1. Indian Pharma – Will it Dominate the
Para IV Space?
Nimish Mehta, CFA Manushi Naik, M.Sc, DIPR
nimish@mpadvisor.com manushi@mpadvisor.com
+1.480.263.9400 +1.480.263.9400
Indian Pharma Macro Overview 1

2. Most of the Big Para IVs With Indian Cos
Indian Cos. Presence in Para IV of Top 20 Products
Rank Drug Name Innovator Sales ’09 $m Indian Cos. As FTFs
1 Lipitor Pfizer 5785 Ranbaxy
2 Plavix Bristol Myers 5223 Apotex
6 Diovan Novartis 2500 Ranbaxy
8 Nexium Astrazeneca 2800 Ranbaxy
10 Zyprexa Eli-Lilly 466 Dr Reddy’s
15 Seroquel Astrazeneca 900 Teva
16 Singulair Merck 4336 Teva
17 Actos Takeda 3000 Ranbaxy
18 Effexor XR Wyeth 520 Teva
19 Atacand Astrazeneca 3702 Sandoz/Teva/ Mylan
20 Gleevec/Glivec Novartis 1088 Sun Pharma
Source: Para IV Plus, MP Advisors
Of the top 20 products, Para IVs are already filed on 11. Indian cos. own 6 FTFs (single or
shared) of these 11 Para IVs with most of them settled!
MP Advisors 2

3. Small Cos. Too Entering the Space Targeting Big Products
Indian Companies Comprehensive Para IV List
Net Profit from Para
IV as % of Market
Company No. of Para Ivs Confirmed Para IV Probable Para IV Cap Major Products
Sun Pharma 30 10 19 5.44% Gleevec, Cymbalta
Lupin 35 10 25 5.80% Geodon, Cymbalta
Zyprexa, Propecia, Fosamax
Dr. Reddy’s 22 11 10 3.16% Plus D
Lipitor, Caduet, Nexium,
Ranbaxy 15 12 5 22.67% Actos, Diovan
Wockhardt 12 4 7 18.04% Stalevo, Comtan, Cymbalta
Glenmark 11 5 6 4.62% Tarka, Zetia
Aurobindo 9 3 6 1.16% None
Orchid 7 4 3 1.03% Lunesta, Boniva
Cadila 7 2 6 0.44% Astelin
Torrent 6 2 4 0.90% Actos, Requipp XL
Natco 4 0 4 51.80% Copaxone, Revlimid
Intas 6 2 4 Seroquel XR (150 mg)
Total 164 65 99
Source: Para IV Plus, MP Advisors
MP Advisors 3

4. Rich Para IV Pipeline
Indian Pharma companies are involved in 50% of the ongoing Para IV litigations!
Natco
Torrent
Intas
Company Name
Orchid
Cadila
Aurobindo No. of Products
Glenmark
Wockhardt
Ranbaxy
Dr. Reddy
Sun Pharma
Lupin
0 5 10 15 20 25 30 35 40
No. of Products
Source: Para IV Plus , MP Advisors
MP Advisors 4

5. Rich in terms of FTFs & Settlements too
Total No. of Para IVs, FTFs and Settlements
Natco
Intas
Torrent
Cadila
Company Name
Orchid
Settlement
Aurobindo
FTF
Glenmark No. of Products
Wockhardt
Ranbaxy
Dr. Reddy
Sun Pharma
Lupin
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38
Total No. of Products, FTFs and Settlements
Source: Para IV Plus , MP Advisors
Wockhardt & Ranbaxy have most of their FTFs settled.
MP Advisors 5

6. Higher No. Does Not Always Imply Higher Value
Value of Total Products, FTFs and Settlements
Orchid
Natco
Intas
Glenmark
Company Name
Torrent Settlement Sales
FTF Sales
Cadila
Total Sales
Wockhardt
Aurobindo
Lupin
Ranbaxy
Dr. Reddy
Sun Pharma
0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 22000 24000 26000 28000 30000
Sales in $ million
Source: Para IV Plus , MP Advisors
Though Lupin has higher number of Para IVs, it lacks behind Sun Pharma, Ranbaxy & Dr
Reddy’s in value. Dr Reddy’s focuses on long term, low competition opportunities unlike
Lupin.
MP Advisors 6

7. Para IV Launches Bunches Up As Patent Cliff Nears
Timeline of Product Launches - Volume
Undisclosed
Wockhardt
2016 Torrent
Sun Pharama
2015 Ranbaxy
Year of Launch
Orchid
Natco
2014
Lupin
Intas
2013 Glenmark
Dr. Reddy
2012 Cadila
Aurobindo
2011
0 1 2 3 4 5
No. of Products
Source: Para IV Plus, MP Advisors
MP Advisors 7

8. Most of the High Value Product To Face Erosion By 2014
Time Line of Product Launches - Value
Undisclosed
2016 Wockhardt
Torrent
Sun Pharama
Year of Launch
2015 Ranbaxy
Orchid
Natco
2014
Lupin
Intas
Glenmark
2013
Dr. Reddy
Cadila
2012 Aurobindo
2011
0 1000 2000 3000 4000 5000 6000 7000 8000
Sales in $ million
Source: Para IV Plus, MP Advisors
Ranbaxy clearly leads the race in terms of number and value of the Para IV launches every year.
MP Advisors 8

9. Thank You
MP Advisors 9