Industry Monitor - Indian Healthcare Sector October 2014 (2)

Disclaimer: All information contained in this report has been obtained from sources believed to be accurate by Gyan Research and Analytics (Gyan). While
reasonable care has been taken in its preparation, Gyan makes no representation or warranty, express or implied, as to the accuracy, timeliness or
completeness of any such information. The information contained herein may be changed without notice. All information should be considered solely as
statements of opinion and Gyan will not be liable for any loss incurred by users from any use of the publication or contents.
Industry Monitor – Indian Healthcare
October 2014

Industry Monitor - Indian Healthcare, October 2014
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© Gyan Research and Analytics Pvt. Ltd., 2014
Table of Contents
1. In Focus - Pharmaceuticals..................................................................................................................3
2. Industry Statistics................................................................................................................................6
3. Product Scan .......................................................................................................................................7
3.1 X-Ray Machines.............................................................................................................................7
3.1.1 Key Players: X-Ray Machinery................................................................................................8
3.2 Generic Drugs in India.................................................................................................................10
3.2.1 The Menace of Counterfeit Drugs........................................................................................11
4. Company News Brief – Healthcare & Pharmaceutical Sector ..........................................................12
5. Industry News Brief...........................................................................................................................14
5.1 Export Formulation .....................................................................................................................14
5.2 Government Regulations ............................................................................................................14
5.3 Healthcare Trust..........................................................................................................................14
5.4 Information Technology & Healthcare Industry .........................................................................15
6. Merger & Acquisition........................................................................................................................16
7. Company Scan: Dr. Reddy’s Laboratories Limited ............................................................................17
8. Upcoming Events ..............................................................................................................................20

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1. In Focus - Pharmaceuticals
The country’s pharmaceutical industry is extremely fragmented with over 24,000 players, including
bulk drug and formulations manufacturers, of which about 330 are in the organised sector. More
than a third of the market is dominated by top ten companies. In terms of volume, India ranks third
while in value terms it occupies the tenth position globally.
In India, branded generics and originator (off patent) brands overshadow pure generic products,
since they offer higher margins than either over-the-counter (OTC) or pure generic offerings. They
account for 70 to 80 percent of the retail market. Local players enjoy a leading position in
formulations development driven by strong investments in research and development, and prices
are usually low due to tough competition. The Over-the-Counter (OTC) medicines market in India
stood at USD 3 billion in 2011 and is growing double rate as compared to prescription medicines.
According to Organisation of Pharmaceutical Producers of India (OPPI), the government is planning
to increase the availability OTCs to outlets other than pharmacies such as Post Offices
According to McKinsey & Company, the Indian pharmaceutical market is expected to touch USD 55
billion by 2020 from a market size of USD 11.2 billion in 2009. In an aggressive growth scenario, it
has the potential to grow to USD 70 billion. Five new opportunities will capture 45 percent of the
market by 2020 – they are patented products, consumer healthcare, biologics, vaccines and public
health. Generic drugs accounts for the largest segment with a market share of 72 percent in 2013
followed by OTC medicines and patented drugs with a market share of 19 and 9 percent,
respectively. The lifestyle segments such as cardiovascular, anti-diabetes, anti-depressants and anti-
cancers will account for the fastest growing segment due to rise in urbanization and change in
lifestyle pattern.
Various factors - spike in income levels, improved medical infrastructure, rise in chronic disorders
and lifestyle diseases, wider health insurance coverage, increase in launches of several patented
products and creation of new markets and greater penetration into rural areas (Tier II and III) cities -
have contributed to this growth. The domestic sale of pharmaceutical companies would largely rely
on the ability of the companies to align their product towards chronic therapies since incidence of
these diseases are on the rise.

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While some are concentrating their energies on the generics market in the US, Europe and semi-
regulated markets, others are keen on custom manufacturing for innovator companies.
Biopharmaceuticals is also increasingly becoming an area of interest given the complexity in
manufacture and limited competition.
The industry has developed excellent GMP (Good Manufacturing Practices)-compliant facilities for
the production of different dosage forms. According to the Central Drugs Standard Control
Organisation records, there are already more than 800 pharmaceutical companies are Schedule M-
GMP compliant. These companies are mostly located in Gujarat, Karnataka, Maharashtra and Andra
Pradesh. Schedule M contains guidelines and regulations relating to the pharmaceutical company’s
location, buildings, equipment, safety and sanitation. Besides the market leaders some instances of
GMP-complaint companies are Oasis Laboratories Pvt Ltd, Belco Pharma, Pharmasynth Formulation
Limited, Baxil Pharma, Mediwin Pharmaceuticals and many more.
The industry’s strength lies in developing cost-effective technologies in the shortest possible time for
drug intermediates and bulk activities without compromising on quality. According to Federation of
Indian Chambers of Commerce and Industry or FICCI, due to adoption of GMP, more and more
Indian pharmaceutical companies are bagging approvals from regulatory bodies such as USFDA
(USA), MHRA (UK), TGA (Australia), MCC (South Africa), Health Canada and such like. In fact, India
has the largest number of USFDA-approved plants for generic manufacture. Indian companies are
now seeking more Abbreviated New Drug Approvals (ANDAs) in USA in specialised segments like
anti-infective, cardio vascular and central nervous system groups.
In 2013, the industry witnessed several major deals being inked, including companies such as Strides
Arcolab, Elder Pharmaceuticals, GSK Pharmaceuticals and several other non-listed private equity
deals such as KKR in Gland Pharma and Blackstone in Emcure Pharmaceuticals.
The fact that the industry is growing rapidly in India is evident from the fact that a market leader like
GSK is increasing its stake holding at a multiple of 5-10 times of sales in India . At the same time, the
country is becoming a research and manufacturing hub for global pharmaceutical generic
companies.

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Though the industry has witnessed tremendous growth, the New Drug Policy will pose serious
challenges to the leading players. There are three tiers of regulations – on bulk drugs, on
formulations and on overall profitability. On May 15, 2013, the Drug Price Control Order brought
into effect a new drug pricing policy that brought 348 formulations under the National List of
Essential Medicines (NLEM). Companies are required to revise the price on the 46th day from the
date of price notification. The move has been severely criticised by the pharmaceutical fraternity.
But despite challenges, leading Indian players continue to exhibit strong profitability and a large
number of patent expirations continue to offer strong growth prospects for generic players.

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2. Industry Statistics
Indian Pharmaceutical Sector – Market Size (USD Billion)
2009 2010 2011 2012 2013E
11.2 13.8 15.6 17.4 20.18
Export Revenue (USD Million)
Aug’13 APR’13-AUG’13 AUG’-14 APR’-AUG’14 % Change APR’-
AUG’14
1,186.65 6,112.7 1,270.13 6,476.06 5.94
Import Revenue (USD Million)
Aug’13 APR’13-AUG’13 AUG’-14 APR’-AUG’14 % Change APR’-
AUG’14
421.55 2,284.4 489.74 2,316.32 1.39
FDI in Pharmaceutical Sector (USD Million)
FY2011 FY2012 FY2013 FY2014 FY2015 (April-July)
209 3,232 1,123 1,279 886
Source: IBEF, Directorate General of Commercial Intelligence and Statistics, Department of Industrial Policy and
Promotion

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3. Product Scan
3.1 X-Ray Machines
X-ray comprises the second-largest
share of the diagnostics imaging
market. The imaging diagnostic
market is one of the fastest-
developing segments of the Indian
healthcare industry. With increasing
number of hospitals and diagnostic
centres and advancement in
technology and innovation, the
market is set for steep growth. In
2012, it posted revenues of USD
645.10 million compared to USD
599.54 million in 2011, growing at a
CAGR of 9.5 percent from 2008 to
2012. Ultrasound, X-Ray, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) are
the various segments of this industry.
The X-ray equipment market is slowly shifting towards digital from analog models. The machines
that are available right now are low-powered, bulky and employ very old technology. Hence, there’s
a lot of market potential for high-end digital X-ray machines, spurred by introduction of computed
radiography and digital radiography. However, the demand for low-end X-rays is expected to remain
the same in the near-term as the Indian government will continue to invest in basic medical
infrastructure to improve the reach of healthcare to Tier 1 and Tier 2 cities.
104.96
115.98
128.16
137.89
148.307
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
2008 2009 2010 2011 2012
USDMillion
Estimated X-Ray Market Size
(2008-2012)
Source: Gyan Research and Analytics

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3.1.1 Key Players: X-Ray Machinery
GE Healthcare: GE Healthcare, the medical equipment manufacturing arm of industrial giant General
Electric, is one of the major manufacturers of X-ray machines. Healthcare is among the most
important divisions of GE, accounting for nearly 15 percent of the stock value. According to Forbes,
the company has a market share of about 7.2 percent of the global healthcare equipment market.
India represents about 5 percent of the global healthcare revenues for the company. It is the largest
domestic healthcare company in India with USD 570 million in revenue. It has a huge development
wing in Bangalore, second only to the US centre. The products developed there are exported to over
100 countries.
Philips Healthcare: From analog stationary to mobile and digital units as well as cardiovascular X-ray
systems for advanced interventional procedures, Philips Healthcare offers range of products in this
segment. It is one among the leading players in the Indian healthcare industry, with 34 percent of
the market share, reports Business Standard.
It currently operates in five verticals of healthcare – radiology (MR, CT scans, X-Ray), cardiology
(ECG, stress echo cardiography, etc.), oncology (gamma cameras, mammography equipment, etc.),
critical care (ventilators, ECG, etc.) and the final vertical of respiratory care. It has five research and
development sites across the country and is now keen to improve its local manufacturing strength.
In October 2011, it inaugurated its first greenfield manufacturing facility in Chakan near Pune. This
facility is one of the six manufacturing centers globally called Philips Centre of Excellence. It has
launched 33 new products - ultra sound machines, MR products, scanners, etc. - in the last 2 years.
Siemens Healthcare: Siemens in India is a market leader in electronics and electrical engineering
products. Its net sales stood at USD 385.51 million for quarter ended 31 December 2013. Siemens
Ltd., in which Siemens AG (Germany) holds 75 percent of the capital, is the flagship listed company
of the Siemens group in India. It is the only Siemens company other than parent Siemens AG and
Siemens Inc. in America that is listed in the stock exchanges. It has several business segments -
Siemens Healthcare being one of them. It is a market leader for innovative hearing devices and

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offers both digital and analog x-rays among many other products. It has been frontrunner in the
high-end digital mobile X-rays.
RMS: Recorders & Medicare Systems Pvt. Ltd is one of the leading manufacturers of medical
equipment, such as X-ray machines, EEG and ECG machines and such like. It manufactures both
mobile and fixed X-rays that include features of radiography, fluoroscopy and spot filming. It has
extended its market in SAARC region, East Africa, Middle East and Europe through dealers and
partners.

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3.2 Generic Drugs in India
India is a global market leader in
the export of generic drugs. The
country manufactures around
60,000 generic brands across 60
key therapeutic areas. This
segment is dominated by Anti-
infectives with account for more
than 17 percent of market share.
Low production costs give India an
edge over other generics-
producing nations, such as China
and Israel. A large number of
indigenous pharmaceutical
manufacturers in the country are
generics producers. This is mainly
due to the fact that since 1972,
local producers have been allowed
to manufacture drugs that were
still under patent, as long as they
used different processes. India has
since been able to develop
technological capabilities for the
manufacture and supply of generic
drugs. However, since 2005, in
order to comply with the
agreement on Trade-Related
Aspects of Intellectual Property
Rights (TRIPS), marketing of
17.20%
11.40%
10.90%
8.70%
8.60%
7.70%
5.90%
5.70%
5.60%
5.50%
Major Therapeutic Segments in Generics
Market, India - 2012
Anti-Infective
Cardiac
Gastro-
Intestinal
Respiratory
Analgesics
Nutrients
Anti-Diabetic
Gynaecology
Source: Planning Commission India
48%
52%
Indian Generic Pharma Market Share,
2011
Domestic Export
Source: Various Published Sources

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generic version of drugs, patented since 1995 and still under patent, has not been permitted.
Despite the restrictions introduced by TRIPS, India now produces more than 20 percent of the
world’s generics and accounts for 35 percent of all generic applications to the US Food and Drugs
Authority (USFDA). With an expected USD 150 billion worth of generics, going off patent in the US
during 2012–2015, Indian firms are eyeing this market with great anticipation.
3.2.1 The Menace of Counterfeit Drugs
According to a World Health Organization (WHO) report, around 20 percent of the medicines sold in
India are counterfeit. The government estimates that around 0.4 percent of the drugs produced are
counterfeit and 8 percent are sub-standard. In addition, more than 600,000 outlets in India sell fake
medicines. Raising the numbers further, a study by the Federation of Indian Chambers of Commerce
and Industry (FICCI) reveals that the share of counterfeit drugs in the Indian pharmaceuticals market
is 15-20 percent. The medical journal ‘The Lancet’ calculates that 7 percent of all anti-malarial drugs
sold in India are counterfeit. According to industry experts, the global fake drug industry was
estimated at USD 90 billion in 2012. A fake and spurious drug is responsible for death of nearly 1
million people each year and is also contributing to the rise in drug resistance. Lack of adequate
regulations, absence of lab facilities to check purity of drugs and inadequate drug inspectors have
contributed to the rise in prevalence of fake drugs in India. Lack of consumer awareness coupled
with weakness in drug distribution system has resulted in the growth of the market. The Indian
government has, from time to time, challenged the originating source of fake drugs. In 2009, it was
found that the counterfeit drugs seized by Nigerian drug regulators wearing ‘Made in India’ labels
had actually originated from China.
To contain the menace, Indian companies are taking refuge in technology. Anti-counterfeit
packaging measures such as holograms, barcode labels and Unique Identification Code (UID) in
packaging have become a critical weapon to fight this threat. To curtail illegal trade of fake drugs,
the health ministry launched a programme to offer reward worth USD 55,000 to those who provide
information about fake-drug syndicate. MSN labs has introduced a technology introduced by US
based Pharmasecure which allows consumers to check authenticity of the drug by sending text
messages of the code written on the medicine.

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4. Company News Brief – Healthcare & Pharmaceutical Sector
Pharmaceutical Companies:
Sun Pharmaceutical Industries to Invest USD 280 million – India’s largest domestic drug producer in
terms of market capitalization, plans to invest USD 280 million in the experimental psoriasis drug
that in-licensed from US-based Merck Sharp & Dohme (MSD). The company plans to spend USD 200
million in Phase III clinical trials and spend USD 80 for in-license drugs but exclude what the company
owes to MSD as royalty on achieving milestones related to regulatory approvals and sales.
Cipla to Invest USD 98.16 million - Pharma major Cipla Ltd plans to invest USD 98.16 million in
Research and Development (R&D) in 2014. The company has already undertaken a major expansion
of the R&D centre in Vikhroli, Mumbai. The company has also received more than 50 approvals in
North America and Europe and nearly 800 approvals in other international markets.
Hospitals & Service Providers:
Columbia Asia to Invest USD 150 million by 2018 – Columbia Asia plans to expand its footprint with
8 new hospitals by 2018. The expansion would take the tally to 34 hospitals globally from its current
operation of 24 hospitals. Out of 8 hospitals set to be operational, the group would open 3 hospitals
in Malaysia and India and 2 in Indonesia.
Apollo Hospitals to Add 2,175 Bed over Next Three Years – Apollo Hospitals Enterprise plans to
open 12 hospitals with an investment worth USD 332.62 million. The company targets to add 2,175
beds in the next three years. Most of the hospitals will be super-speciality facilities while one of
them will be multi-speciality and another a reach hospital.
LVPEI to Establish Research Centre in Vizag, Invest USD 2.45 million - LV Prasad Eye Institute
(LVPEI) has decided to start up an eye research and education centre in Andhra Pradesh.
The centre would facilitate research and development activity, impart education to eye
specialists and perform clinical trials. The centre would have high-end audio visual links to
conduct classes on video conference and other modes.

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Nephroplus to Invest USD 25 million – Dialysis service provider plans to invest USD 25 million over
the next three years in India. The company is looking to set up new centres across India. The
company targets to increase the number of centres to 100 from its current count of 27. The
company has set its target to have 150 operational centres in the next five years. Uttar Pradesh is
the most focused state for the company where it plans to start 20 more centres in next 2-3 years.
Sterling Addlife India to Set up Diagnostic Lab, Invest USD 4.9 million - Sterling Addlife India, is
going to invest USD 4.9 million to set up diagnostic labs in Gujarat. As a part of USD 49 million
Sterling Hospitals Group, Sterling Addlife India plans to set up 6 diagnostic hubs in Surat, Kutch,
Vadodara, Ahmedabad, Rajkot and Bhavnagar and 20 other smaller centers in Gujarat. The company
would operate under the brand name Sterling Accuris.

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5. Industry News Brief
5.1 Export Formulation
Argentina Government Allows Imports Formulations from India – Argentinean government has
permitted import of generic drugs from India. India becomes the 27th
country to supply generic
formulations in Argentina. According to director general of Pharmexcil, the move opens up new
business avenues for formulation manufacturers in India who were unable to explore the market
opportunities in Argentina.
5.2 Government Regulations
NPPA revises prices of 43 formulations -
National Pharmaceutical Pricing Authority
(NPPA) has revised the prices of 43
formulation drugs which include vaccines,
anti-infectives and gastro-intestinal drugs.
According to All Indian Origin Chemists &
Distributors Ltd. (AIOCD Ltd), the notification
is estimated to register a loss of worth USD
27.93 million. Ranbaxy Laboratories is
predicted to incur the maximum loss worth
USD 9 million followed by Cipla with a loss of
USD 7.55 million. Ciprofloxacin, an antibiotic
used to treat bacterial infections, is likely to
be worst affected with under 250 mg and 500
mg strengths with price slash by 51 percent.
5.3 Healthcare Trust
India-Responsible Healthcare Trust - The government and leading pharmaceutical organizations
have joined hand to form 'India-Responsible Healthcare Trust' to power the Brand India Pharma
Estimated Loss - NPPA Revised Pricing (USD Million)
Company Annual Sales till
Aug 2014 on
MRP
Value Loss on
MRP
Ranbaxy 14.45 9.03
Cipla 12.98 7.55
Zydus Cadila 7.55 3.28
Alkem 15.93 2.46
Pfizer 5.25 2.14
Emcure 1.64 0.65
FDC 1.80 0.65
Source: AIOCD Pharmasofttech AWACS

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campaign. The primary objective of the trust will be to position India as a responsible healthcare
provider. The trust would aim to generate awareness and create informed perspective about Brand
India Pharma in both the domestic and global markets.
5.4 Information Technology & Healthcare Industry
Healthcare to invest USD 1.08 billion on IT products and services in 2014
Healthcare is set to become the second most important vertical for Indian IT firms after banking,
financial services and insurance (BFSI) and the government. Healthcare’s IT spend is expected to
reach USD 276 million in 2014, up from USD 266 million in 2013. The consulting business is expected
to grow by 8 percent.

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6. Merger & Acquisition
Company Investment
Cipla buys 60 percent stake in Sri Lankan firm USD 14 Million
Sun Pharmaceutical Industries acquires stake in
Ranbaxy Laboratories
USD 3.2 billion
Apollo Hospitals to acquire Hetero Med pharmacy
stores biz
USD 2.3 million
Source: Business Standard, Economic Times

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7. Company Scan: Dr. Reddy’s Laboratories Limited
Company Details and Overview
Sector Pharmaceuticals
Turnover INR 85,058 million
Chairman/MD/CEO/President Dr. K. Anji Reddy, Chairman
No. of Employees 15,000 Employees
Company Overview Dr. Reddy’s Laboratories Limited (DRL) was founded in 1984 and is
headquartered in Hyderabad. It offers a range of APIs for use in
amyotrophic lateral sclerosis, anti-inflammatory, anti-allergic, anti-
asthmatic, anticoagulant, anti-convulsant, anti-diabetic, anti-emetic, anti-
fungal, anti-gout, anti-migraine among many others. It also offers a
portfolio of branded generics in the therapeutic areas of gastro-intestinal,
cardiovascular, central nervous system, pain management, oncology, anti-
infective, hormones, urology, respiratory, gynecology, pediatrics and
dermatology
The company primarily operates in India, the US, Russia and other CIS
countries, Germany, the UK, Venezuela, South Africa, Romania and New
Zealand
Contact Details Door No 8-2-337,
Road No 3, Banjara Hills,
Hyderabad - 500034.
Tel: +91- 40- 49002900
Fax: +91- 40- 49002999
Email: shares@drreddys.com
Web: http://www.drreddys.com/

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Business Areas
Growth Strategy and Business Model
The focus of the company is on increasing productivity and building strength on niche skills to
support the company’s business growth plan. Key initiatives such as ‘PACE’ (relating to cost
optimization) and ‘Parivartan’ (involving excellence in safety) have reaped benefits in line with set
targets. The Quality by Design (QbD) approach is applied to produce the best-quality products. All
operations in the company are routed through the QbD principles. The company has adopted more
structured, rigorous, scientific and statistically sound approaches along with a robust quality-
management system.
Division Business/Brand /Product Descriptions
Pharmaceutical Services
and Active Ingredients
(PSAI)
It comprises API and Custom Pharmaceutical Services (CPS) businesses. It offers
IP advantage, speedy product development, cost-effective and robust
manufacturing services to customers, generic companies and innovators
Global Generics This business division provides affordable medicine. Its branded generics in
doctor- driven markets and unbranded generic products in distribution-driven
markets offer lower-cost alternatives to highly-priced innovator brands, both
directly and through key partnerships
Proprietary Products It comprises New Chemical Entities (NCEs), biosimilars and differentiated
formulations

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Financial Standing – Standalone
Financials of Dr. Reddy’s Laboratories Ltd. (in INR million, except Ratios)
FY2009 FY2010 FY2011 FY2012 FY2013
Sales 44,696 52,858 67,802 84,340 97,280
Operating Profit 10,885 12,915 18,617 19,857 27,617
Net Profit 8,461 8,934 9,124 12,655 19,328
Net Worth 59,146 60,202 67,178 77,834 93,290
Debt Equity Ratio 0.10 0.24 0.23 0.20 0.29
Return on Net Worth
(RONW) (%)
13.07 14.81 17.42 16.25 20.71
Net Profit Margin (%) 18.48 16.84 13.51 14.75 19.56
Return on Capital Employed
(%)
15.87 14.20 19.22 19.36 21.11
Interest Coverage Ratio 79.36 134.85 27.86 34.65 37.21
EPS (in INR) 50.11 52.78 53.81 74.51 113.62
Source: Annual Report of the Company, year ending March 31

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8. Upcoming Events
Event Organiser Date Venue Highlights Contact Details
Indian
Pharma
Expo 2014
UBM
MEDICA
INDIA
PRIVATE
LIMITED
11-12
October
2014
Hall No.7A,B,C,
Pragati Maidan,
New Delhi, India
The expo will showcase the latest
trends and technologies, in
pharmaceuticals, drugs and
formulation
alok.sharma@cims.co.in
http://www.indianpharm
aexpo.com/
9th Annual
Conference
of DIA
Drug
Information
Association,
Mumbai
October
16-18,
2014
Drug
Information
Association
A-303,
Wellington
Business Park – I
Marol, Andheri -
Kurla Road
Andheri (East)
Mumbai
The theme of the meeting is ‘The
Future of Indian Healthcare: Patients,
Access and Innovation. The
programme will include sessions on
important topics including patient
health safety and compliance for
prescription medicine, patient
participation in clinical trials, universal
health coverage and health insurance,
medicine pricing and reimbursement,
compulsory licensing and innovations
in healthcare solutions
Manoj Trivedi,
Senior Manager
Marketing and Program
Development, DIA India
Mobile phone: +91-98-
1977-7493
Phone: +91-22-6765-
3226
Email: Manoj.Trivedi@di
aindia.org
BioPharma
India
Convention
2014
Terrapinn
Holdings
Ltd
Nov 18
- Nov
19,
2014
Hyatt Regency
Hotel - Mumbai,
India
The 12th Annual BioPharma India
Convention will focus on biosimilars
and vaccines development,
innovations in biologics manufacturing
and regulatory compliance; growing
issues in India today.
rachel.james@terrapinn.
com
http://www.terrapinn.co
m/conference/biopharm
a-india/
P-MEC 2014 UBM Asia Dec 2 -
Dec 4,
2014
Bombay
Convention and
Exhibition Centre,
Mumbai, India
Latest trends and innovations the
pharmaceutical market has to Offer
martin.wilson@ubm.com
http://www.cphi.com/in
dia/home

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GYAN RESEARCH AND ANALYTICS PVT. LTD.
Corporate Office:
LG 37-38, Ansal Fortune
Arcade, Sector-18,
Noida- 201 301
Delhi NCR, INDIA
Phone: +91-120-4235181
Regd. Office:
298-A, Pocket 2
Mayur Vihar Phase -1
Delhi 110 091, INDIA
Central Delivery Centre:
BD-9, Sector-1,
Salt Lake City
Kolkata- 700 064, INDIA
Phone: +91-33-40060084
E-mail: reports@gyananalytics.com
Website: www.gyananlytics.com

Industry Monitor - Indian Healthcare Sector October 2014 (2)

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