Emcure Pharma

Dedicated to making Effective Medicine to Cure patients and enable

healthier living

1. Core Focus:
o Develop, manufacture, and market a broad range of pharmaceutical products
globally.
o Key therapeutic areas: Gynaecology, cardiology, blood-related, oncology,
respiratory, CNS, and HIV.
o Launched 6 biologics in the domestic and RoW (Rest of World) markets.
o Domestic leader in three biologics.
2. Key Stats (as of September 30, 2023):
o 350+ brands in India.
o 5 R&D centers.
o 13 manufacturing facilities.
o Operations in 70+ countries.
o 12thLargest Pharma Company in India,
In terms of Domestic Sales for MAT June 2024
o 10,852Employees
As of September 30, 2023
o
70+Countries with presence
o
3. Vertical Integration:
o Integrated supply chain through API facilities, ensuring control over
manufacturing.
4. Global Presence:
o Strategic partnerships with local and multinational companies in leadership
positions in key therapeutic areas.
5. Vision & Values:
o Vision: Provide quality healthcare solutions globally.
o Core values: Quality & patient-focused, integrity, innovation, teamwork &
respect, value-driven.
6. Leadership:
o Satish Ramanlal Mehta – CEO and Managing Director.
o Robust board with several directors and key senior management leaders.

• Berjis Minoo Desai

Chairman & Non-Exe.Director

• Satish Ramanlal Mehta

Managing Director & CEO

• Sunil Rajanikant Mehta

Whole Time Director

• Namita Vikas Thapar

Whole Time Director

• Samit Satish Mehta

Whole Time Director

7. Milestones:
o Major acquisitions like Marcan Pharmaceuticals, Mantra Pharma, and
Tillomed Pharma.
o Key facilities established in Pune, Jammu, and Bengaluru.
o Achieved significant biotech advancements with Gennova
Biopharmaceuticals.
8. Workforce:
o Over 10,000 employees worldwide.
o Ranked among the Top 13 largest pharma companies in India.
9. Awards & Recognition:
o Received multiple awards for marketing excellence, safety, patents, and
innovation.
o Recent awards include Silver Impact Award for Vylda and AWACS
Pharmarack Award for New Introduction of the Year (Dydrofem).
10. Corporate Social Responsibility (CSR):
o Education: Sponsorships, soft skill training, vocational training, educational
fellowships.
o Health Initiatives: Anemia detection, diabetes awareness, village adoption for
health camps.
o Environment: Cleanup drives and support for NGOs.
o Joy of Giving: Blood donation camps, cloth collection drives.
o Committed to contributing at least 2% of average net profits toward CSR
projects.
11. CSR Committee:
o Formulates and monitors CSR policies.
o Ensures alignment with legal provisions and objectives.
12. Sustainability:
o Periodic audits and feedback collection from beneficiaries to enhance the
impact of CSR initiatives.
Summary of Emcure Pharmaceuticals' Business
1. Overview:
o Emcure Pharmaceuticals is a leading Indian pharmaceutical company with a
differentiated product portfolio.
o Presence in over 70 countries worldwide.
o Focuses on research and development to offer a wide range of products and
services under formulations, biologics, and Active Pharmaceutical Ingredients
(APIs).
2. Biologics:
o Gennova Biopharmaceuticals, a subsidiary of Emcure, specializes in
developing, producing, and commercializing biotherapeutics for life-
threatening diseases.
o Developed two platforms: Mammalian and Microbial.
o Launched 6 biologics in India and globally.
o Focuses on orphan drugs and shortage drugs that are difficult to manufacture
and have large nascent markets.
o Key Biologic Products:
▪ Cardiovascular: Elaxim
▪ Neurology: TENECTASE
▪ Nephrology: Vintor
▪ Oncology: Xgrast, Pegex, Hamsyl, Emgrast-M
3. Active Pharmaceutical Ingredients (APIs):
o Manufactures APIs at Kurkumbh and Pimpri plants.
o Vertical integration allows cost-effective sourcing, quality assurance, and
protection of intellectual property.
o R&D team focuses on synthesizing molecules cost-effectively and robustly.
o Key APIs:
▪ S-Amlodipine
▪ Dydrogesterone
▪ Ferric Carboxymaltose
▪ Ferrous Ascorbate
▪ Eribulin
4. Presence in the Indian Pharmaceutical Market:
o The largest business unit operated under Emcure India and Zuventus
Healthcare.
o Established as a leading player with a niche product basket despite being a late
entrant.
o Focuses on chronic (including sub-chronic) therapeutic areas.
o Largest pharmaceutical company in gynecology and HIV antivirals in India
(Domestic Sales for MAT September 2023).
o Key Brands:
▪ OROFER (Gynecological)
▪ BEVON (Vitamins)
▪ ZOSTUM (Anti-infectives)
▪ Ferium (Gynecology)
 o Ranked #1 in gynecology and HIV-related products consistently for the past
three years.
o Known for technology-based innovations and first-to-market launches (e.g.,
Hamsyl, Elaxim, Ferium XT, Instgra, Encicarb).
5. Global Presence:
o Strong foothold in India with expansion into Europe, Canada, Australia, South
Africa, and other regions.
o Strategic partnerships with multinational companies.
o Expertise in biologics, Novel Drug Delivery Systems, APIs, chiral molecules,
peptides, polymer-based chemistry, and complex products.
o Europe:
▪ Entered the EU market by acquiring Tillomed UK in 2014.
▪ Set up front-end offices and distribution networks across Europe.
o Canada:
▪ Acquired Marcan Pharmaceuticals in 2015.
▪ Sales have grown threefold in the last four years.
o Rest of World (RoW) Markets:
▪ Focus on LATAM, Middle East, Africa, Asia, Russia/CIS, Australia.
▪ Over 180 approved products and more than 1,000 regulatory
approvals.
▪ Utilizes a mix of front-end presence, partnerships, and distributor
models.
▪ Aims for deeper market penetration with innovative products and
differentiated biologics.
6. Formulations:
o Develops and commercializes a range of formulations, including
biotechnology products across various therapeutic segments.
o Offers products in both chronic and acute segments, with a core focus on
chronic conditions.
o Leading positions in gynecology, cardiology, pain and analgesics, HIV, anti-
infectives, nephrology, vitamins, minerals, and nutrients.
7. Innovation and Growth:
o Growth driven by innovation, a differentiated portfolio, and strong
relationships with multinational companies.
o Engages in in-licensing deals and technology transfers.
o Continues to focus on launching innovative products and expanding its
product pipeline.
8. Manufacturing Facilities:
o Vertical integration through in-house API manufacturing ensures cost-
effectiveness, quality control, and protection of intellectual property.
o Constant efforts to synthesize APIs in a cost-effective and robust manner
through a talented R&D team.
9. Key Therapeutic Areas and Products:
o Chronic Segments: Gynecology, cardiology, HIV antivirals.
o Acute Segments: Pain and analgesics, anti-infectives, nephrology.
o Notable for multiple first-to-market product launches.
10. Strategic Approach:
o Focused go-to-market strategy adapting to different market dynamics.
o Emphasizes innovative products in the pipeline and a differentiated portfolio
to drive future growth
Emcure Pharmaceuticals Research Overview:
• Research Philosophy: Focus on innovation and affordable medicines through a
unique combination of expertise in chemistry and biologics.
• Leadership: Led by prominent industry leaders including Mukund Gurjar, Sanjay
Singh, Deepak Gondaliya, and Samit Mehta.
• Key Achievements:
o 13 first-time launches.
o 234 patents filed (201 approved).
o 6 biologics developed.
o 102 DMFs filed.
o 5 NDDS (Novel Drug Delivery Systems) launched with more in the pipeline.
o 1800+ global dossiers filed over two decades.
o 48 research publications.
• R&D Focus:
o Expertise in complex APIs, multiple dosage form development, bio-
therapeutics, and mRNA development.
o Development of biologics, focusing on microbial and mammalian lines, and
expanding vaccine pipelines based on in-house mRNA platforms.
• R&D Capabilities:
o Over 500 scientists, including 14 Post-Doctorates and 46 PhDs.
o 5 dedicated R&D facilities in Pune and Ahmedabad, including centers for API
research, biotechnology research, and formulations research.
o Pune University accreditation as a PhD center.
• API Research Expertise:
o Chiral chemistry pioneer, developing 11 chiral molecules with improved
effectiveness, safety, and dosage control.
o Success in developing complex APIs for oncology, iron-based products,
antiretrovirals, hormones, and immunosuppressants.
• Regulatory Expertise:
o Significant experience in filing product dossiers with regulatory authorities in
the United States, European Union, WHO-PQ, and other regions.
R&D Locations:
• Pune (Hinjawadi): Dedicated facilities for API research, formulations research,
and biopharmaceuticals and vaccines.
• Ahmedabad (Gandhinagar): Facility focused on formulations research.

Emcure Pharmaceuticals Manufacturing Overview:

• Manufacturing Facilities:
o 13 manufacturing facilities across India.
o Vertically integrated with facilities for APIs, biologics, and formulations.
• Quality and Compliance:
o Adheres to current good manufacturing practices (cGMP) for consistent
quality, efficiency, and safety.
 o Regular audits and updates to ensure compliance with international regulatory
standards.
o Facilities inspected by authorities such as USFDA, UK MHRA, Health
Canada, ANVISA Brazil, TGA Australia, and Russia MOH.
• Sustainability Initiatives:
o Environmental protection systems, waste management, rainwater harvesting,
and energy-efficient equipment.
o Reports and compliance documents such as Bio-Medical Waste Annual
Returns and Environmental Clearance Reports for Pimpri and Kurkumbh
sites.
• Manufacturing Capabilities:
o Orals: Production of solids, liquid orals, dry syrup/suspensions, including
dissolvable and chewable tablets and capsules (focus on controlled release).
o Injectables: Includes vials, pre-filled syringes, lyophilized & liquid formats,
with a focus on high potency injectables for oncology.
o APIs: Facilities for manufacturing iron compounds, cytotoxic products, and
intermediates.
o Biopharmaceuticals: Developed using mammalian and microbial
expression platforms.

Emcure Pharmaceuticals - Key Highlights

Manufacturing Overview:
• Facilities: 13 manufacturing facilities across India, vertically integrated for APIs,
biologics, and formulations.
• Compliance: Adheres to cGMP, with regular audits and inspections by regulatory
authorities like USFDA, UK MHRA, Health Canada, ANVISA Brazil, TGA
Australia, and Russia MOH.
Sustainability Initiatives:
• Environmental Efforts: Energy-efficient equipment, rainwater harvesting, waste
management, and Zero Liquid Discharge systems.
• Renewable Energy: Signed a 22.78 MWp Solar Power Purchase Agreement
(PPA) with Sunsure Energy, covering 67% of the energy needs for Pune plants and
offsetting 29,765.71 metric tons of CO2 annually.
• Solvent Recycling: Focus on solvent recycling and recovery for reuse.
Manufacturing Capabilities:
• Orals: Production of solids, liquid orals, dry syrup/suspensions, dissolvable and
chewable tablets, with a focus on controlled release.
• Injectables: Manufacturing in vials, pre-filled syringes, lyophilized & liquid formats,
specializing in high-potency injectables (oncology).
• APIs: Produces iron compounds, cytotoxic products, and intermediates.
• Biopharmaceuticals: Developed using mammalian and microbial expression
platforms.
Solar Power Collaboration with Sunsure Energy:
• PPA Agreement: Sunsure will provide 36 million units of renewable energy annually
from its 150 MWp solar plant in Solapur, Maharashtra.
• Sustainability Impact: This initiative aligns with Emcure’s goal to minimize its
environmental footprint and lead the adoption of green energy in the pharmaceutical
sector.
Company Overview:
• Global Presence: Active in 70+ countries, including Europe and Canada.
 • Ranking: 13th largest pharma company in India based on domestic sales for MAT
March 2024.
• Commitment: Focus on innovation, sustainability, and improving patient health.
About Sunsure Energy:
• Founded: 2014, leading renewable energy solutions provider.
• Capacity: 500 MW operational, 2.5 GW under construction, aiming for 5 GW by
2028.

Here is a summary of Emcure Pharma’s "ACE YOUR HEART" campaign and its recent
achievements:
1. Record Achievement: Emcure Pharmaceuticals entered the Asia Book of Records for
creating the largest heart-shaped structure using wish cards from over 5,000 doctors
on World Heart Day (September 29, 2024).
2. Campaign Purpose: The "ACE YOUR HEART" campaign, launched on September
2, 2024, aimed to raise awareness about heart diseases and improve cardiovascular
health nationwide.
3. Focus Areas: The campaign specifically targeted cardiologists and physicians to
address the rising cardiovascular disease (CVD) burden in India and promote
preventive care.
4. Participation: Over 5,000 doctors participated in the campaign, contributing to the
heart structure, which symbolized collective efforts against CVD.
5. Structure Details: The heart-shaped structure measured 15x15 feet and highlighted
major risk factors contributing to CVD.
6. Key Findings: A community-based study in The Lancet found that 55% of
cardiovascular deaths in India occur at home due to delays in seeking medical care.
7. Campaign Highlights: The month-long campaign included educational tools, both
digital and physical, and culminated in a grand event on World Heart Day with
presentations and screenings of campaign videos.
8. Company Profile: Emcure Pharmaceuticals Ltd. is a major Indian pharma company
based in Pune, specializing in the development, manufacturing, and global marketing
of a wide range of pharmaceutical products.
Strengths:
1. Established market presence in key therapeutic areas:
Emcure has a strong foothold in areas like cardiovascular, HIV, and oncology,
which are significant therapeutic markets. Their established presence gives them a
competitive edge, allowing them to leverage brand recognition and established
distribution channels. For example, Emcure's Tenvir (for HIV treatment) is a well-
known product in the antiviral segment.
2. Diverse product portfolio, including biologics and complex APIs:
Emcure produces a broad range of pharmaceutical products, including generics,
biosimilars, and biologics. Their diverse product portfolio helps them mitigate risks
associated with dependence on a single product or market. The company has been
active in the development of biologics, such as Enbrel (etanercept), used for treating
autoimmune diseases.
3. Strong R&D capabilities and track record of product development:
Emcure has a robust R&D infrastructure, which has led to the development of
innovative formulations and the filing of numerous patents. For example, their
research in developing biosimilars like Alzumab (for autoimmune diseases)
highlights their commitment to R&D and innovation.
Weaknesses:
1. High dependence on specific therapeutic areas:
While Emcure is diversified, it is particularly strong in certain therapeutic areas like
HIV and cardiovascular drugs. A high dependence on these areas can be risky if
there's a sudden shift in demand or if competing products outperform their offerings.
This dependence may also make it difficult to pivot quickly into other high-growth
segments.
2. Significant debt obligations affecting profitability:
Emcure, like many pharmaceutical companies, has invested heavily in R&D,
production facilities, and acquisitions, leading to higher debt levels. This can affect
profitability and limit the company's ability to reinvest in growth or withstand
economic downturns. High debt levels also increase interest payments, which can cut
into profit margins.
Opportunities:
1. Expansion in emerging markets:
Emerging markets such as Latin America, Southeast Asia, and Africa represent
significant growth opportunities for Emcure. These regions have increasing healthcare
demands, especially for affordable generics and biosimilars. Emcure can leverage its
existing capabilities to tap into these markets where access to quality healthcare is
improving. For example, the demand for affordable cancer therapies is growing
rapidly in these regions.
2. Growth in biosimilars and complex generics:
As patents expire on many blockbuster biologics and complex drugs, there is a
significant opportunity for companies like Emcure to develop biosimilars and
complex generics. Emcure's development of biosimilars like Romab (for cancer
treatment) positions it well to take advantage of this growing market.
3. Strategic acquisitions and partnerships:
Emcure can grow through acquisitions and partnerships, especially with companies in
markets where it doesn’t have a strong presence. Collaborating with companies that
have complementary portfolios or entering joint ventures in emerging regions can
enhance market penetration. An example is Emcure's partnership with Roche for
oncology products, enabling them to expand their oncology portfolio.
Threats:
1. Intense competition from domestic and international pharmaceutical companies:
Emcure faces fierce competition from both domestic competitors like Cipla and Sun
Pharma as well as international players such as Pfizer and Novartis. This
competition puts pressure on market share, pricing, and the ability to innovate faster
than rivals.
2. Regulatory challenges and changes in healthcare policies:
Regulatory environments across countries can shift, creating compliance burdens.
Changes in FDA or EMA approval processes, or tighter regulations in key markets
like the US and EU, can delay product launches. Furthermore, increasing scrutiny of
pricing policies can negatively impact profitability, especially if price controls are
enforced by governments in critical markets.
3. Price erosion in key markets:
The generic pharmaceutical market is notorious for price erosion, particularly in
mature markets like North America and Europe, where competition from other
generic manufacturers drives down prices. This trend threatens Emcure’s profitability
in key segments like cardiovascular and oncology drugs, where pricing pressures are
significant.
Conclusion:
Emcure Pharmaceuticals is well-positioned with its diverse product range and strong R&D
capabilities, but it must carefully navigate competition, debt management, and regulatory
challenges to seize opportunities, especially in emerging markets and biosimilars.
• IPO Subscription: Emcure Pharmaceuticals IPO was oversubscribed by 67.86 times on
the third day of bidding, indicating strong interest from investors.

• Investor Segments:

• Qualified Institutional Buyers (QIBs): Subscribed 195.83 times.

• Non-Institutional Investors (NIIs): Subscribed 48.32 times.
• Retail Investors: Subscribed 7.21 times.
• Employees Reserved Segment: Subscribed 8.81 times.

• IPO Details:

• Price Band: ₹960 to ₹1,008 per share.

• Issue Size Distribution: 50% for QIBs, 35% for Retail Investors, 15% for NIIs.
• Reserved Employee Shares: 1,08,900 equity shares.

• GMP (Grey Market Premium):

• The estimated listing price is ₹1,263, offering a 25.3% premium over the upper band
of ₹1,008.
• GMP ranged between ₹0 to ₹271.

• Anchor Investors: Raised ₹583 crore from notable investors like Abu Dhabi Investment
Authority, Goldman Sachs, HDFC Life Insurance, and more.
• Book Runners: Axis Capital, J.P. Morgan, Jefferies India, and Kotak Mahindra Capital are
managing the IPO.

• Company Overview: Emcure Pharmaceuticals is a Pune-based company engaged in the

research, development, and marketing of pharmaceutical products globally across multiple
therapeutic areas.

Company Overview:
1. Founded: 1981 by Satish Mehta with an initial bank loan of ₹3 lakh.
2. Headquarters: Pune, India.
3. Industry: Pharmaceuticals, with a global presence.
4. Product Portfolio: Tablets, capsules (softgel and hard-gel), injectables, and drugs for
gynaecology, cardiovascular, oncology, HIV antivirals, and more.
5. Key People:
o Satish Mehta (CEO & MD)
o Berjis Desai (Chairman)
o Namita Thapar (Executive Director)
Key Milestones:
1. Transitioned to generic drug production in the 1990s.
2. Signed licensing deals with Bristol-Myers Squibb and Gilead Sciences for key
antiviral drugs in 2006.
3. Partnered with Roche in 2012 to manufacture affordable anticancer drugs.
4. Bain Capital became a major investor by acquiring a 13% stake from Blackstone in
2014.
5. Launched IPO in 2024 and listed on NSE and BSE.
Operations:
1. Indian Facilities: Manufacturing plants in Hinjawadi, Jammu, Bhosari, Kurkumbh,
and R&D centers in Gandhinagar and Sanand.
2. US Operations: A manufacturing facility and R&D center in New Jersey.
3. Global AIDS Initiative: Supplies affordable antiretroviral drugs under the “Let’s
fight AIDS together” initiative.
Financials (FY24):
1. Revenue: ₹6,658 crore (approx. US$800 million).
2. Operating Income: ₹1,276 crore (US$150 million).
3. Net Income: ₹527 crore (US$63 million).
Notable Partnerships:
1. Collaborated with MS Dhoni for a health foods venture in 2013.
2. Avet Lifesciences: Demerged its US business in 2021, including Heritage
Pharmaceuticals.
Controversies:
1. In 2016, Emcure's former division Heritage Pharmaceuticals was involved in a US
price-fixing scandal, leading to a $7 million settlement in 2019.
 2. Faced a USFDA warning letter in 2016 for data integrity issues.
3. In 2022, HDT Bio Corp alleged Emcure of trade secret theft in COVID-19 vaccine
production (lawsuit dismissed in 2024).
4. Multiple recalls of drugs in the US due to microbial contamination and other quality
issues.
Employees:
• Workforce: 11,000 employees as of January 2022.
Strengths
• Rising Net Cash Flow and Cash from Operating activity
• Growth in Net Profit with increasing Profit Margin (QoQ)
• Company able to generate Net Cash - Improving Net Cash Flow for last 2 years
• Book Value per share Improving for last 2 years
• Company with Zero Promoter Pledge
• Near 52 Week High

Weakness
• Inefficient use of capital to generate profits - RoCE declining in the last 2 years
 • Inefficient use of shareholder funds - ROE declining in the last 2 years
• Inefficient use of assets to generate profits - ROA declining in the last 2 years
• Annual net profit declining for last 2 years

Opportunities
• RSI indicating price strength

Threat
• Increasing Trend in Non-Core Income

Financials
• Company consistently making profits?
• Are earnings improving over years?
• Does company consistently making money for its Shareholder?
• Company with low Debt?
• Is company able to meet its working capital requirments?
• Does company generates cash from operations?
Ownerships
• Does Promoter holds adequate holding in company?
• Company with Low Promoter Pledge?
Industry Comparison
• Efficient in utlizing its Asset to generated Profits against its Peers?
Others
• Does Stock have good Price Momentum?

Here’s a summarized breakdown of the key financial metrics and trends across the categories:
1. Decreasing Debt to Equity
• D/E Ratio: 0.71 (current), 0.88 (previous year)
• Sales Growth (YoY): 11.23%
• Profit Growth (YoY): -6.36%
• Market Capitalization: > ₹250 crore
• Key Formula: D/E < D/E 1 year back
2. Decreasing Return on Equity (ROE)
• ROE (Current): 19.45%, Previous Year ROE: 25.21%
• ROE 3-Year Avg: 25.95%, 5-Year Avg: 20.69%
• Sales Growth (YoY): 11.23%, Profit Growth (YoY): -6.36%
• Market Capitalization: > ₹250 crore
• Key Formula: ROE < ROE 1 year back and < 3-year average
3. Decreasing Return on Capital Employed (ROCE)
• ROCE (Current): 19.87%, Previous Year: 21.97%
• ROCE 3-Year Avg: 22.8%, 5-Year Avg: 19.43%
• Sales Growth (YoY): 11.23%, Profit Growth (YoY): -6.36%
• Market Capitalization: > ₹250 crore
 • Key Formula: ROCE < ROCE 1 year back and < 3-year average
4. Promoter Increasing Holding
• Promoter Holding (Current): 48.01%, Previous Quarter: 48%
• Market Capitalization: ₹27,968.6 crore
• Key Formula: Promoter Holding > 1 quarter back
5. 5x Premium to Book Value
• Price to Book Value (PB): 5.56, Industry PB: 3.25
• Book Value: 266.1
• Market Capitalization: > ₹500 crore
• Key Formula: Price to book value > 5
6. Rising Book Value
• Book Value (Current): 266.1, 1 Year Back: 13.75, 3 Years Back: 12.5
• ROE: 19.45%, PE: 56.14
• Market Capitalization: > ₹500 crore
• Key Formula: Book value > 1 year back and 1 year back > 3 years back
7. Double Trouble (Decreasing Profits & Margins)
• Profit Growth (YoY): -6.36%, NPM (YoY): 7.48%
• Key Formula: Net Profit < previous year and NPM < previous year
8. Premium to Peers (PE Valuation)
• PE: 56.14, Industry PE: 26.76
• Market Capitalization: > ₹500 crore
• Key Formula: PE > Industry PE
9. Price to Book Value Above Industry
• PB: 5.56, Industry PB: 3.25
• Market Capitalization: > ₹500 crore
• Key Formula: PB > Industry PB
Highlighted Trends:
• Decreasing ROE, ROCE, and Debt to Equity ratios show a trend of declining
efficiency in capital utilization.
• Promoter holdings have increased, indicating confidence in the company's future.
• Companies trading at a premium to both book value and industry peers,
highlighting potential overvaluation.
Summary of Emcure Pharmaceuticals IPO (2024):
• Listing Details:
o Listed on: BSE
o Issue Price: ₹1,008
o Listing Price: ₹1,325.05
 o Listing Gains: ₹317.05 (31.45%)
• IPO Details:
o Bidding Dates: 3 Jul 2024 - 5 Jul 2024
o Price Range: ₹960 - ₹1,008
o Lot Size: 14 shares
o Minimum Investment: ₹13,440
o Issue Size: ₹1,952.03 Cr
o Subscription Rate (as of 5 Jul 2024, 5:00 PM):
▪ Qualified Institutional Buyers: 195.83x
▪ Non-Institutional Investors: 48.19x
▪ Retail Individual Investors: 6.92x
▪ Employees: 8.56x
▪ Overall Subscription: 67.69x
• About Emcure Pharmaceuticals:
o Founded: 1981
o Managing Director: Mr. Satish Ramanlal Mehta
o Parent Organization: Emcure Pharmaceuticals Ltd
o Operations: Development, manufacturing, and marketing of pharmaceutical
products across various therapeutic areas.
o Global Reach: Products available in 70+ countries, with major markets in
Europe and Canada.
o Manufacturing: 13 facilities across India, producing oral solids, liquids,
injectables, and biotherapeutics.
• Strengths:
o Expanded presence in both retail and hospital sectors.
o Acquired Tillomed Laboratories and expanded product range from 2 to 150+
(as of Sep 2023).
o Steady revenue growth from ₹5,033.47 crore in FY21 to ₹5,985.81 crore in
FY23.
o International sales make up nearly half of revenue, focusing on Europe and
Canada.
• Risks:
o Possible dependency on international sales.
• Application Information:
o Price Band (Regular): ₹960 - ₹1,008 (Max ₹2 Lakh investment)
o Employee Price Band: ₹870 - ₹918 (Max ₹2 Lakh investment)
o High Net-worth Individual (HNI) Price Band: ₹960 - ₹1,008 (₹2-5 Lakh
investment)
Snapshot of the Indian Pharmaceutical Industry
1. Global Leadership: India is a major player in the global pharmaceutical industry,
particularly in vaccines and generic drugs. It supplies 60% of global vaccines and
20% of the world's generic medicines by volume.
2. Vaccine Production: India produces 70% of the WHO’s demand for DPT
(Diphtheria, Pertussis, Tetanus), BCG (Bacillus Calmette–Guérin), and Measles
vaccines.
3. Generic Medicines: India is the largest global provider of generic medicines,
manufacturing over 60,000 generic brands across 60 therapeutic categories.
4. Active Pharmaceutical Ingredients (APIs): India contributes 8% to the global API
industry and has 500 API manufacturers.
5. Foreign Direct Investment (FDI): The pharmaceutical sector allows 100% FDI for
greenfield projects under the automatic route and 74% for brownfield projects,
attracting significant investments.
6. Market Size: The Indian pharmaceutical industry is valued at $50 billion, expected to
reach $65 billion by 2024 and $130 billion by 2030.
7. Export Market: India exports pharmaceuticals to over 200 countries, supplying 50%
of Africa's generics, 40% of US generics, and 25% of UK medicines.
8. Production Linked Incentive (PLI) Schemes: Government schemes support
domestic manufacturing of high-value pharmaceutical products, generating significant
investments and employment.
9. Cost Efficiency: India offers lower manufacturing costs (30-35% lower than
US/Europe) and R&D costs (87% less than developed markets), making it a cost-
efficient pharma hub.
10. Medical Tourism Hub: India is emerging as a global destination for medical tourism,
offering cost-effective treatments with cutting-edge technology.
11. Government Support: Various government schemes, such as the Strengthening of
Pharmaceutical Industry (SPI) and Pradhan Mantri Bhartiya Jan Aushadhi Kendras,
aim to boost domestic productivity, investment, and affordable healthcare.
12. FDI and Investments: Between April 2000 and March 2024, the pharmaceutical
sector attracted $22.52 billion in FDI inflows, representing 3.4% of total inflows
across sectors.
13. Strong Infrastructure: India has the largest number of US-FDA-compliant pharma
plants outside the US, with 2,000+ WHO-GMP-approved facilities and 10,500+
manufacturing units.
14. Future Growth: The Indian pharma industry is expected to reach $130 billion by
2030, with domestic demand rising due to income growth and increased health
insurance penetration.
15. • Global Leadership: India is a major global player in vaccines and generic drugs,
supplying 60% of global vaccines and 20% of the world's generic medicines.
 16. • Vaccine Production: India fulfills 70% of the WHO’s demand for DPT, BCG, and
Measles vaccines.
17. • Generic Medicines: India is the largest global provider, manufacturing 60,000+
generic brands across 60 therapeutic categories.
18. • Active Pharmaceutical Ingredients (APIs): India contributes 8% to the global
API industry, with 500 API manufacturers.
19. • Foreign Direct Investment (FDI): 100% FDI allowed for greenfield projects and
74% for brownfield projects, attracting substantial investment.
20. • Market Size: Valued at $50 billion, the industry is projected to grow to $65 billion
by 2024 and $130 billion by 2030.
21. • Export Market: India exports to 200+ countries, supplying 50% of Africa's
generics, 40% of US generics, and 25% of UK medicines.
22. • PLI Schemes: Government PLI schemes promote domestic production, boosting
investments and employment.
23. • Cost Efficiency: India offers 30-35% lower manufacturing costs and 87% lower
R&D costs compared to developed markets.
24. • Medical Tourism: India is a global medical tourism hub, offering cost-effective,
high-tech treatments.
25. • Government Support: Initiatives like SPI and Jan Aushadhi Kendras aim to
improve productivity, investments, and healthcare affordability.
26. • FDI Inflows: Between April 2000 and March 2024, $22.52 billion in FDI inflows,
contributing 3.4% of total sector inflows.
27. • Strong Infrastructure: India has the most US-FDA-compliant pharma plants
outside the US, with 2,000+ WHO-GMP-approved facilities and 10,500+
manufacturing units.
28. • Future Growth: Expected to reach $130 billion by 2030, driven by rising domestic
demand, income growth, and increased health insurance penetration.

Summary of the Indian Pharmaceutical Industry

1. Growth and Global Ranking: India’s pharma industry grew from $1 billion in 1990
to $30 billion in 2015, ranking 3rd globally by volume and 14th by value, with
exports worth $15 billion to over 200 countries.
2. Infrastructure and Technology: Significant progress in infrastructure and
technology with GMP-compliant facilities producing complex drugs across all major
therapeutic areas.
3. Government Support: The Indian government established a separate Department for
Pharmaceuticals in 2008 to oversee policy, development, and regulation of the sector.
4. Strong Export Market: India is the 4th largest in global generic production and
exports, catering to regulated markets like the US, Europe, Japan, and Australia with a
strong portfolio in anti-infective and antiretroviral drugs.
5. Competitive Market: Large domestic and second-tier companies have established
leadership in India and global markets, with innovative business models and expertise
in biologics.
6. Foreign Investment: Multinational companies continue to invest in India, expanding
into tier II cities and rural areas to make healthcare more accessible.
7. Low Production Costs: Competitive factors like cheap labor, low resource and
machinery costs, and integrated supply chains contribute to low-cost production.
 8. R&D and Drug Discovery: The government offers fiscal incentives for R&D,
supporting drug discovery, clinical trials, and the development of generics and new
drug delivery systems.
9. World-Class Infrastructure: India has 262+ US-FDA-compliant plants, 1,400
WHO-GMP facilities, and 253 EDQM-approved plants, making it a global leader in
pharmaceutical manufacturing.
10. Research and Education: India’s rich talent pool and institutions like NIPER drive
the industry, offering Masters and PhD programs in pharmaceuticals, with modern
facilities for R&D.
11. Experience in International Standards: Indian companies have extensive
experience meeting the stringent quality expectations of regulated markets, backed by
agencies monitoring drug quality and compliance with global standards.
12. Clinical Trials Hub: India offers a complete range of clinical research services,
including medical writing, regulatory submissions, and patient recruitment, meeting
global standards.
13. Regulatory Framework: The Drugs and Cosmetics Act of India ensures high-quality
pharmaceutical production, with stringent compliance checks at both the
manufacturing and export stages.

The Indian pharmaceutical industry is a major player on the world stage. Here's a quick
summary of what the Wikipedia article you linked says about it:
• Industry size and significance: India is the world's largest supplier of generic
medicines by volume, accounting for 20% of global exports. It's also the largest
vaccine supplier in the world by volume, producing over 60% of all vaccines globally.
• Exports: The industry is a major exporter, with pharmaceuticals being sent to
regulated markets like the US, UK, EU, and Canada. As of 2022-23, India's revenue
from pharmaceutical exports was $25.3 billion.
 • Domestic market: The domestic market for pharmaceuticals is also significant, with
a turnover of $41 billion in 2023.
• Strengths: The industry is known for its low-cost, high-quality generic drugs and
plays a vital role in making medicine affordable in many countries.
• Government initiatives: The Indian government has taken steps to encourage the
growth of the industry, such as providing tax incentives and grants for research and
development.
• Challenges: Some challenges include ensuring quality control, increasing investment
in research and development to move beyond generics, and competition from other
countries.
The article also goes into details about:
• Industry sectors: It covers different segments of the industry such as generic drugs,
vaccines, and biosimilars.
• Types of companies: There's a section on the various kinds of companies operating
in the pharmaceutical space in India, including those that manufacture active
pharmaceutical ingredients (APIs) and those that offer contract research and
manufacturing services (CRAMS).
• Largest companies: The article lists some of the biggest pharmaceutical companies
in India.
• Criticism: It also highlights some criticisms faced by the industry, such as concerns
about quality control.
Overall, the Indian pharmaceutical industry is a complex and important sector that
contributes significantly to global healthcare.

India's pharmaceutical R&D is undergoing a significant transformation, with an increasing

focus on innovation in life sciences, medicine, therapy, and diagnostics. Notable examples of
groundbreaking research include:
1. Pandorum Technologies: This Bengaluru-based company developed a liquid that
can regenerate corneas, offering hope for 25 million cornea-blind people globally.
Successful trials on rabbits are being followed by human clinical trials.
2. ImmunoACT: A Mumbai-based company that developed India’s first chimeric
antigen receptor (CAR)-T cell therapy. Its therapy has shown promising results in
treating lymphoma and leukemia at a fraction of the cost compared to treatments
abroad.
3. Bugworks Research: Another Bengaluru firm working on a novel antibiotic to
combat antibiotic-resistant bacterial infections, a critical need globally.
These advancements exemplify India's shift from a predominantly generic drug industry to a
more innovative ecosystem. The government’s support through incentives like the Research
Linked Incentive (RLI) Scheme and funding opportunities for early-stage start-ups, along
with the push from central and state governments, is playing a crucial role in nurturing
innovation.
Key drivers of this change include the recognition of the need for innovative drugs in the
post-Covid era and India's ambitions to move beyond being a global hub for generics to
developing premium-priced, novel therapies. Indian pharmaceutical companies such as
Biocon, Wockhardt, and Glenmark are increasingly focusing on biologics, novel therapies,
and global collaborations, enabling the country to make strides in the global pharma market.
Challenges remain, especially in attracting sufficient private sector investment and fostering a
supportive patent regime. However, India’s emerging R&D ecosystem, bolstered by
international collaborations and AI-driven drug discovery, is positioning the country to
become a significant player in global pharmaceutical innovation.
• India has made it mandatory for cough syrups to be tested by a government laboratory
before export, effective from June 1, 2023.
• This decision follows the deaths of 70 children in The Gambia and 19 children in
Uzbekistan linked to Indian-made cough syrups last year.
• The World Health Organization (WHO) found toxins in cough syrups produced by
three Indian pharmaceutical companies.
• India's $41 billion pharmaceutical industry, one of the largest globally, faced
reputational damage due to the incident.
• Cough syrup exports will now require a certificate of analysis issued by a government
laboratory.
• Industry Growth: India's pharmaceutical industry is projected to grow from $40
billion in 2021 to $130 billion by 2030 and reach $450 billion by 2047, addressing
over 20% of the global supply chain and 60% of global vaccine demand.
• Global Presence: India meets 40% of the U.S. generic drug demand and supplies
25% of all medicines in the UK. It has the highest number of USFDA-approved plants
outside the U.S. and is the largest contributor to UNESCO.
• Cost Competitiveness: Lower labor costs, economies of scale, and efficient
manufacturing processes enable Indian pharma firms to offer competitively priced
products globally.
• Supply Chain Transformation: The industry has shifted from manual processes to
automation, strategic innovation, and technology integration, driven by globalization,
regulatory shifts, and rising healthcare demands.
• Resilience Post-COVID: The pandemic underscored the importance of supply chain
resilience, leading to increased interest in the China+1 strategy, diversifying supply
chains, and reliance on multiple suppliers.
• Technological Advancements: Adoption of AI, machine learning, and automation is
enhancing supply chain agility, transparency, and operational efficiency. Investment
in technology-driven manufacturing and packaging processes is ongoing.
• Focus Areas for Improvement: Key focus areas identified include advancing
manufacturing technologies, ensuring quality credibility in global markets, and
adopting sustainable practices.
• Challenges: The Indian pharma supply chain faces challenges such as regulatory
compliance, inadequate infrastructure, counterfeit drugs, and higher logistics costs
compared to developed economies.
• Infrastructure Issues: Poor road connectivity, congested ports, and insufficient cold
chain facilities hinder efficient goods movement, particularly to remote areas,
requiring significant investment and collaboration between public and private sectors.
• Counterfeit Drug Concerns: Counterfeit medications threaten public health and
consumer trust, with over 50% of manufacturers losing sales due to issues like
expiration and pilferage.
• Need for Investment: Future growth requires investment in modern logistics
facilities, technology for supply chain visibility, and robust track-and-trace systems to
combat counterfeiting.
• Future Potential: The Indian pharmaceutical industry has immense growth potential
in innovation, research, and advanced healthcare solutions, positioning it to
significantly impact global healthcare delivery.
Here’s a concise summary of the key points regarding the Indian pharmaceutical industry's
growth and challenges:
• Projected Growth: Expected to grow from $40 billion in 2021 to $130 billion by
2030 and $450 billion by 2047.
• Global Supply Chain Contribution: Accounts for over 20% of the global supply
chain and 60% of global vaccine demand.
• Market Presence: Supplies 40% of U.S. generic drug demand and 25% of all
medicines in the UK; highest number of USFDA-approved plants outside the U.S.
• Cost Competitiveness: Competitive pricing due to lower labor costs, economies of
scale, and efficient manufacturing processes.
• Supply Chain Evolution: Transition from manual processes to automation and
technology integration driven by globalization and healthcare demand.
• Post-COVID Resilience: Increased focus on supply chain resilience and
diversification strategies (China+1) post-pandemic.
• Technological Integration: Use of AI, machine learning, and automation to enhance
agility, transparency, and operational efficiency.
• Key Improvement Areas: Advancements in manufacturing technologies, quality
assurance in global markets, and sustainable practices.
• Regulatory and Infrastructure Challenges: Faces issues with regulatory
compliance, inadequate infrastructure, and higher logistics costs than developed
economies.
• Logistics Hurdles: Poor road connectivity and congested ports hinder efficient
movement of goods, especially to remote areas.
• Counterfeit Drug Issues: Over 50% of manufacturers lose sales due to counterfeit
medications and related problems.
• Investment Needs: Future growth hinges on investments in logistics, supply chain
visibility technology, and robust traceability systems.
• Potential for Innovation: Strong potential for growth in research, innovation, and
advanced healthcare solutions, impacting global healthcare delivery.
4o mini

Here's a structured summary of the key points regarding the Indian pharmaceutical industry,
its evolution, SWOT analysis, and role in global medicine:
India's Role in Global Pharmaceuticals
• Significant Player: India is a major contributor to the global medicines market,
housing a large number of scientists and engineers.
• Leading in Generics: It ranks first in the manufacturing of generic medicines
globally, supplying:
o 50% of global vaccine demand.
o 40% of U.S. generic drug demand.
o 25% of all medications in the UK.
Evolution of the Pharmaceutical Industry
1. Pre-1970: Dominated by foreign companies.
2. 1970-1990: Rise of domestic companies.
3. 1990-2010: Liberalization led to Indian firms operating abroad.
4. 1970 Patent Bill: Reduced reliance on U.S. intellectual property laws.
SWOT Analysis of the Indian Pharma Industry
Strengths
• Cost Efficiency: Lower manufacturing costs compared to other countries.
• Robust Industrial Sector: Supported by a highly-skilled workforce and
technological advancements.
• Marketing and Distribution: Improved systems due to communication development
and a diversified ecosystem.
Weaknesses
• R&D Investment: Lack of sufficient investment in research and development.
• Industry-Academia Collaboration: Minimal collaboration hampers innovation.
• Healthcare Costs: Relatively low consumer spending on healthcare.
• Quality Issues: Challenges posed by the production of low-cost, low-quality
medications.
Opportunities
• Export Potential: Anticipated growth in exports, especially of generics to developed
markets.
• Clinical Trials Hub: Potential to become a center for international clinical trials.
• R&D Expansion: Increased role in global pharmaceutical research and development.
Threats
• Patent Policies: Product patent policies pose challenges that require enhanced R&D
efforts.
• Drug Price Control: Government regulations impact profitability.
• Excise Duty Structure: New MRP-based excise duties threaten small businesses.
Role of the U.S. FDA
• Significant Export Market: The U.S. accounts for over 25% of Indian
pharmaceutical exports.
• Generic Medication Supply: India supplies about 30% of generic medications in the
U.S., necessitating compliance with FDA regulations.
Research & Development Trends
• Modernization of Development: Companies are adapting product development to
current market conditions, focusing on generic alternatives to proprietary medications.
• New Molecule Discovery: Some firms are pursuing high-investment projects aimed
at discovering new molecules, driven by the potential for high profit margins.
• Increased R&D Spending: Local companies are boosting their R&D investments or
forming collaborations to leverage growth opportunities.
This structured summary provides a comprehensive overview of the current state and
dynamics of the Indian pharmaceutical industry, highlighting its strengths, weaknesses,
opportunities, and threats.