The document discusses the expansion of Indian pharmaceutical companies into the Japanese market. It notes that Indian pharmaceuticals see opportunities for growth in Japan due to the country's aging population and acceptance of generic drugs. However, breaking into the Japanese market poses cultural and regulatory challenges for Indian firms. Success will require adapting to Japanese business practices, building trust with local doctors, and navigating Japan's drug approval process. Overall, the Japanese market remains promising for Indian pharmaceutical companies if they can overcome initial hurdles.

1. A report on
The Expansion of Indian
Pharmaceuticals into the
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g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jk nm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j b kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv j hbnm vj hbm hjy vihjtcvm rtcvm jtcv
jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fh g ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b t uhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yuj h ers po b wer iuo iun was zdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bny gvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7r uc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yuj h ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh f hg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy asvb gm ndfj dsudjfb hefhb jhgbjkmn dshjgweb bhj b gbn hgbn dcf tf tfgv jhb klj dgc ij jkn fg dsxct hgb fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlm n sexfcv bn mn nj nmyt yujh ers po b wer iuo iun w aszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy I u yre f ds fvf dstjy mvb cvx x zhj u yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n x dcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghg hgjhg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy
iuyref ds fvf dstjy mvb cvx x zhj u yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg k u h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviyty iudtytthgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydf n sdg s rhuierb eeeilvv erfhfjke jhfb ngf b werysn jt hfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkj nm fgvbtygvkljn rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklmhj nmjhbn j lkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb j hbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc j n dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh
fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfh g bv j h gfc rdfc bijk f g hj bn gf f hgb gf uyb jh t iujn un yfb j h jn f dc klj ui iljk lk iun yt r dc dr bnui ijk rdf cv ioj iu bn c nkc c x cx nk x c v cv ji fd c c fkdjcm c jc n vojim n mn cn vcn nv cm n mn n vn mv vn vn vn n fjke jhfb ngf b werysn jt hfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7r uc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yuj h ers po b wer iuo iun w aszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc g h b v I y g u f g v I y t y I u d t y t t h g I y t g u y t hfy t f 6 5 r f g h f hg y u giygu y u y as f e w gyd f n sd g s rhuierb eeeilvv erfhfjke jhfb ngfb werysn j thfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb
xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhj zdxokj nmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm f dcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghv n hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b b nbkjn.,m n xdcv ugyhbkj nm fgvbtygvkljn rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hk bm gj fyvb txfcv bnjklmhjnmj hbn jlkm jkmn jb esr dfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljk nm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yuj h ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbk j n . , m n x d c v ug yhbkjnm fgvbtygvkljn rdtfgcvgyukjb dfcv hj bn km trfgvbhn fgvbnm srtdfcvb bn fgvb hk bm gj fyvb txfcv bnjklmhjnmj hbn jlkm jkmn jb esr dfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm
kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b t uhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hj nm uhjbn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlm n sexfcv bn mn nj nmyt yujh ers po b wer iuo iun waszdxcg j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgjhg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy
ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvkljn r dtfgcvgyukjb dfcv hj bn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklmhj nmjhbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc j n dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk
fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm f dcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipoj kl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
Hdhjds sabjfkjf skjfjfh ekjfhwefh wkjh efwf ffrg hj yg erhjh j ghjjkl jlk gt t hg g j j f ug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy f u hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyr ef ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ug yhbkjnm fgvbtygvkljn r dtfgcvgyukjb dfcv hj bn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklmhjnmj hbn jlkm jk mn jb esr dfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb jn
dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7r uc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn mn nj nmyt yujh ers po b wer iuo iun waszdxc h njfgvb jhbn hj nm jhbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb jn dfcv kjnm dtrfcgv lkmn dfcv
ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfc h gyvhb kf ujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m, fgvbn vj bn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg k u h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydf n sdg s r huierb eeeilvv erfhfjke jhfb ngf b werysn jt hfvn vgug I ghvn hg hegnm vnghvn v hgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7r uc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgjhg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy
fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvkljn r dtfgcvgyuk jb dfcv hj bn km trfgvbhn fgvbnm srt dfcvb bn fgvb hkbm gj fyvb txfcv bnjklmhj nmjhbn jlkm jkmn jb esrdfxcv rtfgvb uhjnm iklj ugbn tfg trdfcv hjn ,m j njfgvb jhbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn se dfxcv ikjmn dfgc j n dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m , fgvbn vj bn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vj hbm hjy vihjtcvm rtcvm
jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg k u h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u tdrtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydf n sdg s r huierb eeeilvv erfh g bv jh gfc rdfc bijk f g hj bn gf f hgb gf uyb j h t iujn un yfb jh j n fdc klj ui iljk lk iun yt rdc dr bnui ijk rdfcv ioj iu bn c nkc c x cx nk x c v cv ji f d c c fkdjcm c jc n vojim n m n cn vc n nv cm n m n n vn mv vn vn vn n fjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfc v bn mn njnmyt yuj h ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc g h b v I y g u f g v I y t y I u d t y t t h g I y t g u y t hfy t f 6 5 r f g h f hg y u giygu y u y as f e w gyd f n sd g s rhuierb eeeilvv erfhfjke jhfb ngfb werysn j thfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnm fgvbtygvklj n rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hkbm gj fyvb txfcv bnjklm hjnmj hbn jlkm jkmn jb esrdfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljknm gbn vb
xdc vlkjmn cfv kjn jkjnm kbn dyfch gyvhb kfujvb kcg bnckg bnc hvncgh bncugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx rhcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h dr hg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghv n vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhj zdxokj nmn sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm f dcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb f b resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yujh ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b b nbkjn.,m n xdcv ugyhbkj nm fgvbtygvkljn rdtfgcvgyukjb dfcv hjbn km trfgvbhn fgvbnm srtdfcvb bn fgvb hk bm gj fyvb txfcv bnjklmhjnmj hbn jlkm jkmn jb esr dfxcv rtfgvb uhj nm iklj ugbn tfg trdfcv hj n ,m j njfgvb j hbn hjnm j hbn hbn ghvb xdcv trsdfgcv jknm jkmn sedfxcv ikjmn dfgc jn dtfcgb j n dfcv kjnm dtrfcgv lkmn dfcv ljk nm gbn vb xdc vlkjmn cfv kjn jkjnm kbn dyfch
gyvhb kfujvb kcg bnckg bnc hvncgh bnc ugjvb ngkjbn m, fgvbn vjbn bn gvb x ghvbc xzbn crhcx r hcxn rc c tucv oirycv jhbnm vjhbm hjy vihjtcvm rtcvm jtcv jtcv htcv fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytthgiy tg uythfytf65rfghf hgyugiygu y uy as fewgydfn sdg s r huierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hjnhjzdxokjnm n sex hb sdfcv ghv ,m b bnbkjn.,m n xdcv ugyhbkjnmyghbc xgcv uirc cvn etyvcx yu 7ruc uircbnx b tuhv uiog dqwc jk;lm fwegdvbc gl;kmb, fgzc xlkm fdcvx xxxxxxxxx fkjsdhj dbjsbckjd jcdjk kjcjdchkj kdjchkjdc hjnm uhj bn yfgvb fb resdxfcv ty ipojkl ersdxfcv oikjlmn sexfcv bn m n njnmyt yuj h ers po b wer iuo iun waszdxc
g j j fug u gu gt gf hj k h kkjfhf gh jgk gl jg uyt ghghgj hg kgyt hghj g gftt uy fgf ghf ygh f uy gy fg hufr ygh yitfg ff I guh guygf yug yt fyf yf iytf iy guy fytfiy fu hiuyi yuk gyug y ywe r rty rew yy ut y iy iuyref ds fvf dstjy mvb cvx x zhju yu yiu ygsfetrefs eftrg gr were wrewfeegrt wfewfwegtr tr fgrt bjh gg lhg hj jy ghkgk fytf kh fhg ku h drhg dyte ytfytdt d dy uuy y r ter rt tiuyt u t drtgycfuobh viyg gt ufc ghbviy gufgviytyiudtytt hgiy tg uyt hfytf65rfghf hgyugiygu y uy as fewgydfn sdg s rhuierb eeeilvv erfhfjke jhfb ngfb werysn jthfvn vgug I ghvn hg hegnm vnghvn vhgnv ghn j j j jn sxcfv bcfv bvg bnygvb ngvb hgb hbn hbn hj nhj zdxokjnmn sex hb sdfcv ghv ,m b bnbk j n . , m n x d c v ug yhbkjnm fgvbtygvkljn rdtfgcvgyukjb dfcv hj bn km trfgvbhn fgvbnm srtdfcvb bn fgvb hk bm gj fyvb txfcv bnjklmhjnmj hbn j
Submitted by
Nikita Anupama
19DM126

2. Table of Content:
Introduction 1
Pharmaceutical Industry - Japan 2
Pharmaceutical Industry - India 3
PESTEL drivers of pharmaceutical industry 4
SWOT analysis of pharmaceutical Industry 5
Government Initiatives 6
Penetration of Indian Pharma products into the Japanese market 7
Business Proposal 8
Conclusion 9
References 9

3. Introduction
Japanbcontinuesbtobbebonebofbtheblargestbpharmaceuticalbmarketsbinbthebglobebonlybbehindb
USbandbChina.bThebcountrybofb12-13bcroresbpopulationbandbhavebgreatestbpotentialbin
pharmaceutical despitebdifficultbdemographicblandscape.bLifebexpectancybofbJapanese
populationbisbhigherbinbthebworldbwhichbisbalmostb80byearsbforbmalebandb87byearsbfor
female.bOlderbpeoplebneedbmorebmedicinebandbthisbisbthebfundamentalbofbpharmaceutical
industrybinbthebJapan.
Duebtobolderbgrowingbpopulation,bJapanesebgovernmentbisbverybactivebtobapprovebnewer
medicines,bfromblocalbandbforeignbpharmabcompanies,bfasterbinbthebmarket.bThe
PharmaceuticalsbandbMedicalbDevicesbAgencyb(PMDA)bisbabJapanesebgovernmental
organization,bsimilarbinbfunctionbtobthebFDAbinbthebUnitedbStatesbandbCDSCObinbIndia.
Sinceb2010bPMDAbwasbthebslowestbinbthebworldbforbnewbdrugsbapproval.bAndbtillb2015,b
PMDAbbecamebfasterbapprovingbagencybinbthebworld.bNow,bthebnewbdrugbapprovalbtimebisb
lesserbinbthebworldbbybPMDA.bThebPMDb(forbpharmaceuticalbandbmedicalbdevices)bActb
2014bisbprovedbtobbebabrealbboosterbforbnewbdrugsbapproval.bEvenbJapanesebsaidbsomebdrug
bapprovalsbinbJapanbarebnowbfasterbthanbinbbothbEuropebandbthebU.S.bThisbisbabmarkedb
changebfrombthebdaysbwhenbJapanbwasbseenbasbabdifficultbmarketbforbforeignbcompanies.
ItbisbstrangebthatbIndianbpharmabcompaniesbarebkeenbtobdobbusinessbinbUS,bUKbandbCanada
bbutbtheybareblaggingbbehindbtobenterbinbJapanbmarket.bIndia’sbtradebdeficitbwithbJapanbhasb
widenedbtob$5.9bbillionbinb2016-17bagainstb$2.7bbillionbinb2013-14.b
Abtradebdeficitbisbanbeconomicbmeasurebofbinternationalbtradebinbwhichbabcountry's
bimportsbexceedsbitsbexports.bAndbitbhasbadversebeffectsbonbcountry'sbstockborbforexbmarket.
bItbisbabseriousbissuebthatbIndianbPharmabcompaniesbarebshowingbnegativebgrowthbinbJapanb
whichbisb3rdblargestbpharmaceuticalbmarketbonbthebglobe.
PharmaceuticalbIndustryb-bJapan
Thebnegativebgrowthbisbprimarilybduebtoblanguagebcurtailment,bqualitybofbproducts,blackbofb
properbbusinessbmodelbandbrigorousbeffortbneededbfrombpharmaceuticalbindustries.b
AccordingbtobCPhlbreport,bthebgrowthbofbJapanesebPharmabMarketbisbdrivenbbybBiologicsb
andbGenericbDrugs.bTobreducebhealthcarebcosts,bthebgovernmentbofbJapanbisbpromotingbtheb
usebofbgenericsbasbabcost-containmentbtool.b
Costbcontainmentbisbthebbusinessbpracticebofbmaintainingbexpenseblevelsb
tobpreventbunnecessarybspendingborbthoughtfullybreducingbexpensesbtobimprovebprofitability
bwithoutblong-termbdamagebtobthebcompany.bTherebisbgreatestbopportunitybforbIndian
bgenericbmanufacturersbinbthebJapanbmarket.bHalfbofblocalbJapanesebpharmabcompaniesbareb
targetingbUS,bChinabandbKoreabbutbverybfewbarebconsideringbtobenterbinbEurope.
ForbgettingbsuccessfulbaccessbinbJapan,bfirstbofballbIndianbpharmaceuticalbcompaniesbhavebto
bbeblanguagebproficientbbybadoptingbhighblevelblanguagebtraining.