $400 million earmarked for acquisitions in the US generic/drug discovery space.

Its innovation-based R&D programs were recently demerged into a separate company. The new R&D company will have projects covering new molecule and novel drug delivery in late phase human trials over the next few years, which it may seek to license out.

BUSINESS DEVELOPMENT

Sun Pharma is an international speciality pharma company. We have a significant presence in the US through our subsidiary Caraco. In the rest of world markets, we have a strong ground network of 400 committed field force in 30 countries, with a pipeline of over 2600 products of which 1600 are registered and marketed. We have 2500-person strong sales team in India distributing through 2000 stockists, We are now at a stage of rapid growth across geographies spanning Russia and CIS countries, China and South east Asia, Africa and Latin America, where we are rapidly emerging as a branded generic company of choice.

In India, we are among the largest pharmaceutical companies and command a 3.6% market share (ORG IMS Stockist Audit, Aug 2009). In India, we market over 500 products through 18 speciality marketing divisions that are built around chronic therapy areas. Typically, every year we introduce 25-30 new products. All of these are developed in-house supported by strong bulk synthesis, formulation development, bioequivalence and regulatory teams. CMARC (A prescription audit agency) has ranked us as No.1 in key chronic therapy areas of Neuropsychiatry, Cardiology, Orthopedics and Ophthalmology. We rank among the top 5 companies for Diabetology, Respiratory, Pain, Cancer and Gynecology.

In-Licensing

We look at partnering and collaborating as an important strategic approach that will complement our growth in India and international markets. Our constant need is to add to our speciality product portfolio for prescription leadership in India. We also seek to strengthen our presence, with a complete basket of specialty products, in Russia and CIS countries,

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China and South East Asia, Africa, Brazil and Mexico.

We are currently interested in in-licensing products that are already marketed or are in late stage clinical development in our key therapy areas. We seek products that leverage our core strengths and complement our existing product portfolio in the following therapy areas:

CNS disorders

Cardiology

Diabetes and Metabolic disorders

Gastroenterology

Ophthalmology

Oncology

Pain

Allergy, Asthma and Inflammation

Gynecologicals

We also have strategic interest in licensing biosimilar products and new products based on recombinant/humanized monoclonal antibody technology that find use in these therapy areas

We seek to establish a long term, mutually rewarding relationship based on exclusive marketing rights business model for the above listed geographies, as well as co-marketing or strategic alliances for co-development including clinical trials of products for necessary regulatory approvals.

Out-licensing

Its formulation development expertise enables us to develop complex generic products which are bioequivalent, sustained release oral dosage forms and long acting injectable depot formulations.

We offer a range of dosage forms for oral, injectable, topical and transdermal routes developed through non-infringing routes and/or patented routes.

Our Organic synthesis team develops highly complex bulk actives like Peptides, Hormones, Steroids, Anticancer drugs and Cephalosporins through non-infringing routes and/or patented routes. We offer over 150 bulk actives manufactured at USFDA/UK MHRA approved sites.

We seek out-licensing opportunities for our speciality generics, super generics, and bulk drugs for global markets.

CVS

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CNS

Pain

Cancer

Gynecologicals

Allergy, Asthma other respiratory diseases

Our Organic synthesis team develops highly complex bulk actives like Peptides, Hormones, Steroids, Anticancer drugs and Cephalosporins through non-infringing routes and/or patented routes. We offer over 150 bulk actives manufactured at USFDA/UK MHRA approved sites.

We seek out-licensing opportunities for our speciality generics, super generics, and bulk drugs for global markets.

APIOur API (Active Pharmaceutical Ingredients) program began in 1995 with a simple objective - facilitating the manufacture of complex formulations, for which, sourcing the API would restrict entry. Over time, we have been able to take the benefits of vertical integration to international markets and our US generic subsidiary, Caraco, has been able to source the active of several key products to its advantage.Starting with 2 actives in 1995, our API list has since expanded to over 150, and this includes a number of APIs with regulated market approvals such as US and European drug master files (DMFs), filed out of Indian plants that hold international regulatory approval and one plant in Hungary. At our 8 world-class locations, all of which are ISO 14001 and ISO 9002 approved, besides being approved by the respective foreign regulatory authorities, every year we scale up about 30 APIs, and make a large number of filings, the technology for all of which is developed at our research centre. Currently this list addresses customers-both innovator companies and generic companies, in markets across Europe , Latam and the US .

A range of APIs including complex actives like anticancer, steroids, peptides and hormones are manufactured in dedicated areas that follow international norms for systems and processes. Our buyout, in 2005, of ICN Hungary (Alkaloida) has enabled us to enter the controlled substance API manufacturing space, one of the few sites in the world to hold these approvals.

In November 2008, we acquired Chattem Chemicals, Inc., it is licensed by the DEA to manufacture Schedule 1 to 5 controlled substances. It has a facility spread over 6.5

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acres in Chattanooga, Tennessee, where it manufactures a variety of APIs with a focus on controlled substances.Complex APIs, controlled substances, APIs for the regulated markets - all of these are expected to power our API strategy going ahead.

Research and DevelopmentAt Sun Pharma, we are committed to creating a continually replenished pipeline of speciality generics, included differentiated generics, and registering these across markets. Our research projects are geared to enable us develop the latest molecules and bring them to market, at a reasonable cost. Focused development of generics in defined speciality areas and creating difficult to mimic generics based on complex technologies, is key to our efforts.Our first research center, Sun Pharma Advanced Research Center (SPARC), was set up in 1993 in Baroda in the western state of Gujarat in India. The work done here was instrumental for the rapid growth at Sun Pharma. Starting from a small base, the infrastructure at this initially 32,000 sq ft research center was used to streamline product development to bring to market on an average 40 formulations and 25 new API every year. These facilities have since been shifted to our new research campus.In 2004, a new research campus with areas for process / product development went on stream in Baroda . His Excellency, Dr. A P J Abdul Kalam, the Hon. President of India , formally inaugurated this research center in a glittering ceremony in December 2004.This 16-acre campus with nearly 330,000 sq ft research area offers space for the development of generics meeting international development standards, including difficult to make complex generics and complex API processes, such as those for steroids and peptides.This site houses 168 labs that address different aspects of generic dosage form and API development. A full fledged bioequivalence center spread over 25,000 sq ft and fully equipped with 222 beds works on biostudies for submissions in India and international markets.

In addition to a wells stocked library and conference areas, spacious and well equipped labs are in place for process chemistry for API development, formulation development for conventional dosage forms and complex delivery systems.

In addition, well-equipped and staffed areas for pharmacokinetics, bioequivalence, and analytical development offer the required support.

A second research center in Mumbai, spread over 50,000 sq ft of floor area, develops generics for the developed markets. This center has developed products for Caraco- most of the products that are marketed by our US subsidiary were developed by this team. This lab works with tight timeframes to support Caraco's new product pipeline.

Our research commitment for 2009-10 is between 7-8% of the company's turnover and we've put in a total of Rs. 15 billion for research since 1993. Our approach to research has been incremental starting with the simple and moving on to the more

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complex. We began with simpler dosage forms, then moved on to novel drug delivery systems and complex API. Across areas, 76 patents have been received of 233 patents filed. Every year, we typically bring about 40 new products to the Indian market, scale up 25 API, develop and file for 30 plus ANDAs for the US and 8-10 DMFs for US / Europe .

Generics Dosage form development

The current formulation development team has the capability to bring to market over 40 new products every year, products that are bioequivalent to internationally available brands. This expertise spans immediate/controlled release products as well as complex injectables and differentiated delivery systems. Simpler dosage forms handled include tablets, capsules, liquids, and ointments. Complex products include soft gel caps, liposome targeted drug delivery, osmotic delivery systems, inclusion complexes, meltabs, transdermals, aerosols, biodegradable depot-based formulations for 1 month/3 month release.

Dedicated labs for formulation development are similar to facilities at the plants and this facilitates easier scale up.

FacilitiesSolid oral dosage form labsSemisolid labNanotechnology/liposome labSterile lab for parenteralsAerosol areaPackaging development labStability testing labs

SWOT ANALYSIS

Strengths:

Sun Pharma is highly regarded for its ability to launch new products with a great amount of speed and consistency.

The company has only 20% exposure to the DPCO. he past growth rate of the company has always been double that of

the industry as a whole.

Weaknesses:

Continuous losses of Caraco Pharma is a major concern for Sun Pharma.

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The profit margins are declining for the company.

Opportunities:

The relaxation of DPCO will be a big boost for the company and this might marginally improve the profit margin.

The company has already made ANDAs (Abbreviated new drug application) in USA and it provides a great opportunity for growth for the company.

The company has entered the US market through its subsidiary Caraco Pharma. This provides a great opportunity for the company to make the most out of the expiring patents in USA.

Threats:

The entry of foreign players will pose a major threat to the company. The company is more into acquisition based growth and this might

lead to a stage of financial crunch as it has already happened in the case of Caraco pharma. Sun pharma provided debt to Caraco and is facing problems due to the continuous losses made by the latter.

SUN PHARMA ORPDUCT LISTSSun

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Sun Pharma Product List

Product Therapeutic Category Specifications CAS No.Acamprosate Calcium Alcoholism Treatment BP / EP [77337-73-6]Alendronate Sodium [#] Antiosteoporosis EP [121268-17-5]Amitriptyline [$] Antidepressant USP [50-48-6]Anastrozole Antineoplastic PN [120511-73-1]Atomoxetine Hcl Antidepressant PN [82248-59-7]Balsalazide Antiinflammatory PN [82101-18-6]Bicalutamide NSAID USP [90357-06-5]Budesonide Antiinflammatory Steroid BP / EP [51333-22-3]Bupropion Hcl Antidepressant BP / EP / USP [31677-93-7]Calcitonin Antiosteoporosis BP [47931-85-1]Capecitabine Antineoplastic PN [154361-50-9]Carbamazepine Antiepileptic BP [298-46-4]Carboplatin [$,*] Anticancer BP / EP / USP [41575-94-4]Carisoprodol [$] Muscle Relaxant USP [78-44-4]Carvedilol [$,*] Antihypertensive BP / EP [72956-09-3]Cefuroxime Axetil [*] 3rd Generation Cephalosporin EP [64544-07-6]Cisplatin [*] Anticancer EP / USP [15663-27-1]Citalopram Hbr. [$] Antidepressant USP [59729-32-7]Clomipramine Hcl [*] Antidepressant BP / EP [17321-77-6]Clonazepam [$] Antiepileptic EP / USP [1622-61-3]Clopidogrel Bisulfate Antithrombotic USP [135046-48-9]Danazol Androgen Derivative USP [17230-88-5]Desloratadine [$] Antihistaminic PN [100643-71-8]Desmopressin Monoacetate

Vasopressin Analogue EP [62288-83-9]

Divalproex Sodium Antiepileptic PN [76584-70-8]Dobutamine Hcl Cardiovascular EP / USP [49745-95-1]Donepezil [$] Antialzheimer PN [120014-06-4]Dothiepin Hcl [*] Antidepressant BP / EP [897-15-4]Entacapone Antiparkinsons PN [130929-57-6]Eptifibatide Antithrombotic PN [188627-80-7]Drug Escitalopram Oxalate

Antidepressant PN [59729-33-8]

Eszopiclone Hypnotic PN [138729-47-2]Finasteride Antialopecia Agent PN [98319-26-7]Flurbiprofen [*] NSAID BP / EP / JP [5104-49-4]Flurbiprofen R(-) NSAID PN [51543-40-9]Flurbiprofen S(-) NSAID PN [51543-39-6]Fluticasone Propionate Antiallergic BP / EP [80474-14-2]

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[$,*] Fluvoxamine Maleate [$]

Antidepressant BP / EP [61718-82-9]

Fosphenytoin Sodium [$]

Antiepileptic USP [92134-98-0]

Gabapentin [$, #] Antiepileptic USP [60142-96-3]Gemcitabine Hcl [$,#] Anticancer EP / USP [122111-03-9]Glimepiride [$] Antidiabetic EP / USP [93479-97-1]Granisetron Hcl [$] Antiemetic EP [107007-99-8]Ibandronate Sodium Bone Resorption Inhibitor PN [138926-19-9]Imatinib Mesylate [$] Anticancer PN [220127-57-1]Irbesartan Antihypertensive PN [138402-11-6]Irinotecan Hcl Anticancer PN [100286-90-6]Isradipine [$] Antihypertensive USP [75695-93-1]Lamotrigine [$] Antiepileptic PN [84057-84-1]Lercanidipine Hcl Antihypertensive PN [132866-11-6]Letrozole Anticancer EP [112809-51-5]Losartan Potassium [#] Antihypertensive USP [124750-99-8]Loteprednol Etabonate Antiinflammatory PN [82034-46-6]Magnesium Valproate Antiepileptic PN [62959-43-7]Meloxicam [#] Antiinflammatory BP / EP [71125-38-7]Memantine Hcl Antiparkinsons PN [41100-52-1]Mesalazine [$,*] Antiinflammatory EP / USP [89-57-6]Metamizol Magnesium Antispasmodic PN [6150-97-6]Metaxalone Muscle Relaxant PN [1665-48-1]Metformin Hcl [$,*] Antidiabetic BP / EP / USP [1115-70-4]Methylphenidate Hcl CNS Stimulant USP [298-59-9]Metoprolol Succinate [*]

Antihypertensive/Antianginal BP / EP / USP [98418-47-4]

Metoprolol Tartrate [$,*]

Cardiovascular BP / EP / USP [56392-17-7]

Mifepristone Abortifacient PN [84371-65-3]Mirtazapine [$] Antidepressant USP [61337-67-5]Modafinil [$] CNS Stimulant USP [68693-11-8]Mometasone Furoate Antiinflammatory Steroid USP [83919-23-7]Naltrexone Hcl Narcotic Antagonist USP [16676-29-2]Netaglinide Antidiabetic PN [105816-04-4]Octreotide Acetate [$,#] Somatostatin Analologue PN [79517-01-4]Olanzapine Antipsychotic PN [132539-06-1]Ondansetron Base [$] Antiemetic EP / USP [116002-70-1]Ondansetron Hcl [$,*] Antiemetic EP / USP [103639-04-9]Oxaliplatin [$] Anticancer EP [61825-94-3]Oxcarbazepine [$] Antiepileptic PN [28721-07-5]

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Oxethazaine Local Anaesthetic BP / EP [126-27-2]Pamidronate Disodium [$,#]

Antiosteoporosis BP [109552-15-0]

Pentoxifylline [$,*] Peripheral Vasodialotor BP / EP / USP [6493-05-6]Perindopril Calcium Channel Blocker BP / EP [107133-36-8]Pioglitazone Antidiabetic PN [105355-27-9]Piroxicam Betacyclodextrine

Antiinflammatory PN [96684-40-1]

Raloxifene Hcl Antiosteoporosis PN [82640-04-8]Repaglinide [$] Antidiabetic USP [135062-02-1]Rivastigmine Tartrate [$]

Acetylcholinesterase inhibitors,Cognition-enhancing drugs

PN [129101-54-8]

Ropinirole Antiparkinsons PN [91374-21-9]Sertraline Hcl [$] Antidepressant PN [79559-97-0]Sodium Valproate [$,*] Antiepileptic BP / EP / USP [1069-66-5]Sumatriptan Succinate [$]

Antimigraine BP / EP [103628-48-4]

Temozolomide Anticancer PN [85622-93-1]Terlipressin Vasopressor Analogue PN [14636-12-5]Testosterone Androgen Derivative USP [58-22-0]Tiagabine Hcl [$] Antiepileptic USP [145821-59-6]Tizanidine Hcl [$] Muscle Relaxant USP [64461-82-1]Topiramate [$,#] Antiepileptic USP [97240-79-4]Tramadol Hcl [$,*] Analgesic EP [36282-47-0]Valproic Acid Antiepileptic BP / EP / USP [99-66-1]Venlafaxine Hcl Antidepressant EP [99300-78-4]Ziprasidone Hcl Antipsychotic PN [138982-67-9]Zoledronic Acid Bone Resorption Inhibitor PN [165800-06-6]Zolpidem Tartrate [$,*] Hypnotic BP / EP [99294-93-6]Zonisamide [$] Antiepileptic USP [68291-97-4]

PN** Producer's Norms $ USDMF, # EDMF, * COS

Intermediates available on request for above Active Pharmaceutical Ingredients. All transactions are carried out in conformity with patent laws applicable in the user country. Responsibility with respect to third party’s patent rights in a specific country lies exclusively with the buyer.

ICN Product List

Product Therapeutic Category Specifications CAS No.Acenocoumarol Anticoagulant Ph.Hg. [152-72-7]Aluminium-magnesium-hydroxy-carbonate-hexahydrate

Antacid PN -

Buprenorphine HCl Analgesic EP [53152-21-9]

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Buspirone base [$, #] Anxiolytics PN [36505-84-7]Buspirone HCl [$, #] Anxiolytics EP / USP [33386-08-2]Codeine base Analgesic,Antitussive BP / EP / USP [76-57-3]Codeine HCl Analgesic,Antitussive BP / EP [1422-07-7]Codeine phosphate hemihydrate [*]

Analgesic,Antitussive BP / EP / USP [41444-62-6]

Concentrate of poppy straw (CPS)

Intermediate PN [57-27-2]

Dihydrocodeine hydrogentartrate

Analgesic,Antitussive BP / EP [5965-13-9]

Ethylmorphine HCl Analgesic,Antitussive BP / EP [125-30-4]Glibornuride [#] Antidiabetic PN [26944-48-9]Hydroxychloroquine sulphate [$]

Antimalarias,Antirheumatic BP / USP [747-36-4]

Morphine HCl Analgesic BP / EP [52-26-6]Morphine sulphate Narcotic analgesic BP / EP / USP [64-31-3]Noroxymorphone Intermediate PN [33522-95-1]Noscapine base Antitussive BP / EP / USP [128-62-1]Noscapine HCl Antitussive BP / EP [912-60-7]Oxycodone Intermediate PN [76-42-6]Oxymorphone Intermediate PN [76-41-5]Phenobarbital acid [$, #] Antiepileptic BP / EP / USP [50-06-6]Phenobarbital sodium Antiepileptic BP / EP [57-30-7]Pholcodine Antitussive BP / EP [509-67-1]Sennoside A+B Laxative PN [128-57-4] &

[517-43-1]Thebaine Intermediate PN [115-37-7]Topiramate [$] Anticonvulsants PN [97240-79-4]

PN** Producer's Norms $ USDMF, # EDMF, * COS***

Intermediates available on request for above Active Pharmaceutical Ingredients. All transactions are carried out in conformity with patent laws applicable in the user country. Responsibility with respect to third party’s patent rights in a specific country lies exclusively with the buyer.

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BIBLIOGRAPHY

1) http://www.sunpharma.com/index.php

2) en.wikipedia.org/wiki/Sun_Pharmaceutical

3) connect.in.com/sun-pharma/profile-311528.html

4) portfolio.rediff.com/quotes/sun+pharmaceutical+industries+ltd

5) www.business-standard.com/stockpage/stock_details.php?bs .

6) www. pharmaceutical -drug-manufacturers.com/ pharmaceutical - industry /

7) www.in.kpmg.com/pdf/ Indian %20 pharma %20outlook.pdf

8) en.wikipedia.org/wiki/Pharmaceuticals_in_India

9) www.espicom.com/prodcat.nsf/Product_ID.../00001851?...

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