Glenmark has been one of the fastest growing Indian formulation companies and is ranked 26 [ORG IMS, March 2008] 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 approximately 70% of revenues in
FY 2008. The company has grown faster than the Indian Pharmaceutical Industry.

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. In Q1 FY 09, India formulations business continued to grow and strengthen its position in the dermatology, respiratory and cardiovascular segments. The business made a strong comeback in the pain segment with its product Flexilor(Lornoxicam), which not only registered strong sales growth but also emerged as the leader in this particular molecule segment. The India formulations division launched 12 new products during the quarter.

Some major product launches during the quarter were Onabet(Sertaconazole) cream, a derma product which is a first of its kind product in the country. Deriva CMS, a unique combination of Retinoid adapalene and Antimicrobial clindamycin, another major launch in the derma segment. And Hair4U, a Aminexil+Minoxidil combination product, another first in the market specifically targeting perfollicular fibrosis while improving the quality and density of hair. The business has now established a strong position in several other therapeutic areas such as Respiratory, Anti Diabetic and Cardiac therapies.

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 specialty division to focus on our core customers i.e. Dermatologists with High end Dermatological products, further consolidation in Cardiac and Anti Diabetic therapies will provide the impetus for further growth in the years to come.