Lupin Limited - India's Leading Pharma Company
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Case Details:
Case Code : BSTR191 Case Length : 12 Pages Pages Period : 1998-2005 Organization : Lupin Laboratories Pub Date : 2006 Teaching Note :Not Available Countries : India
Themes : Growth Strategy
Industry : Pharma and Biotech
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"Lupin Laboratories is undergoing an aggressive restructuring exercise, which will sharpen its strategic focus, improve the financial structure and reposition it as one of the leading players in the Indian pharmaceutical industry."1
- Kavita Gupta, Director, Corporate Development, Lupin Limited in November 1999.
Introduction
In April 2004, Lupin Limited (Lupin) became the first Indian pharmaceutical company to receive an ANDA2 approval for Cefixime3. The company subsequently launched its first branded product - anti-infective Suprax (Cefixime Oral Suspension) in the US.
With the launch of Suprax, Lupin was catapulted to a different league, setting it apart from other pharmaceutical companies selling only active pharmaceutical ingredients (APIs)4 and generics5. Headquartered in Mumbai, Lupin is a leading pharmaceutical company in India manufacturing bulk drugs and formulations6. In the fiscal 2004-05, Lupin generated sales of Rs. 12,123 million, 4% more than in the previous fiscal and reported net profit of Rs. 844 million as compared to Rs. 987 million in the fiscal 2003-04. About 52% of Lupin's revenues came from the domestic market while 48% came from exports. Anti-TB (tuberculosis) drugs, cephalosporins and cardiovasculars contributed to about 89% of its revenues while 11% came from markets such as nutraceuticals7 and other therapeutic segments8.
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Founded in 1968 with an initial capital of just Rs. 5000, Lupin witnessed significant growth to become a large, Rs 3 billion plus organization in the early 1990s. The company had grown at an average annual growth rate of 40% since its inception, twice as fast as the growth of the Indian pharmaceutical industry.
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Lupin aimed to be among the top three Indian pharmaceutical companies by 2007 and aimed at achieving the US$ 1 billion mark in revenues by 2009. With the product patent regime9 being introduced in India in January 01, 2005, several domestic and foreign pharma companies were expected to change their strategies. To compete with the onslaught of foreign players, major Indian pharma companies started strengthening R&D activities, entered the global generics market, ventured into contract research and started exploring relatively untapped segments like herbals and ayurveda; while already established foreign pharma companies established R&D centers and clinical trial centers in India to cut drug delivery costs. |
Lupin Limited - India's Leading Pharma Company
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