HEADSTART.     Venus Remedies Limited     Annual Report 2011-12
Forward Looking Statements                                      We do not guarantee that any forward-lookingIn our report ...
AN INTRODUCTION         VENUS REMEDIES.    SPECIALISTS IN PROVIDING       ‘REMEDY-DEFINING’                               ...
2011-12 IN RETROSPECT                                                                                                     ...
8    09-10                    3,115.06                                                                    (` million)     ...
VISION       We are in the business of preserving and improving     human life through innovation       We exist to provid...
VISION       We ensure product quality, safety, reliability and     excellence.       We manufacture medicines for patient...
VISION                                                                                                                    ...
VISION        We practice honesty, integrity and ethics in                                                                ...
November, 2011                                                        December 2011     CALENDAR OF EVENTS.               ...
GLOBAL WATERMARK     (Patents from regulated markets)     AWARDS      BioSpectrum Product of the Year - ACHNIL (2011)   Qu...
Indian economy                                                                                                            ...
Going ahead, the GDP growth estimates                    years, adding US$150 billion by 2015 driven                      ...
01   VENUS          MEDICINE RESEARCH CENTRE                                                                              ...
01        VENUS               MEDICINE RESEARCH CENTRE                                                                    ...
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  1. 1. HEADSTART. Venus Remedies Limited Annual Report 2011-12
  2. 2. Forward Looking Statements We do not guarantee that any forward-lookingIn our report we have disclosed forward-looking statement will be realised, although we believe we AT VENUS,information so that investors can comprehend the have been diligent and prudent in our plans andCompany’s prospects and make informed investment assumptions. The achievement of future results isdecisions. This annual report and other written and subject to risks, uncertainties and validity oforal statements that we make periodically contain inaccurate assumptions. Should known or unknownsuch forward-looking statements that set out risks or uncertainties materialise, or should underlying WE POSSESS A PRECIOUS HEADSTARTanticipated results based on the Management’s plans assumptions prove inaccurate, our actual results couldand assumptions. We have tried, wherever possible, to vary materially from those anticipated, estimated or OVER MOST INDIAN PHARMACEUTICALqualify such statements by using words such as projected. Investors should bear this in mind as they COMPANIES OUR SIZE.‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, consider forward-looking statements. We undertake‘plans’, ‘believes’, and words and terms of similar no obligation to publicly update any forward-lookingsubstance in connection with any discussion of future statements, whether as a result of new information,operating or financial performance. future events or otherwise. 80+ GLOBAL PATENTS. 280 PATENT APPLICATIONS ARE PENDING APPROVAL. 445+ GLOBAL PRODUCT REGISTRATIONS 300+ PRODUCT REGISTRATION APPLICATIONS ARE PENDING APPROVAL. 140+ GLOBAL WHITE PAPERSBetween the pages02> Corporate identity 04> Highlights 2011-12 06> Our progress GOING AHEAD, WE WILL CONTINUE TO ENRICH12> Chairman’s statement 15> Our competitive advantage 16> Calendar of events OUR INTELLECTUAL PROPERTY THROUGH FORWARD-LOOKING18> Global watermark 20> Management discussion and analysis 37> Analysis of INITIATIVES. WITH THE OBJECTIVE TO EMERGEthe financial statements 40> Derisking the business 42> Spreading smiles AS A STRONGER COMPANY.44> Directors’ report 50> Corporate governance report 58> Financial section
  3. 3. AN INTRODUCTION VENUS REMEDIES. SPECIALISTS IN PROVIDING ‘REMEDY-DEFINING’ VENUS REMEDIES, AMONG THE FORMULATIONS. 10 LEADING GLOBAL FIXED- DOSAGE INJECTABLE MANUFACTURERS, POSSESSES A WIDE PRODUCT BASKET CATERING TO HIGH-GROWTH THERAPEUTIC SEGMENTS (ANTI-INFECTIVE, ONCOLOGY AND NEUROLOGY). THE COMPANY’ S THREE MANUFACTURING FACILITIES (PANCHKULA AND BADDI IN INDIA) AND WERNE (IN GERMANY) ARE CERTIFIED FOR ISO 9001, ISO 14001 AND OHSAS 18001 THE COMPANY (HEADQUARTERED EUROPEAN GMP AND 14 OTHER IN PANCHKULA) POSSESSES A INTERNATIONAL REGULATORY GLOBAL FOOTPRINT ACROSS 60 AUTHORITIES GLOBALLY. NATIONS SUPPORTED BY 11 OVERSEAS MARKETING OFFICES (INCLUDING A PRESENCE IN THE US AND GERMANY, AMONG THE MOST DEMANDING PHARMACEUTICAL DESTINATIONS ACROSS THE GLOBE).4 5
  4. 4. 2011-12 IN RETROSPECT Venus received 22 product patent approvals from regulated markets Snapshot of key achievements Growth in financials Products and markets Operations Intellectual property Launched four products of which two Invested ` 85 million in strengthening Received 22 product patent approvals are research-based products operational capability from regulated markets Established a presence in nine new Invested ` 824.40 million (20% of net Filed 9 CTDs, 14 ACTDs and received 97 markets, extending the Company’s export revenue) in R&D-IPR efforts product registrations from emerging presence across 30+ nations markets EBIDTA GROWTH Received 31 market authorisation REVENUE GROWTH 16%+ approvals from regulated markets 13%+ OVER 2010-11 OVER 2010-11 Revenue break-up By products By geography Institutional: Cephalosporin Small volume 8% Domestic and penems: 32% parenterals: 23% Europe: 10% (own): 41% PROFIT AFTER TAX GROWTH 5%+ OVER 2010-11 Infusion: 14% Rest of world: 20% Oncology: 31% Domestic (alliances): 21% BOOK VALUE GROWTH 21%+ OVER 2010-11 To establish Venus as an innovator company. To make every department as an independent profit centre. To create intellectual property wealth of To achieve new heights by the creation one billion US dollars. of Venus Industrial Complex. To ensure commercialisation of To develop and sustain a highly intellectual Property right of the Company motivated and empowered team for worldwide realisation of self progressive society To establish Sulbactomax as a ` 100 dream. crore brand To be a globally admired pharmaceutical To ensure Venus’ presence in 60 company for world-class quality and innovation. MISSION, countries around the world To make Sulbactomax/Septiloc, 2015 Ampucare/Potentox and Vancoplus as global products.6 7
  5. 5. 8 09-10 3,115.06 (` million) Revenue 10-11 3,566.80 11-12 4,051.87 09-10 745.97 (` million) EBIDTA 10-11 913.72 11-12 1,064.82 09-10 410.39 (` million) OUR PROGRESS. 10-11 474.79 Profit after tax 11-12 500.29 STEADY AND STABLE. 09-10 473.19 (` million) 10-11 685.48 R&D investment 11-12 824.40 (`) 09-10 48.45 10-11 52.01 11-12 Earnings per share 54.43 (`) 09-10 211.14 10-11 269.90 11-12 328.72 Book value per share 09-10 2,390.75 (` million)) 10-11 Gross block 3,193.25 11-12 4,050.07 09-10 2,722.38 (` million)) 10-11 3,702.38 Capital employed 11-12 4,561.709
  6. 6. VISION We are in the business of preserving and improving human life through innovation We exist to provide value to our customer We shall build Venus as a Nation UNCLUTTERED SPACES. A T VENUS, WE FOCUS ON BASIC UNMET ISSUES AND SPACES WITH LIFE THREATENING IMPLICATIONS. MULTI-BACTERIAL RESISTANCE IS ONE SUCH ISSUE. THERE IS A GROWING RESISTANCE TO ANTIBIOTICS WITH MORE THAN 50% OF THE EXISTING ANTIBIOTIC THERAPIES HAVING LOST THEIR POTENCY. At Venus, we responded Developed unique antibiotic- Positioned our product to this growing reality non-antibiotic combinations Vancoplus, the only known through a number of (Antibiotic Adjuvant Entities – remedy for MSRA, VSRA and initiatives. (AAE)) that breaks this resistance multi-drug-resistant bacteria and rejuvenates the effectiveness which causes meningitis, of existing therapies. pneumonia, typhoid among Strengthened the other ailments, as an effective effectiveness of our new AAE remedy. The product received six product ‘CSE 1034’ against a global patents (including Japan range of drug-resistant and Australia). infections including ‘super-bugs’. Venus created a robust pipeline This received the coveted US of products to treat multi- patent, the cost of therapy about microbial resistance, which will 30% cheaper than conventional be progressively launched. alternatives. 44 Sulbactomax, our US$12 million flagship product for treating multi microbial resistance, received 44 global patents.10 11
  7. 7. VISION We ensure product quality, safety, reliability and excellence. We manufacture medicines for patients, not for profits; profit follow. We work with passion, commitment and enthusiasm. UNIQUE THERAPIES. C ANCER ACCOUNTS FOR ONE LIFE EVERY SEVEN MINUTES SOMEWHERE IN THE WORLD. MOST OF THESE INSTANCES ARE THE RESULT OF LATE DETECTION. BESIDES, TYPHOID AFFECTS 17 MILLION ANNUALLY, CAUSING NEARLY 0.6 MILLION DEATHS DUE TO INADEQUATE DETECTION. At Venus, we are possess the mandate to globally working in the areas of We completed Phase I & II market this early detection kit early disease detection clinical trials for VRP1620, a with the objective to put this on and target based cancer detection molecule, which shelves starting 2013-14. remedies with the will facilitate cancer detection We established the pre-clinical objective of saving through a simple X-ray in a few proof of concept for our Drug- human lives, through hours as opposed to the Protein-Polymer-Conjugate, a various initiatives. conventional 4-6 days. The Phase patent-protected technology III of this product will help in platform that allows the locating proliferation of the conversion of any cancer drug to cancer site. a target-based treatment, We partnered with IMTECH enhancing treatment efficiency (Punjab) to develop a typhoid and cost-effectiveness. diagnostic kit to reduce We created a product detection time from 48 hours discovery pipeline of 25 (under the conventional Vidal injectables, which will be test) to a few minutes. We commercialised shortly. 25 We created a product discovery pipeline of 25 injectables, which will be commercialised shortly.12 13
  8. 8. VISION We believe in hard work, productivity and continuous improvement. We encourage and respect individual initiative, ability and creativity to develop people as the source of our strength. “WE EXPECT TO It was a successful 2011-12 for Venus Remedies. revenues 13.60%, our EBIDTA strengthened 16.54% and PAT climbed scaled the value chain to enter high-value, high-growth lifestyle therapeutic spaces. ENCASH OUR DEEP We reported progress in strengthening our industry position, resulting in an innovation 5.37% in 2011-12. Besides, infectious diseases continued to affect the world with a growing ‘multi- VALUE THROUGH The true Venus drug resistance’ to antibiotics. At Venus, 2.5 recall at par with India’s leading At Venus, our longstanding focus in we focused on developing novel pharmaceutical players. What gives me VARIOUS INITIATIVES satisfaction is that we pioneered solutions in established segments, leading to attractive treading the road less traveled translated into unique products. translational paradigms to combat antibacterial resistance by using adjuvants (million, US$) Vancoplus (US$2.5 million revenues) is OVER THE opportunities and possibilities. Our financial performance was Antibiotics: Having addressed chronic ailments with a number of formulations to untangle resistance-causing mechanisms and rejuvenating antibiotic available in few emerging markets coupled with registration in many FORESEEABLE FUTURE.” (strengths, chemistry and combinations), effectiveness. countries. The product has already been correspondingly heartening: we grew used by more than 25,000 patients. most global pharmaceutical companies Cancer: In 2010, nearly six lakh people14 15
  9. 9. VISION We practice honesty, integrity and ethics in VENUS’ COMPETITIVE ADVANTAGE all aspects of business and strive to be the best corporate citizen We acknowledge our responsibilities towards our customers, our employees, the society at large and last but not the least, our shareholders. died of cancer in India, of which 70% were We hope to encash our Intellectual 10 The Company features among 10 leading global fixed-dosage aged between 30 and 69. A large number Property through out-licensing deals with injectable manufacturers; it of deaths could have been arrested if the global pharmaceutical players in regulated possesses Asias largest injectable ailment had been detected early. markets. We appointed global manufacturing capacity. At Venus, we completed the Phase I & II trials of our novel molecule VRP 1620 and consultancies to help us identify, analyze and shortlist attractive alliance opportunities; we expect to endorse 1,000+ 3 plus filed a patent application with the Indian business-strengthening agreements in Years The Company is present in the regulatory authorities. This product will 12-18 months. The cumulative person-years of high-value, high-growth highlight cancer-affected areas through a experience resident within the therapeutic segments of oncology, simple X-ray, facilitating early detection. Additionally, we filed nine market Venus team. anti-infectives and neurology, On launch, this will be the first-of-its-kind, anti-cancer detection product in the world. We also established pre-clinical authorisations in Europe; following approval, this will open a new opportunity window for the Company. 80+ patents among others. proof of concept for our Drug-Protein- In the interim, we are seeding our The Company received 80+ Polymer-Conjugate, our patent protected patents from global and domestic patented products in under-regulated technology, which will allow us to develop authorities out of 360 patents markets through distribution alliances and target-based therapies. Using this technology niche, we developed a strong product pipeline to be launched over the 11 global marketing offices. We generated 10% of our revenues in 15 filed across more than 50 countries. 60 countries 2011-12 through regulated markets; we certifications coming years. The Company established a expect these markets to make a higher The Companys three presence across 60 nations Maximising returns contribution to our turnover in the coming manufacturing facilities received (regulated and semi-regulated), Until recently, the Company focused on years. 15 national and international supported by 11 overseas GMP certifications. creating unique ‘life-bettering’ offices. Besides, we expect to reinforce our formulations, validated through global patents from regulated (the US, Europe, Intellectual Property with more global patents for ‘life-bettering’ drugs, 25 alliances Japan and Australia) and semi-regulated reinforcing our competitive advantage. markets; we have three US patent The Company enjoys strategic marketing alliances with 10 approvals. Shareholders and message leading global and domestic At Venus, I must assure shareholders that At Venus, we recognise that after having % pharmaceutical companies. achieved 80-plus global patents in eight the strength of our portfolio will translate We generated 10% of our revenues in years, the next challenge lies in being able into superior returns, enriching lives and 2011-12 through regulated markets; to commercialise them. To take this enhancing value. we expect these markets to make a development to its logical conclusion, higher contribution to our turnover in the Venus is exploring opportunities to forge coming years. Regards, marketing alliances with leading global Pawan Chaudhary pharmaceutical players.16 17
  10. 10. November, 2011 December 2011 CALENDAR OF EVENTS. Venus Remedies won League of American Communications Professionals’ Global Venus Remedies won the Silver Certificate of Merit in the Economic Times India Manufacturing Excellence Awards Communications Competition for this annual (IMEA), 2011. This award endorses the Company’s continuous April 2011 May 2011 report 2010-11. The Company won the Bronze in endeavour in elevating Venus Remedies among the top Venus completed Phase I & II clinical trials for VRP1620, The Company was awarded the Gold Medal in DST-Lockheed the 2011 Spotlight Awards. pharma giants of the industry. a cancer detection molecule. Following the launch of Martin India Innovation Growth Program - 2011 for TROIS, one of Venus Remedies received approvals for Market Venus Remedies won the Emerging Company of the Year this product, the detection of breast cancer will be its integrated medicinal research products. This nanotechnology- Authorisation from MHRA (UK) through the DCP 2011 award in the 4th annual Pharmaceutical Leadership possible using a simple X-ray using dye; the sensitivity based product received 178% faster penetration, accelerating route for its generic broad spectrum injectable Summit & Award 2011. It is Asias leading and prestigious of other detection devices like colored Doppler and PET action, making it possible for millions of elderly arthritics to lead antibiotic carbapenem. It also received the Market Summit, organised by large and respected pharma sector will increase exponentially. a pain-free life. Authorisation for the same product from New brands. Venus was granted a patent by European Patent Office (EPO) for Zealands Ministry of Health. ACHNIL, a once-a-day painkiller injection. This patent grant will be in force till 2025. July, 2011 August, 2011 October, 2011 February, 2012 March, 2012 The Company launched a novel The Company received its first US patent Venus Remedies received the Patent ACHNIL, BioSpectrum Product of the year 2012 Venus Remedies achieved an important landmark formulation - ACHNIL brand of from US PTO for its novel research Award in Gold category for 2010-11 in with its first patent grant for its novel research Venus Remedies received an award for its novel research Aceclofenac injection in India. ACHNIL product, Vancoplus, which is valid up to the valedictory function of India—LAC product Vancoplus from Japan Patent Office, product, which secured patent approvals from Europe and provides instant relief from acute pain December 2027. This research product Pharma Meet by Pharmexcil. This award among the most stringent in the world. India. The product was chosen for its uniqueness in and is effective for 24 hours against the took more than seven years following its was conferred in recognition of the addressing a critical health condition. The global pain conventional daily dose of three injections development to receive this coveted Company’s contribution to formulation management market is expected to grow to US$60 billion by of Diclofenac given every eight hours. patent. R&D. The Company was granted 44 global 2015. Currently, an estimated 1.5 billion people worldwide The Company received the Market patents for its novel research drugs in suffer from chronic pain of varying intensity. Authorisation in Europe for its anti-cancer 2010-11. product Docetaxel. Vancoplus in Japan Vancoplus in Australia Vancoplus in the US Market Authorisation for the ACHNIL in India Venus Remedies entered the Japanese Venus Remedies’ Vancoplus received the Venus Remedies received its first US European market Venus Remedies launched ACHNIL, the market with its patented Vancoplus, the patent in Australia. This is a relevant patent for Vancoplus, the only remedy The Company launched its anti-cancer once-a-day pain management therapy in development: about 7,000 Australians only known remedy for MRSA, VRSA and after vaccination for the effective drug Docetaxel in Europe by end 2011 India. The Indian market for pain die annually from drug-resistant multi-drug resistant bacteria. The global bacteria like Golden Staph infections treatment of MRSA and multi-drug following the receipt of Market management is estimated at around market size of MSRA is estimated at (Source: Medicine Australia). According resistant microbes. The estimated medical Authorisation. The European market for ` 2,000 crore, growing at 16-20% EMERGING US$900 million (projected at US$1.2 billion by 2017). MSRA incidence in Japan, the US and southern Europe to the Australasian Society of Infectious Diseases, antibiotic resistance is one of the foremost issues that will affect impact of MRSA was estimated at US$5 billion in USA in 2010 and projected at Docetaxel is estimated at around US$1.6 billion. annually and expected to reach ` 3,500 crore by 2015. PROSPECTS US$9 billion in five years. healthcare worldwide (including ranges at 20-60%. Australia) over the coming years.18 19
  11. 11. GLOBAL WATERMARK (Patents from regulated markets) AWARDS BioSpectrum Product of the Year - ACHNIL (2011) Quality Award 2011 (Geneva) Best Innovation Award 2010 & 2011 Company of the Year 2011 The BIZZ Excellence Award (USA) Pharmexcil Gold Patent Award 201120 21
  12. 12. Indian economy India GDP growth declined from 8.4% in 2010- 11 to 6.5% in 2011-12. GDP growth in 2011- 12 was the lowest in nine years (save 2008-09). MANAGEMENT DISCUSSION AND ANALYSIS Economic overview risks of a renewed upsurge of the crisis in low growth, India remained one of the Persistently high international crude Europe continue to loom large, along with fastest-growing global economies. petroleum prices Global economy: The global environment turned adverse in the second half of 2011, geopolitical uncertainties affecting the oil Domestic factors like monetary tightening Global factors (euro zone crisis, geopolitical owing to turmoil in the euro zone, slow US market. and raising the repo rate to control inflation disturbances and climatic extremities) recovery and monetary imbalance in made industrial borrowing expensive, Overall, global growth is projected to drop contributed to the domestic economic emerging economies. Growth in several infrastructure projects unviable and from around 4% in 2011 to about 3.5% in slowdown. major developing countries (Brazil, India, depressed the manufacturing sector growth. 2012 and projected to recover to 4.1% in Russia, South Africa and Turkey) slowed 2013 as per IMF (Source: World Economic Headline WPI inflation remained high at around 9% during 2011 for the following Besides, the rupee lost more than 10% of its 2.1 partly in reaction to domestic policy Outlook, April 2012) value during the year, making it one of the USA’s economic growth is projected reasons: tightening. As a result, global GDP grew worst performing currencies in Asia, eroding at 2.1% in 2012 and 2.5% next Indian economy: India GDP growth Higher prices of primary products 3.9% in 2011 as against 5.3% in 2010. India Inc.’s profitability, widening India’s year, reflecting ongoing fiscal declined from 8.4% in 2010-11 to 6.5% in (vegetables, eggs, meat and fish) due to changing diets trade deficit and adversely impacting India’s consolidation and continued Although action by policymakers in Europe 2011-12. GDP growth in 2011-12 was the Increasing global commodity prices current account deficit. weakness in housing prices. and elsewhere helped reduce vulnerabilities, lowest in nine years (save 2008-09). Despite22 23
  13. 13. Going ahead, the GDP growth estimates years, adding US$150 billion by 2015 driven over five years driven by a convergence of range between 6.7-7% in 2012-13 by accelerated volumes. The growth of a factors (rising household incomes, consequent to the deficient rainfall and its number of pharmerging countries are increasing incidence of lifestyle-related impact on inflation. marked by strong domestic companies diseases, improving healthcare). which market low cost generics, branded The Indian pharmaceutical market growth is Global pharmaceutical sector generics and unauthorised variants of largely driven by formulations for chronic Medical spending is likely to reach nearly original brands. Patients pay out-of-pocket therapies; acute therapies are largely driven US$1,100 billion in 2015, reflecting a for the majority of medicines in these by Tier-III cities and rural penetration. slowing growth rate of 3-6% over the five- markets, which limits the use of expensive year period compared with 6.2% annual new medicines. Growth estimate growth over the previous five years. The Indian pharmaceutical market is Absolute global spending is expected to be Indian pharmaceutical sector expected to grow from US$11 billion US$210-240 billion, compared to US$251 Until not too long ago, Indias presently to US$74 billion by 2020 (Source: billion since 2005. pharmaceutical space was written off as a PricewaterhouseCoopers). self-pay generics-based market adept at Spending on generic drugs (including Growth drivers US generics branded generics) is expected to grow at a product duplication; today, the sector has claimed a significant share of the global Population growth at about 1.3% to reach CAGR of ~13% through 2015, compared to ~5% CAGR for the overall pharmaceuticals market by leveraging strengths and annually and a steady rise in disease prevalence will increase the patient pool by highs in market; their share in the overall medical enhancing its regulatory and technical nearly 20% by 2020 maturity. 2012 spending is expected to rise from 20% in 2005 to about 39% in 2015. The share of Currently, the Indian pharmaceutical Increasing penetration of health insurance from 26% in 2010 to about 45% The year 2012 marks the entry branded drugs is expected to decline from industrys market size (including export) is in 2020 is expected to drive domestic into the peak phase of the demand ~64% of global pharma spend in 2010 to an estimated at ` 1 trillion per annum. It ranks patent expiry cycle, with India’s per capita rural income of estimated 53% due to an increasing generic third in the world by drug volume (10% of brands worth US$40billion ` 19,000 is expected to increase to ` 24,000 presence arising out of accelerating patent global share) and fourteenth by value (about by 2015 (Source: McKinsey), which should losing patent protection. expiries. 3% of global sales). enhance pharmaceutical spending. Several blockbuster drugs Cancer – a silent killer (with sales over US$1billion) Pharmerging countries are expected to The Indian formulations market (valued at India’s pharma market is likely to sustain its Cancer prevalence in India is estimated to be around 2.5 million, with over are set to go generic this year. double pharmaceutical spending in five ` 48,200 crore) grew at a CAGR of 14-15% current momentum (14-15% growth versus 8,00,000 new cases and 5,50,000 deaths occurring each year due to this disease. the historical rate of 10-12% over 2000- More than 70% of the cases report for diagnostic and treatment services in the 10). This growth is inclusive of metros, Tier-I advanced stages of the disease, which has lead to a poor survival and high and II cities and smaller or Tier-III and IV mortality rate. Global spending on medicine Spending by segment Spending by geography towns. However, one-third of this The Indian oncology market is estimated at about ` 7,000 to 8,000 million. It has $210- $1065- $1065-1095Bn $1065-1095Bn incremental growth will come from Tier III- 240Bn 1095Bn been indicated that the oncology market in India has been growing at a CAGR of 8 7% IV towns and rural markets, which $251Bn $856Bn more than 30% in the last three years. 31% $856Bn $856Bn 28% constitute 20% of the total market, and are 39 53 2% The global cancer market was worth US$56.7 billion in 2007, growing at 16.8% $605Bn 9 7% 13% 2% currently growing at 25-30%, which is 11% 18% 6% over 2006, and is forecast to grow to US$76.9 billion by 2013, representing a 27 2015 36% 2015 higher than metros and tier-I cities. This is $605Bn $605Bn 1% CAGR of 5.1per cent (2007-13). 64 11% largely led by increase in income levels, 10 6% 7% 17% 12% 3% higher penetration of healthcare, and The economic toll from cancer, estimated to be US$895 billion is nearly 20% 20 2010 11% 1% 2010 2005 2006-10 2010 2011-15 2015 Brand 41% increase in health awareness among higher than heart disease, the second leading cause of economic loss (US$753 Generic 7% US Japan 70 20% masses. billion). Canada S. Korea Other 2% 2005 2005 EUS Pharmerging Rest of ROW Europe24 25
  14. 14. 01 VENUS MEDICINE RESEARCH CENTRE significantly hasten the testing of cancer Capabilities 40% are M.Pharma and M.Sc degree drugs. The research centre is recognised by Venus research team comprises 60+ holders. The Company divided its DSIR for the development of globally scientists and supporting staff, of which intellectual capital into focused teams. competitive technologies with high 60% are PhDs and post-doctorates and commercial potential. Process development and technology transfer: The team facilitates the transfer of technology for scaling a successful molecule from Office of research support: laboratory to pilot plant to Analytical research division: This wing bridges the gap manufacturing locations. The division develops methods between research and for novel formulations, marketing through interactions converting the challenges of with the field force, training analytical development to of marketing teams and reply support the team in drug to queries raised by the design. marketing team. Venus Medicine Research Centre (VMRC) is tech testing laboratories at par with dedicated to breakthrough innovations by stringent cGLP standards. These RESEARCH Chemical and stability balancing basic biomedical and laboratories cover microbiology, Natural product research: CAPABILITIES testing division: The team translational research to develop toxicology, molecular biology, This team specialises in enhances product quality screening natural products through stability tests as per ICH medicines that treat serious medical biochemistry, pharmacognosy and which can be used for drug guidelines. It provides validated conditions. The team focuses on biotechnology including tissue culture, development as per analytical services for research, developing novel solutions that fill the gap stability and chemical analyses. These pharmacopoeial and to meet global quality and between challenging ailments and units are equipped with sophisticated medicine standards. regulatory requirement.. available molecules. ultra-sensitive instruments and include an Highlights 2011-12 international standard animal house Received patent approval from Pre-clinical division: Vision approved by the Committee for the This team handles all the US and the first patent To establish Venus as an innovator Purpose of Control and Supervision on pre-clinical trials and approval from Japan Clinical research services: company worldwide by developing and Experiments on Animals (CPCSEA). The toxicological studies under GLP Received the ‘Patent Award’ in This team is involved in commercialising products that provides a Company also set up a Cell Culture Phase-I, II, III, IV and BA/BE environment. Vet pathologists Gold Category from Pharmexcil complete solution for serious or life- studies monitoring (as per assist the team in preparing for 2010-11 Molecular Biology (CCMB) laboratory, threatening medical conditions. GCP) for research products. requisite disease models in-vivo Received the BioSpectrum among a few Indian pharmaceutical by ensuring a compliance with Product of the Year 2012 award companies with this facility. This facility OECD guidelines. for the novel research product Infrastructure will enable the research team to ‘ACHNIL’, a once-a-day pain killer The research centre comprises nine high-26 27
  15. 15. 01 VENUS MEDICINE RESEARCH CENTRE 02 OPERATIONS Areas of focus Key initiatives, 2011-12 Intellectual property Novel Drug Delivery System (NDDS): Introduced a nanotechnology-based, To protect the R&D work, the IPR wing at Development of nanotechnology-based, ready-to-use single vial Docetaxel in the Venus is actively engaged in filing, sustained release and targeted delivery domestic market under the ‘Taxedol’ brand. procuring and maintaining trademarks, formulations with NDDS to improve This product gives 11% higher cancer cell copyrights and patents (nationally and patient compliance, minimise pain and side killing potential as compared with existing internationally). The team is also involved effects in therapeutic areas of oncology, Docetaxel. in in-licensing new innovative NSAID, neuroscience, arthritic disorders, Established pre-clinical proof of concept technologies and out-licensing the stress and lifestyle-related diseases, for the Drug-Protein Polymer-Conjugate Company’s research products to regulated immuno chemistry, infectious diseases and (DPPC), a patent-protected technology markets. wound healing. which transforms conventional cancer Patents: The team filed 360+ patents therapies into target-based cancer Formulation development: Development globally, of which 80+ were granted and formulations. The team successfully of non-infringing formulations to reduce 280 are at advanced approval stages. The developed a product pipeline for breast the impact of generic competition, patents cover 51 countries across Europe, and ovarian cancer using this technology. revitalise established brands, fill product North America, the Far East, Australia, pipeline gaps and enhance patient Successfully completed Phase I & II South America, Africa and the ASEAN. clinical trials for VRP1620, a cancer compliance. Trademarks: The team filed for 150 detection molecule, making it possible to detect with a simple X-ray using a dye. The trademarks, of which 70 were registered team will launch this product in India in and 80 were under various stages of 2013-14. registration. VENUS’S OPERATIONS ARE UNIQUE BECAUSE THEY JUXTAPOSE DOMESTIC AND INTERNATIONAL OPERATING FACILITIES, AUGMENTING ITS CAPABILITIES TO OFFER ITS CLIENTS AN UNPARALLELED VALUE PROPOSITION: CUTTING-EDGE TECHNOLOGY AND OPTIMISED COSTS. THE Research products with international patents COMPANY HAS THREE MANUFACTURING UNITS, TWO BEING IN INDIA AND ANOTHER IN GERMANY. THE QUALITY OF THE SERVICE Sulbactomax Potentox Tobracef Vancoplus ACHNIL PROVIDED HINGES ON QUALITY CONTROL, IN-PROCESS CONTROL GUIDELINES AND STAFF TRAINING. Revenue 15% Revenue 4.60% Revenue 2.20% Revenue 3.30% Revenue 1% of sales (FY12) of sales (FY12) of sales (FY12) of sales (FY12) of sales (FY12) Operational capability Patents from key nations Patents from key nations Patents from key Patents from key Patents from key 3 units include the US, South Africa, include South Africa, nations include nations include nations include Europe, 9 manufacturing facilities Europe, India, Australia and New Zealand, South Korea, South Africa South Africa, and India 80 mn units injectable capacity New Zealand, Russia, Australia and India New Zealand, Australia, 15 GMP approvals Ukraine and Mexico the US and Japan 75 products manufactures Investment in R&D-IPR R&D-IPR as a Panchkula Baddi Germany (` million) proportion of sales (%) Manufacturing site for large volume Production unit of small volume Situated in the heart of Europe, a Two-in-one parenterals (capacity 7.5 million units per parenterals, for super speciality segments strategic advantage 473.18 685.48 824.40 15.71 19.22 20.35 ACHNIL, a novel therapy for annum) Manufactures complex and novel Accredited with EU-GMP; possesses relief against acute pain Parenteral facility for super specialty formulations for oncology injections, world-class QA, QC laboratories received the BioSpectrum intravenous fluids with state-of-the-art oncology lyophilised, pre-filled syringes and Engages in out-licencing CTDs site Product of the year 2012 award. laboratories cephalosphorins, among others variation projects, testing and batch This once-a-day, sustained Accredited with more than 15 GMPs from release for Europe and warehousing and Accredited with WHO-GMP, Yemen- GMP, release injectable pain killer ISO 9001, ISO 14001 and OHSAS 18001 regulated and emerging markets logistics support replaces the three injections per Products manufactured include Mebatic, Manufactures key brands namely Doxol, Warehousing capacity of 3,000 pallets day therapy. ACHNIL is a Calridol, Moximicin, Neurotol, Glutapep, Paxol, Citabol, Epirol, Ronem, Immunox, under controlled temperatures combination of burst release for immediate patient relief coupled among others Pimcef, Fejet IV, Parin-E, Vanconex, Batch release facility for local with sustained drug release, Dobutacard, Sulbactomax, Supime, Tobracef, manufacturers and pharma exporters and Locational advantage in manufacturing making it a one-of-a kind Pirotum, Potentox and many more. four dedicated packaging sections, 09-10 10-11 11-12 09-10 10-11 11-12 strategic products like antibiotics and product and the preferred pain customising product packaging into local plasma expenders, among others management therapy. languages28 29
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