| MANAGEMENT DISCUSSION AND ANALYSIS |
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| India comprises 1.5% of a $602 bill world market for pharmaceuticals. The world market for pharmaceuticals is growing at 7%, but emerging markets including China, Korea, India, Mexico, Russia and Turkey, have shown double-digit growth, outpacing global performence. |
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| In 2005, North America, which accounts for 47% of global pharmaceutical sales, grew 5.2%. Latin America grew 18.5% to $24 billion, while Asia Pacific (outside of Japan) and Africa grew 11%. China grew 20.4% to $11.7 billion in 2005, the third consecutive year of20%+growth. |
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| Across these markets, competition is fierce, from international companies as also from local companies. With harmonization of quality across markets, dossiers that are filed have to meet increasingly stringent quality standards. Stringent norms for filing, tightening trade and non-trade tariff barriers to protect local interests, even as governments open up market access are some of the characteristics of the markets thatweoperate in. |
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| Dadra Formulations plant |
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