Desi drug cos break into world’s fastest growing list

Mumbai: In yet another instance of India Inc occupying a larger seat in the global league tables, three out of the top 10 fastest-growing generic companies globally are now from India.      On the list is Glenmark Pharmaceuticals which, with a growth of 37%, is the fifth fastest-growing generic company globally, followed by Dr Reddy's which grew 34% in FY 2011-12, according to global pharmaceutical research firm, EvaluatePharma. The third domestic company on the list, Sun Pharma witnessed a growth of 29%, occupying the eighth rank, right below its subsidiary Taro which had a 33% growth (Taro reports its own numbers since it's listed in the US, while the domestic company has started combining the Israel-based company's financials since September 2010).      The club of the fastest growing generic companies in the world is dominated by US companies, led by USbased Sagent Pharma, which witnessed a huge growth of 106% during the period, according to the research firm's latest analysis.      Significant product launches, market exclusivity of drugs going off-patent, and growth in regulated markets have contributed to the development, industry experts say.      According to Sujay Shetty, India leader for pharma and life sciences at PwC India, "This shows the growing significance of domestic companies in terms of quality, portfolio strategy and certain significant first-to-file (FTF) products. Strong revenues from regulated markets are another factor which contributed to the huge growth." The growth in domestic companies has also been driven by their robust home businesses. The Indian pharma market is clocking a growth of around 15-20% year-on-year.      Commenting on Glenmark's strategy, the company's CMD Glenn Saldanha says, "The growth from markets, particularly Russia, Brazil and the US, has been exceptional. We have invested in these markets for the last six-seven years and we are just beginning to make huge inroads in these markets." The latest prescription audit in the US says that about 74% of drugs sold are generic or copy-cat versions.      The strong portfolio devised by Indian companies and exclusivity drug launches are driving growth, feels secretary-general of Indian Pharmaceutical Alliance, D G Shah.      The huge growth of Sun Pharma is partly on account of strong organic growth across all business segments (India, US and rest of the world) as well as on account of Taro being represented for six months of the year (September 20, 2010 onwards), says a Sun Pharma official.