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Glenmark has been one of the fastest growing Indian formulation companies and is ranked 23 [ORG IMS, March 2005] in the domestic landscape. While the company has successfully diversified its overall revenues by entering several new geographies and the API business segment in the last few years, the India market for formulations still contributed 50% of revenues in FY 2005. While in absolute terms growth rates have dropped in the past few years due to the pressures facing all firms in the Indian pharmaceutical market, the company has grown faster relative to the market.
In 1998 the India formulations business for Glenmark was dominated by revenues from its dermatology products followed by its products in the respiratory segment. Jointly they contributed 70% of the revenues for the business. While Glenmark had attained a strong position in dermatologicals with a ranking amongst the top 3 companies and its other brands such as Ascoril were segment leaders, a need was felt to diversify the segment mix and enter several new therapeutic areas.
Today Glenmark's segment mix shows a higher diversification. While dermatologicals and respiratory have grown in absolute terms, they contributed to only 49% of revenues in FY 2005. The business has now established a strong position in several other therapeutic areas such as pain management, pediatrics, gynaecologicals and has started building a franchise in chronic areas such as anit-diabetics and cardiovascular.
A multi-tiered strategy, in combination with a conscious and successful effort to diversify the therapeutic basket has enabled the company to drive this growth in its Indian formulation business. Various recent initiatives such as the launch of a new division to focus on house physicians with gold-standard drugs that are commonly prescribed will provide the impetus for further growth in the years to come.
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