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India is widely recognized as an ideal location for manufacturing biotechnology products and for conducting high-level research programs in the field. (Source: YES com get tramadol 3e Bank Report: Indian Biotechnology Ecosystem - An investment perspective.) The Indian biotechnology industry has seen good growth with a CAGR in excess of 20%. Of all the sectors, the Indian biotechnology industry is primarily dominated by biopharma, which includes vaccines and biosimilars. India is also making major strides in agri-bio, which is the fastest growing sub-sector in the biotechnology industry. With up to U.S.$25 billion worth of innovator biologics losing patent protection by 2016, companies from the developed markets of the United States and Europe are looking to diversify into generics and biosimilars by partnering with Indian companies, given their industry's well-developed leadership in this segment. Further, increased focus on disease prevention, rising incomes and government participation are key drivers of the sector's domestic growth. Indian biotechnology companies are gaining large orders for vaccines from the Governments under various health care initiatives for immunization. All these factors have poised the industry for doubling in size in five years time to reach a size of U.S.$8 billion by 2015.
(Source: YES Bank Report: Indian Biotechnology Ecosystem - An investment perspective.) We are a leading, vertically integrated Indian pharmaceutical company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulations. We are headquartered in India and are currently ranked as the 12th largest pharmaceutical company in the country with a 2.52% market share, based on domestic sales of formulations. (Source: IMS Health Information and Consulting Services India Private Limited.). We are present in various major therapy areas such as those relating to neurology, psychiatry, cardiology, pain management, gastroenterology, diabetology, nephrology, urology, com get tramadol 3e anti- infective therapy, dermatology, gynecology, respiratory system, oncology, critical care and ophthalmology with a strong focus on chronic therapy areas relating to neurology, psychiatry, cardiology and diabetology. We are the fourth largest player in chronic therapy areas with a 5.16% market share. (Source: IMS SSA, December 2012 MAT.) We have extended our presence into other therapy areas such as those relating to gynecology, infertility, arthritis com get tramadol 3e and the respiratory system. We have also been present in the veterinary medicines business since 1997. Our products are marketed in over 60 countries, either directly, through our subsidiaries or indirectly, through supply, distribution and other arrangements with various leading global pharmaceutical companies. As of December 31, 2012, we held over 3,300 marketing authorizations in various markets, including the United States, Europe, Canada, Brazil, Mexico, Australia and South Africa. Europe and the United States are currently our largest markets and key growth drivers. We have a well-established marketing infrastructure within Europe. In the United States, where we commenced operations in 2007, we crossed U.S.$80 million in sales in the nine month period ended December 31, 2012. We have also entered new markets in the Asia Pacific region, Latin America and Africa. We believe that our continuing R&D initiatives have strengthened our product offerings in the Indian and international markets. We focus on innovative drugs and drug delivery systems and our R&D efforts have resulted in 71 patent applications in India, 35 patent applications internationally and 16 granted patents as of December 31, 2012. We have in-licensed a lipid based NDDS platform based on which we have developed and commercialised three pharmaceutical formulations in India. In addition, our R&D arm employs over 600 research professionals working on various drug products.
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