Investment in Pharma Stocks in BSE: A Performance Analysis

 

Rupal Muduli¹, Udayan Das²

¹Graduated Student, PGDM 2015-17, Asian School of Business Management, Bhubaneswar

²Professor, Asian School of Business Management, Bhubaneswar

 

ABSTRACT:

Many of the investors may feel a great opportunity to make profit in the stock market while many consider it too risky to invest. The opinion differs from person to person, investor to investor. The high level of volatility may lead to the substantial losses for many investors. There are many responsible factors. One needs to develop a bird’s eye view over the stock market and analyse every factor with proper tools and techniques so that she/he may not go wrong in the investment decision. A detailed analysis may help the investors by reaching into a rational conclusion to optimise the gain or at least reducing the chance of losing money. The study deals with fundamental analysis to reach at a rational investment decision concentrating on Indian pharma stocks. It finally arrives at the optimum choice for investment by considering thirteen identified stocks of the Indian pharma sector based on six different parameters comparing the performances during last five years. This study is expected to reduce the ambiguity in the minds of investors regarding various facets of investment in the stock market.

 

 

 

INTRODUCTION:

The Bombay Stock Exchange:

Bombay Stock Exchange (BSE) is Asia's first stock exchange. Established in 1875, during the last 141 years, BSE has acted as a catalyst for the growth of the Indian corporate sector by providing with an efficient capital-raising platform. Approximately 5500 companies are listed on BSE which makes it world's No. 1 exchange in terms of listed members. The market capitalisation of BSE is more than Rupees 100 Trillion as of 2017. The S&P BSE SENSEX also called as the BSE 30 or simply the SENSEX is regarded as the barometer of the movements of the share prices in the Indian stock market. 

 

companies are from varied sectors like Capital Goods, Power, Finance, Oil and Gas, FMCG, Healthcare, Transport Equipments, Information Technology, Metal, Metal Products and Mining, Telecom, etc. The exchange is operated through a unique computer system known as the “BSE on Line Trading System” or BOLT. The exchange has also received ISO 9001:2000 certification in the areas of surveillance and clearing /settlement functions.

 

The Pharma Industry:

·         The Indian pharma market increased at a Compound Annual Growth Rate (CAGR) of 17.46 per cent during 2005-16 with the market increasing from US$ 6 billion in 2005 to US$ 36.7 billion in 2016. It accounts for about 2.4 per cent of the global pharmaceutical industry in value terms and 10 per cent in volume terms and is expected to expand at a CAGR of 15.92 per cent to US$ 55 billion by 2020 from US$ 20 billion in 2015. India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size.

·         The past few years have been glorious ones for the Indian companies, as major blockbusters lost their patent protection, paving way for generics. However, every passing year is leaving lower patented drug opportunities for the Indian companies for the launch of generics. Thus, Indian pharma companies have increased their R&D expenses. The companies are spending more to establish niche product portfolios for the future.

·         Besides the domestic market, Indian pharma companies also have a large chunk of their revenues coming from exports. Major companies are focusing on the generics market in the US, Europe and semi-regulated markets, others are focusing on custom manufacturing for innovator companies. Biopharmaceuticals is also increasingly becoming an area of interest given the complexity in manufacture and limited competition. Indian drugs are exported to more than 200 countries in the world, with the US as the key market. Indian pharma is expected to focus the US market which is expected to generate significant opportunities due to patent cliffs and recent changes in healthcare policies. Currency depreciation had both positive and negative impact on the Indian pharma companies. Depreciating rupee helped some companies garner better margins. On the other hand, those with forex loans on their books witnessed higher payments.

·         With 71 per cent market share, generic drugs form the largest segment of the Indian pharmaceutical sector. India supply 20 per cent of global generic medicines market exports in terms of volume, making the country the largest provider of generic medicines globally and expected to expand even further in coming years. India is the third-largest global generic Active Pharmaceutical Ingredient (API) merchant market. The country accounts for the second largest number of Abbreviated New Drug Applications (ANDAs) and is the world’s leader in Drug Master Files (DMFs) applications with the US.

·         M&A activity continued to attract interest of companies globally. This included many Indian names too. Indian companies such as Lupin, Cipla, Dr Reddy's and others also showed keen interest. Lupin announced a mega deal worth US$ 800 m for acquiring Gavis. On the other hand, Cipla and Dr Reddy's too made acquisitions in the US and India respectively.

 

Recent Developments:

Some of the recent developments in the sector are:

·         Orchid Chemicals and Pharmaceuticals has entered into a partnership with Europe based Allecra Therapeutics to develop antibiotics to treat multi-drug resistant bacterial infections

·         Ranbaxy Pharmaceuticals Inc. has entered into an in-licensing agreement with Alembic Pharmaceuticals to exclusively market desvenlafaxine base extended release tablets in the US. The drug is used for treatment of major depressive disorder

·         Biocon has entered into an agreement with Mylan for the global development and commercialisation of Biocon's generic insulin analog products (long lasting insulins), which has a global addressable market of US$ 11.5 billion

·         ZydusCadila has received tentative approval for Doxepin Hcl tablets from the US drug authorities. Cadila will launch the drug in 2020 after original drug maker's patent expires

·         Aurobindo Pharma Ltd has received US Food and Drug Administration (USFDA) approval to manufacture and market Tamsulosin Hydrochloride Capsules and Clindamycin Palmitate Hydrochloride for oral solution

·         Sun Pharma has received a tentative approval from the US Food and Drug Administration (USFDA) for a generic version of Januvia. Sun Pharma is expected to launch the drug in 2022.

 

Road Ahead:

·         In various global markets, the government has been taking several cost effective measures in order to bring down healthcare expenses. Governments are focusing on speedy introduction of generic drugs into the market. The Government of India also introduced the ‘Pharma Vision 2020’ to make India a major hub for end-to-end drug discovery.

·         For the US market, Indian companies are developing niche portfolios in various segments. Generic injectable, dermatology, respiratory, biosimilar, complex generics etc. have become an area of interest. Most of the Indian pharma companies have been working on these niche drugs to optimise growth and margins.

·         A large number of merger and acquisitions (M&A) in the pharmaceutical and healthcare sector is expected in India as expected by market consultants.

·         India’s cost of production is significantly lower than that of the US and almost half of that of Europe. It gives a competitive edge to India over others.

 

 

However, despite promising outlook, intense competition and consequent price erosion would continue to remain a cause for concern.

 

REVIEW OF LITERATURE:

Frost and Sullivan (2007)⁹ provides a brief overview of the impact of patent expires in the U.S generic Pharmaceutical market. The article also discusses how the major pharmaceutical companies are taking to counter the problem such as consolidation, manufacture of branded generics ad backward vertical integration.

Jayakumar (2009)² viewed the pharmaceutical industry as a recession proof industry. The increasing growth of the domestic drug sector was critically analysed.

 

Nair (2009)⁵ identified that generic medicine for the elderly is the most ignored segment of the pharmaceutical industry. Author finds that there are very few companies cater to the medical needs of the elderly and it needs to be given much more attention.

 

Care Research Report (2008)⁸ revealed that the playing field for the domestic pharmaceutical companies changed completely with the advent of product patent regime. The report suggested that the growth of Indian pharmaceutical companies in the domestic market got restricted with the MNCs introducing newer patented drug in the country.

 

Deepak Sharma (2009)¹⁰ in his report pointed out that India was aiming to become one of the top five pharmaceutical innovation hubs globally.

 

Pradhan (2006)⁶ suggested that the production of generic drugs considered to be more cost effective and hence it increased India’s competitiveness. The growing trend of R&D expenses might provide a positive outlook about the future growth of the sector, but it was still not in a sufficient condition to ensure a rising competitiveness for Indian sector.

 

Chandran, Roy and Jain (2005)¹ analysed that, in the post-TRIPS scenario, the pharmaceutical MNC’s were geared for mergers and acquisitions to create large corporate structures to tackle skill requirements. It also targeted to use the already existing market network and to establish brand equity which would lead to economic development and rapid increase in the technological capabilities of Indian firms. Patent gained importance and it became an essential component of the framework to attract foreign investment and faster technology transfer.

 

Mishra and Kiran (2011)⁴ tried to analyses the impact of TRIPS on R&D, exports and patenting activity of the pharmaceutical industry of India. It was seen that growth in R&D of the industry as a whole was more in post TRIPs period when compared pre TRIPs period.

 

Lofgren and Malhotra (2004)³ studied the Indian pharmaceutical industry in the context of an array of measures which supported domestic firms. The absence of product patents enabled Indian companies to become world leading producers of generic version of patented drugs. Low cost and a strong engineering tradition continued to sustain the competitive strength.

 

Visalakshi and Sandhya (1997)⁷ attempted to assess the R&D capabilities in the pharmaceutical companies in India in the context of biotechnology commercialisation. The study was conducted on the R&D capabilities of thirty three companies. The study concluded that there was no linkage between the R&D capabilities and the biotechnology commercialisation.

 

By considering the pharma sector based on the above background, a genuine scope is visualised to identify the most preferred stock(s) in this sector which can optimise the investors’ returns.

 

OBJECTIVES:

The study will try to achieve the following aims:

·         To study the pharma sector with reference to its historic trends during last five years.

·         To undertake a comparative analysis involving major stocks of pharma sector based on the performance of the company and risk & return on investment factors to identify the optimum choice of stocks from the view point of an equity investor.

 

METHODOLOGY AND TOOLS:

·         Keeping in view the objectives, the entire study is based upon Fundamental Analysis.

·         A detailed study on the Macro Economic environment of the last five years starting from Financial Year 2011-12 to 2015-16 has been undertaken.

·         Thirteen stocks have been identified from the Indian pharma sector for the study.

·         Six factors have been identified for the Company Analysis as the basis of comparison.

·         All the stocks are ranked separately based on each factor and these ranking have been considered as ranking scores. All such six scores are added and then averaged for each company which ultimately has been considered as the final basis of comparison.

·         The entire analysis is carried out in MS-Excel.

 

Sources of Data:

Entire information is collected through secondary sources. Some of the sources of secondary data are:

·         Information collected from various sites on internet.

·         Articles from e-library and magazines.

Selection of companies and the parameters for evaluation:

To undertake the study thirteen well-known pharma stocks listed in Bombay Stock Exchange (BSE) have been considered at random. The selected companies are as follows:

1)       Ajanta Pharma

2)       Aurobindo Pharma

3)       Cadila Health

4)       Cipla

5)       Divis Laboratory

6)       Dr. Reddy’s Laboratories

7)       GlaxoSmithKline

8)       Glenmark

9)       Jubilant life

10)   Lupin

11)   NATCO Pharma

12)   Sun Pharma

13)   Torrent Pharma

 

In order to have a complete performance evaluation, the following leading six factors have been identified:

F-1.  Return on Equity (%)

F-2.  Return on Assets (%)

F-3.  Market capitalisation

F-4.  Price Earnings ratio

F-5.  Dividend per share

F-6.  Beta

 

The last parameter i.e., Beta is the risk factor while the rest are factors to measure return.

 

Findings:

Followings are the analysis to see how these companies have performed during last five years on the above mentioned six parameters of return and risk.

 

Factor 1:  Return on Equity (%) (F-1)

The return on equity or ROE measures the return generated by a company from its shareholders’ investments in the company. The typical formula can be expressed as Profit for the year (or net income after taxes) / shareholders’ equity. A return on equity of 17% or 18% is considered as very well, 20% as excellent and 25% and above as superior. If a company's ROE is high and rising, then it is using shareholders' money efficiently.

 

From the table 1 and figure 1 it is observed that not all the companies are good in this parameter. Companies like Cipla, Jubilant Life and NATCO Pharma could not exhibit an ROE% more than 18%.

 

 

 

 

 

 

Table-1    Figures and Ranking for Return on Equity (%) (F-1)

Sl. No.	Company	Return on Equity (%)	Ranking
1	Ajanta Pharma	32.96	2
2	Aurobindo Pharma	19.20	8
3	Cadila Health	25.26	3
4	Cipla	13.90	12
5	Divis Laboratory	25.10	4
6	Dr. Reddy	23.44	7
7	GlaxoSmithKline	24.40	5
8	Glenmark	18.50	9
9	Jubilant Life	8.14	13
10	Lupin	24.24	6
11	NATCO  Pharma	14.28	11
12	Sun Pharma	18.26	10
13	Torrent Pharma	34.02	1

 

 

Figure-1

Source: www.equitymaster.in

 

 

Factor 2: Return on Assets (%) (F-2):

The return on assets or ROA shows the percentage of profit that a company earns in relation to its overall resources (total assets). ROA gives an idea as to how efficiently management use company assets to generate profit. A higher ratio is more favorable to investors because it shows that the company is more effectively managing its assets to produce greater amounts of net income.

 

Table-2    Figures and Ranking for Return on Assets (%) (F-2)

Sl. No.	Company	Return on Assets (%)	Ranking
1	Ajanta Pharma	22.62	1
2	Aurobindo Pharma	10.70	10
3	Cadila Health	12.90	6
4	Cipla	10.82	9
5	Divis Laboratory	20.26	2
6	Dr. Reddy	12.40	7
7	GlaxoSmithKline	15.08	3
8	Glenmark	9.10	12
9	Jubilant Life	5.26	13
10	Lupin	14.72	4
11	NATCO  Pharma	10.06	11
12	Sun Pharma	12.38	8
13	Torrent Pharma	14.02	5

Source: www.equitymaster.in

 

Figure-2

 

From the table 2 and figure 2 above graph it is observed that Ajanta Pharma, Divis Laboratory, GlaxoSmithKline, Lupin are having higher ROA% than others.

 

Factor 3: Market Capitalisation (F-3)

Market capitalisation (market cap) is the aggregate market valuation of the company. It is calculated by multiplying the current market price of the company's share with the total outstanding shares of the company. The investors’ community uses this figure to determine a company's size. The stocks of large, medium and small companies are referred to as large-cap, mid-cap, and small-cap respectively.

 

 

 

 

Table-3    Figures and Ranking for Market Capitalisation (Rs. In Millions) (F-3)                Figure-3

Sl. No.	Company	Market Capitalisation (Rs. in Millions)	Rank-ing
1	Ajanta Pharma	44035	11
2	Aurobindo Pharma	213549	7
3	Cadila Health	233650	5
4	Cipla	365190	4
5	Divis Laboratory	209205	8
6	Dr. Reddy	415420	3
7	GlaxoSmithKline	222618	6
8	Glenmark	167672	9
9	Jubilant Life	32738	12
10	Lupin	451678	2
11	NATCO  Pharma	10615	13
12	Sun Pharma	1287427	1
13	Torrent Pharma	114994	10

Source: www.equitymaster.in

 

 

Figure-3

 

The table 3 and figure 3 clearly describes that the large cap companies are limited to Sun Pharma, Lupin, Dr. Reddy and Cipla.

 

Factor 4: Price Earnings Ratio (F-4)

Table-4    Figures and Ranking for Price Earnings Ratio (F-4)

Sl. No.	Company	Price Earnings Ratio	Ranking
1	Ajanta Pharma	15.08	11
2	Aurobindo Pharma	7.56	13
3	Cadila Health	24.40	8
4	Cipla	27.22	5
5	Divis Laboratory	25.14	6
6	Dr. Reddy	22.08	9
7	GlaxoSmithKline	49.70	2
8	Glenmark	29.70	4
9	Jubilant Life	55.26	1
10	Lupin	24.92	7
11	NATCO  Pharma	14.50	12
12	Sun Pharma	33.62	3
13	Torrent Pharma	15.28	10

Source: www.equitymaster.in

 

 

Figure-4

PE ratio is one of the most widely used tools for stock selection. It is calculated by dividing the current market price of the stock by its earnings per share (EPS). It shows what the market is willing to pay for a stock based on its current earnings. Investors often use this ratio to evaluate what a stock's fair market value should be by predicting future earnings per share.

 

From the table 4 and figure 4 it is observed that companies like Aurobindo Pharma, NATCO Pharma, Ajanta Pharma, and Torrent Pharma are having lesser P/E ratio as compared to others indicating poor present performances.

 

Factor 5: Dividend per Share (Rs.) (F-5):

Dividend per share is the payment to investors for each share of stock owned. A portion of net profit is distributed and the remainder stays with the company as retained earnings. The ratio of earnings paid out to investors as dividend is called the dividend payout ratio. The total amount of distributable profit is divided by total number of outstanding shares to arrive at the dividend per share. Investors generally use dividends as a signal. If dividend per share drops, investors may consider that as a signal that the company is not doing well financially.

 

Table-5 Figures and Ranking for Dividend per Share (Rs.) (F-5)

Sl. No.	Company	Dividend per Share (Rs.)	Ranking
1	Ajanta Pharma	4.170	7
2	Aurobindo Pharma	1.498	12
3	Cadila Health	7.840	5
4	Cipla	2.000	10
5	Divis Laboratory	8.800	4
6	Dr. Reddy	17.814	2
7	GlaxoSmithKline	50.000	1
8	Glenmark	2.014	9
9	Jubilant Life	2.598	8
10	Lupin	5.612	6
11	NATCO  Pharma	0.600	13
12	Sun Pharma	1.770	11
13	Torrent Pharma	15.398	3

Source: www.equitymaster.in

 

Table-6 Figures and Ranking for Beta (F-6)

Sl. No.	Company	Beta	Ranking
1	Ajanta Pharma	1.670	13
2	Aurobindo Pharma	0.823	6
3	Cadila Health	0.976	10
4	Cipla	0.725	4
5	Divis Laboratory	0.395	1
6	Dr. Reddy	0.848	7
7	GlaxoSmithKline	0.507	3
8	Glenmark	0.862	8
9	Jubilant Life	0.967	9
10	Lupin	0.770	5
11	NATCO  Pharma	0.403	2
12	Sun Pharma	1.240	12
13	Torrent Pharma	1.080	11

Source: www.equitymaster.in

 

 

Figure-5

 

In the table 5 and figure 5, it can be observed that GlaxoSmithKline is having highest dividend per share followed by Dr. Reddy and Torrent Pharma.

 

Factor 6: Beta coefficient (F-6)

Beta is a measure of the relative volatility or systematic risk of a security or a portfolio with respect to the market. A security's beta is the ratio of a) the covariance the security's returns and the benchmark's returns and b) the variance of the benchmark's returns, over a specified period. A beta value of 1 indicates that the security's price moves with the market. A beta value less than 1 indicates that the security is less volatile than the market. A beta value greater than 1 indicates that the security's price is more volatile than the market. A negative beta value for a stock indicates that it tends to go down when the market goes up and vice versa.

 

 

Figure-6

From the table 6 and figure 6 it is seen that companies like Torrent Pharma, Sun Pharma, and Ajanta Pharma are having a beta coefficient more than 1. Five companies having beta less than 0.8 these are Cipla, Divis Laboratory, GlaxoSmithKline, Lupin and Natco Pharma.

Consolidated impact:

The next stage of analysis is to find out the consolidated impact of all these six factors together. Table 7 shows the calculations:

 

 

 

Table-7: Consolidated Ranking (Company wise)

NO	NAME	RANKING SCORE (1-13)						TRS	ARS	FINAL RANK
		F-1	F-2	F-3	F-4	F5	F-6
1	Ajanta Pharma	2	1	11	11	7	13	45.00	7.50	8
2	Aurobindo Pharma	8	10	7	13	12	6	56.00	9.33	11
3	Cadila Health	3	6	5	8	5	10	37.00	6.17	5
4	Cipla	12	9	4	5	10	4	44.00	7.33	7
5	Divis Labrotary	4	2	8	6	4	1	25.00	4.17	2
6	Dr. Reddy	7	7	3	9	2	7	35.00	5.83	4
7	GlaxoSmithKline	5	3	6	2	1	3	20.00	3.33	1
8	Glenmark	9	12	9	4	9	8	51.00	8.50	10
9	Jubilant Life	13	13	12	1	8	9	56.00	9.33	11
10	Lupin	6	4	2	7	6	5	30.00	5.00	3
11	NATCO  Pharma	11	11	13	12	13	2	62.00	10.33	13
12	Sun Pharma	10	8	1	3	11	12	45.00	7.50	8
13	Torrent Pharma	1	5	10	10	3	11	40.00	6.67	6

Return on equity (%) (F-1)                      Return on Assets (%) (F-2)                      Market capitalisation (F-3)

Price Earnings ratio (F-4)                         Dividend per Share (F-5)                         Beta (F-6)

TRS = ƩF-1 …. F-6 and ARS = TRS ÷ 6

 

 

 

Table-8: Consolidated Ranking (Final Rank wise)

NO	NAME	RANKING SCORE (1-13)						TRS	ARS	FINAL RANK
		F-1	F-2	F-3	F-4	F5	F-6
1	GlaxoSmithKline	5	3	6	2	1	3	20.00	3.33	1
2	Divis Labrotary	4	2	8	6	4	1	25.00	4.17	2
3	Lupin	6	4	2	7	6	5	30.00	5.00	3
4	Dr. Reddy	7	7	3	9	2	7	35.00	5.83	4
5	Cadila Health	3	6	5	8	5	10	37.00	6.17	5
6	Torrent Pharma	1	5	10	10	3	11	40.00	6.67	6
7	Cipla	12	9	4	5	10	4	44.00	7.33	7
8	Ajanta Pharma	2	1	11	11	7	13	45.00	7.50	8
9	Sun Pharma	10	8	1	3	11	12	45.00	7.50	8
10	Glenmark	9	12	9	4	9	8	51.00	8.50	10
11	Aurobindo Pharma	8	10	7	13	12	6	56.00	9.33	11
12	Jubilant Life	13	13	12	1	8	9	56.00	9.33	11
13	NATCO  Pharma	11	11	13	12	13	2	62.00	10.33	13

 

 

All the thirteen stocks are already ranked based on each factor independently and the ranking positions are considered as ranking score of the company in that factor. So, it is obvious that a lower score is a better position. In case of a tie rank, the average is considered as the score of each of the companies. The Total Ranking Score (TRS) is worked out by summing up six ranking scores (F-1 to F-6) for each of the thirteen companies. TRS is then divided by six (as there are six factors) to get the Average Ranking Score (ARS).

 

The Final Rank is derived based on ARS in ascending order and furnished in table 8. It reflects the degree of choice for a stock to be considered for investment at least in a relative basis.

From table 8 it can be interpreted that so many familiar names like Glaxo, Divis, Lupin, Dr. Reddy, Cadila, Cipla are placed in the top. From the said table it may be observed that GlaxoSmithKline is having the lowest ARS of.3.33 and it is ranked 1 as per this study. This shows the consistency in all the parameters under study. The poorest ARS of 10.33 is scored by NATCO Pharma and it is on the 13^th rank. Sun Pharma being the biggest company as per the size (Market Cap) is placed at 9^th place because of its inferior performances in other parameters. Similarly, Jubilant is ranked at 12^th though it has recorded the highest PE ratio. It means that market is settling quite a higher price for it in relation to EPS. Ajanta Pharma is also ranked at 8^th but it shows the best return on assets. The above analysis is expected to help the investors in taking decision while investing in the pharma stocks.  The above table shows a clear view of leading stocks which are arranged as per the sorted order based on the final rank. From this, investors may easily select the stocks for investment when they focus on the pharma sector stocks.

 

CONCLUSION:

Based on this study, an investor interested in pharma stocks may take a call on selection process. Leading companies in pharma sector in India are among the top. Hence, the ranking conforms to the popular belief in the street.  All the parameters have been given equal weightage and so, consistency across all the parameters is the real judgemental issue. That is why, Sun Pharma, Ajanta Pharma or Jubilant Life are dropped down to lower ranks of choice though these companies exhibit excellence in one single parameter but do not show consistency in others. Glaxo has topped the ranking for its remarkable consistency across the six parameters where its lowest rank in any parameter is six. On the other hand, Aurobindo, Jubilant and Natco are poor in majority of the parameters. This results in their low choice ranks among the targeted group of stocks.

 

Every research has its own limitations. This study is also limited to time, selected number of companies and certain specific parameters. However, it is still expected that the above detailed analysis may act as a potential guide in selecting the investment destination and fulfill the basic objectives of the study to a large extent.

 

REFERENCE:

Websites:

1.        www.bseindia.com

2.        www.nseindia.com

3.        www.wikepedia.com

4.        www.macroaxis.com

5.        www.investopedia.com

6.        www.investopedia.com

7.        www.moneycontrol.com

8.        www.stockscreener.in

9.        www.topstockresearch.com

10.     www.ibef.org

11.     www.economictimes.com

12.     www.profit.ndtv.com

13.     www.equityresearchlab.com

14.     www.equitymaster.com

 

Articles:

1.        Chandran, S., Roy, A. and Jain, L. (2005). Implications of New Patent Regime on Indian Pharmaceutical Industry: Challenges and Opportunities, Journal of Intellectual Property Rights, Vol. 10, pp. 269-280.

2.        Jayakumar, P.B., (2009). Domestic drug makers immune to slow down, Business Standard.

3.        Lofgren, H. and Malhotra, P. (2004). India's pharmaceutical industry: hype or high tech take-off?, Australian Health Review, 28(2):182-93.

4.        Mishra, S. and Kiran, R. (2011). Research and Development, Exports and Patenting in the Indian Pharmaceutical Industry: a Post TRIPS Analysis, Eurasian Journal of Business and Economics, Vol. 4, Issue 7, pp 53-67.

5.        Nair, R. and Joseph, E. (1999). Risk Management in Monthly Volume. Corporate Securities, vol. 34, pp.737.

6.        Pradhan, J. P. (2006). Liberalization, firm size and R&D performance: a firm level study of Indian pharmaceutical industry, RIS Working Paper. No RIS-DP 40/2003, New Delhi.

7.        Visalakshi, S. and Sandhya, G, D. (1997). An analysis of biotechnology and non-biotechnology R&D capabilities in the Indian pharmaceutical industry, R&D Management, vol.27, Issue 2, pp. 177 – 180.

 

Reports:

8.        Care (2008). The Indian pharmaceutical industry-prescription for growth. Care research report.

9.        Frost and Sullivan, (2007). Patent expiry of blockbuster drugs and lower Healthcare costs drive Generic Pharmaceutical Market. Frost and Sullivan research report.

10.     Sharma, D., (2009). Government plans to make India, one of the top five pharmaceutical innovation hubs by 2020, will mobilise investment of two billion annually. PTI, March 2009.

 

 

 

 

 

Received on 03.01.2018          Modified on 25.01.2018

Accepted on 15.02.2018           ©A&V Publications All right reserved