Amity Institute Of Training & Development

Navigating International Markets: Opportunities and Challenges for Indian Pharma Read Time: 30 mins

Speaker: Mr. Sandeep Joshi, Country Head, USV Pvt. Ltd., Myanmar Interviewed By: Brig. R.K. Sharma, Director, Amity Institute of Training and Development (AITD)

About Mr. Sandeep Joshi: Mr. Joshi is the Country Head in Myanmar in USV Private Ltd., which is among the top 20 Pharma companies in India by value. He has more than 15 years of experience in marketing, commercial and operations in cardiac, diabetics and OTC and nutritional brands. He has headed marketing for emerging markets at USV. He has deep understanding of Regulatory landscapes, Policy regulations and its implications across Countries of Operations including South East Asia, emerging and rest of the World markets. Sandeep is adept at launching new brands, handling mature brands, and planning Sales promotion activities.

AITD: COVID-19 pandemic has changed the variables of equations of Global Pharma industry. The current crisis could be a blessing in disguise for Indian Pharma and a valuable opportunity to again become a preferred supplier of Pharma products for the World. The Government of India has cleared a slew of measures to promote manufacturing of APIs i.e., Active Pharmaceutical Ingredients and KSM i.e., Key Starting Materials, within the country. There is a potential opportunity for India to truly play the role of Pharmacy of the World. How our Indian Pharma companies are penetrating International markets, what are the different models of business, and how they are addressing various challenges and risks in International markets.

Click below to watch the recorded conversation.

Mr. Sandeep Joshi: Good Evening to everyone and thank you so much for having me. So, I am very well and very good evening to all the listeners from India.

AITD: Thank you very much. There is lot of confusion in our minds of various types of markets. Somebody call it emerging markets, somebody call it developing markets, there are so many categories.

Could you help our viewers understand what are the different categories of markets in International Markets? Could you just explain by giving examples of a few Countries of each category?

Mr. Sandeep Joshi: So, I think this is a very pertinent question to start with because you will hear a lot of talk going on related to the emerging markets or International markets. However, on a broader level, we need to understand, how the market is classified. So, there could be three lenses - one is a classical lens, which is based on the various research organisation and the market research companies.

Second, could be from the point of view or the perspective of a company. And third, would be based on the various regions. So, let me tell you if a market research agency must divide it, so classically, they have divided into developed nations which mainly consists of US, a large part of Europe and Japan. Then there are BRIC countries which popularly are known as emerging markets. So, in BRIC countries, we have Brazil, Russia, India and China. And then, they have rest of the World, where they have various other Southeast Asian countries and Africa.

If you look at them from the lens of the companies, a company, which is there in US or Europe, for them, the emerging market would probably be big countries. But a company which is operating in India, having operations in various other countries, they can have their own definitions. So, we might call Southeast Asian Countries as the emerging markets or French West Africa or MENA countries. When I say MENA, which is, Middle East and North African countries, they could be part of their emerging markets. Now when we are talking about the classical classification by the various market research agencies, what they have done, they have done, based on the per capita expenditure which is there on the Healthcare system. So, Pharma emerging is basically divided into developed and emerging sectors and with a per capita threshold of 25,000 USD. Countries classified as emerging, were then subdivided using market data forecast from the rigorous evaluation of key events, impacting the Pharmaceutical and Healthcare industries worldwide.

The latest and refined definition, which ranks Pharma emerging markets based on their minimum anticipated added value to the total Pharmaceutical market. So, based on this, they have further classified them as Tier 1, Tier 2, and Tier 3 countries. So, in Tier 1 countries, they have kept China. In Tier 2 countries, it is Brazil, Russia and India. When it comes to Tier 3 countries, again it is sliced based on the Healthcare expenditure. So, if per capita Healthcare expenditure is more than 85 USD, you put them in one bucket and if it is below, then you put it in the second bucket. So, in Tier 3 countries, there are around 21 countries, which include Poland, Argentina, Turkey, Mexico, Venezuela, Romania, Algeria, Thailand, Indonesia and a few others. So, this is the second classification. Now, the third classification could be based on regions like Southeast Asia and Australasia. Then another one is Latin America, third is Africa, fourth is Middle East and the fifth is CIS or the Russian and neighbouring countries. So, coming back to your question, it all depends on which lens you want to use it, but broadly, this is what the classification is. I hope I have answered your question.

AITD: Yes, we have understood. So, basically, as per you, the developed markets are the European markets and the United States markets and Japan. Then we have the BRIC and then we have the rest of the World. That would generally be the idea.

We will move on to our next question, which is about the different models of business. The Indian companies are employing different models of business. Could you tell us what these models of business are and how these are being employed by Indian companies in International markets ?

Mr. Sandeep Joshi: So, before I answer this question, I think it will be relevant to add one more caveat to the last question, which you asked me. Now, increasingly there are companies who are dividing it into frontier markets as well. So, first is a mature market, second is Pharma emerging and third is frontier market, where they are putting countries like Chile, Tajikistan, Peru etc.

Now coming to your second question, what are the different business models which are existing in the Pharma emerging markets or International markets. So, we need to keep one thing in mind that there are two kind of products for which normally trading happens or the business happens. One is API, when it comes to Pharmacy, Pharmaceutical products and second is finished good products. So, when I am saying API, it is Active Pharmaceutical Ingredients. So normally, Active Pharmaceutical Ingredients will always fall into B2B business (business to business). So, it is like if a manufacturer is manufacturing APIs, they will sell it to another company, so that they can further add value and convert it into the finished dosage form. Now when it comes to the finished dosage forms, there could be a variety of business models and it all depends on what the strength of the companies is. So, within the formulations, we can haveB2B business, where the company does not have the feet on the ground. What they do is, they appoint an agent or a distributor in any country, they are going to transfer the stock, finished goods at a decided pricing. And then the responsibility of creating demand is not on the principal company. It is all on their partner, whether it is a distributor or agent. This is typically a B2B business.

And then, there are various other technicalities involved in that. We will address that later. Second could be B2C (business to consumer) when companies have their feet on the ground. That means, they are going to the consumers also and promoting their own products. But we need to keep in mind that even for B2C business, you will still require an Importer. So, either Importer can be a local person, somebody who has a very strong presence in that Country or a company decides to have their own front-end model where they can set-up their own distribution. Let me give you an example, like some time back, CIPLA had their feet on the ground, in the form of distribution as well as their own team in Sri Lanka. Glenmark, for example, has their own distribution in Kenya. So, you have B2B, you have B2C and within B2C, you can have a direct presence. For example, as I said that CIPLA had a direct distribution in Sri Lanka or Glenmark has a direct distribution in Kenya, they can have various partnerships. So, the partnership can be there with a local player and the local manufacturing.

And normally, this happens in the Countries where there are restrictions on the Import of the finish formulation and therefore, the company tries to do either a joint venture (JV) or technology transfer or low licensing. So, another such example is Bangladesh. So, there is a certain kind of local protectionism which is there for the industry in this Country. So, we have a company like Sun Pharma, who has a JV there and they have established their own manufacturing there. So, possibly, it is the only Indian company which is operating in Bangladesh.

Now, we have something like a front-end partnership. So, all operations including the product selection and branding, marketing, talent requisitions and training will be done by the Principal Company (PC), but the local partner, which typically happens in various Countries, let's take the example of Africa. So, the local company will take care of the regulations, regulatory submissions, distribution, sales, and promotion.

So, let me quote one example. CIPLA has one such arrangement with a company called MetPro or Lupin has an arrangement with Pharma Dynamics in Africa. Similarly, you can have a backend partnership; also, whereas the PC may hold a minority stake in an African company or any other region and has limited control over the operations. But it transfers the product license and markets it’s product through the partner. For example, Dr. Reddy’s has a tie-up with a Pharma Plan in Africa. So, depending on the need and how the regulatory landscape is there in those markets, it is ever evolving; I would say, a scenario where people try to find out what is the best possible partnership.

AITD: Thank you very much. So, we have understood the various models of business that are available to Indian companies depending upon the B2B, B2C or they have local arrangements/partners.

But Sandeep, I wanted to know, before an Indian company can enter any of these markets, how do you understand where to go, how do you carry out the environment analysis to understand the opportunities ? Could you give us some examples?

Mr. Sandeep Joshi: So, here basically, people will consider two factors. One, is external parameters or external factors and second will be the internal parameters. So, when I am talking about external parameters, there will be four or five major criteria. So, one will be the Market Potential and the Growth in that particular market, which will involve the various therapies which are present in the Country and how they are shaping up, how has their performance been over the last few years, what is their growth, what is their CAGR and what is their Growth Potential (GP). They will also investigate the disease pattern in that particular Country. So, somebody who is having a very strong presence in anti-malarial. So, you will find, for example, company like IPCA. They have identified the Countries, where the Malaria prevalence was very high. So, you talk about the African Countries where traditionally the Malaria prevalence is very high. You will find that some of these companies who have a very strong anti-malarial portfolio, they are present there.

If you talk about USV company, you will find, that we are equally strong in the chronic segment as well as the acute segment. So, chronic segment, wherever there is a high growth, chronic market, we will be present. So, that talks about the external parameters. Then, there is geopolitical scenario, whether the country is stable or not, how is the business climate, whether the business climate is conducive for the Indian companies or Pharma, in general. Then, there will be Political stability. Then, one of the important factors is the regulatory factor, Within the regulatory factors, people will try to analyse whether there are bioequivalence studies required, what kind of dossiers are required, what format is required, whether there is a plant inspection, or a factory inspection is required, what are the approval timelines and which are the kind of drugs which are easy to get approval because time to market is also very, very important. So, typically if somebody wants to get vaccinated)? At a very fast rate, they possibly will pick up something like Nutraceuticals or Multivitamins where the time to market and approval timelines are short.

When it comes to internal parameters, I think, the single most important factor, is that the company's ability to win in that market, how much is my readiness as a company. If I know that I am strong in, say, X, Y, Z therapy area and in a particular Country X, Y, Z, therapy areas have a huge potential, so, as a company, we will first try to enter that particular Country. Of course, we must consider, as I said, what are the regulatory requirements and what is the Political stability, the Political scenario. Let me give you an example, like Venezuela used to be a very big market when it comes to (latem)? but, all of us know what has happened in Venezuela in last 3-4 years because of the currency volatility, people have lost their money. I mean, people have supplied the products, but they were not able to recover the money back from the countries. So, that is something which is very, very important.

AITD: Thank you. We have understood. So, that's how the new opportunities are done, are seized during the Environment Analysis. That, we have understood. But now, in this Leadership, the next question is – in the post COVID era, what are the emerging opportunities in terms of therapies ?

Of course, we all know about Covaxin and other therapies which are due to come. But what are the other opportunities in therapies and there all in which geographies, will Indian companies be able to seize opportunities ? And are Indian companies ready for these opportunities now for what they have been preparing to wait for this moment?

Mr. Sandeep Joshi: So, I think, a very pertinent question in today's scenario. So, as we know that in the past also, we have seen the strength of Indian Pharmaceutical industry, and it is because of the Indian Pharmaceutical companies that India is known as the Pharmacy Capital of the World. Now, coming to the part of your question which says – which are the other therapies which are emerging. So, as you rightly said that antivirals and vaccines, they are on the platter,like hot cake. But we have witnessed that there has been a significant amount of buying in the chronic segment. So, possibly, at the start it was because of the panic buying where people thought that these medicines, the chronic medicines will go out of stock. So, the chronic therapies will continue to grow. But, at the same time, the preventive medicine has also come on the front stage. So, when I say, preventive medicine, I would like to refer to Multivitamins, Vitamins like Vitamin C, Minerals like Vitamin D.

AITD: Yes, I wanted to know whether they are ready for this opportunity?

Mr. Sandeep Joshi: Now, India is starting a huge movement to vaccinate lot of people in India. So, within short span of nine months, Indian companies would develop the vaccine, and this has showcased the strength of Indian Pharmaceutical industry at the World stage. So, I think Indian Pharmaceutical industry is ready to seize that opportunity, whether it was a case of say hydroxychloroquine at the start of the COVID pandemic, when the uses of hydroxychloroquine had gone up or Azithromycin. Immediately, Indian Pharma companies could boost up their manufacturing strength. So, I think, we are poised very strongly.

AITD: We are very happy to learn that. When we are operating in International markets, there is a competition; there is a competition from local companies, regional companies, global Pharma. So, as we all know, it's a very important component of Corporate Strategy, the analysis of the competition.

So, what has been your experience in this area to understand? How do you understand competition and how do you target the right customer ? Could you tell us a little bit about that?

Mr. Sandeep Joshi: Okay, so, I think that, when we are doing a Competitor Analysis, there are two level analysis which we should do – one, at the level when we are entering into a market. When I say market, I mean a Country, a new Country. And second is when within the market we are introducing a new product. When we are entering into a new Country, you must see that how strongly the competitor is present, what is their distribution strength, what is their people strength, what is their pricing strategy. Is there a technological superiority in their products? This is what broadly I will investigate. I will also look into how their customer engagement model is. And, based on that, we can decide our own strategy. But, I think, we need to consider and act up very strongly which is that - how aligned is the team of a competitor. So, I believe that in any market regardless of what is the potential that market is offering, the key factor for me to analyse, will be, people along with their distribution, pricing, product and technology. This is how I would, at a broader level, benchmark my company or my product against other company.

AITD: Yes, thank you very much. So, it's very complicated and complex analysis that you have to do to understand the competition and their strengths and their weaknesses. Now, Sandeep, can you tell us about when we want to penetrate a certain market, there are a number of models when we are about to enter a market ?

We could have a test in a smaller town and then enter the big cities or you could have a domestic venture with a domestic company to develop business opportunities. So, there are different types of models for market penetration. So, what has been your experience; can you tell us about some of the good and not so good experiences that you have had?

Mr. Sandeep Joshi: Typically, when we are getting into a market, we will have, I would say, two access metrics where we will put one side, the new market, and the existing market and on the other side, we will put new products and existing products. So, whenever we are getting into a new market, I will try to see whether I want to enter into a new market or begin in an existing market; we would like to have more product lines on more products. And, of course, it has to be backed by the product development and diversification. If you are getting into a new market with the existing product, then, possibly you have to get into the market development strategy.

If you are into existing market and existing product, you will try to go deeper into the market, you will do more market penetrations and that can be done either through the pricing strategy or through the enhanced promotion or you can have a mix of both, a hybrid model. You also need to do the pricing titration, based on what the competitor or the market demands; you may require doing the investment in the channels to strengthen your distribution and possibly you will try to have a partnership or acquisitions to strengthen your market penetration. But, in summary, I think we have to keep in mind that we have to decide whether we want to go for new product development or a market development and based on that our strategy will be fine-tuned.

AITD: Yes, we have understood how to penetrate these markets. We believe that mini companies find it difficult to survive in the global markets due to complex regulatory pathways and regulatory issues, among many other things, Political and other issues.

But Regulatory issues are also very important. So, what has been your experience as an Indian company in these foreign markets?

Mr. Sandeep Joshi: Our experiences are not very different from the other Indian companies where we have to make sure that any product which you are putting into the market is market compliant and we follow the local guidelines of the regulations. The regulatory requirements are less stringent, but the price is good. And, let me give you an example. And this I am telling you because there could be various requirements from Country to Country which will differ. So, for giving the particular dossier or the regulatory submission, different Countries will have different requirements. So, for example, within Africa, if I talk about the three Countries which is Tanzania, Kenya, and Ghana. So, Tanzania and Kenya will pass you for the Product Development Report, whereas the Ghana will not pass you for the Product Development Report. So, as a company, then, I have to decide if my product development report is ready, should I go to Ghana first or should I wait for my regulatory process to complete and the documents to get ready and then get into Tanzania or Kenya. So, again, this is something which a company has to modify and titrate based on the countries where they want to enter. And, I think, since you asked me about regulatory requirements, it will be pertinent to mention that there are a group of Countries, which has a common regulatory approval process or a similar regulatory approval process. There are organisations like PIGS. So, there are 53 companies which are attached to PIGS. So, if your plant or factory is PIGS approved, getting into any of these 53 countries becomes easier. But, at the same time, there is so much of clutter in the emerging markets when it comes to the regulatory scenario. Now, take example of South Africa. South Africa’s regulatory requirement will be very stringent as compared to say French West Africa, Senegal, or Ghana. So, again, from the company perspective, you have to see how ready you are, and then decide in which countries you would like to do your filing first.

AITD: Thank you very much. So, we have understood that. You have considerable experience in Pharma marketing, and you are a Google certified Digital Marketer. The digital technologies, mobile communications, the cloud, advanced analytics, Internet of Things, these are all great innovations that are being adapted by or adopted by Pharma companies. So, what has been your experience in employing these technologies in emerging markets and other International markets, where there is a low level of penetration of these technologies in Internet and other problems may be there? So, what should be the digital strategy of companies for both B2B and B2C entities?

Mr. Sandeep Joshi: I think, I would like to slice this question into two parts; one is, as a company, what is our experience and what should be the strategy. So, as a company, I think again, our experience is not different from the other companies where we have to go through the rigorous training of our field force because adopting technology by your team is the single most important factor to make sure whether your digital strategy is going to be successful or not. Because ultimately you are the company and driving your own digital strategies. So, when this COVID pandemic started, I think, immediately everyone started to find alternative channels to reach out to the customers. This is where I feel, the training of our team or field force has been of paramount importance. So, today if you see our team or for any company, the skill set has graduated from, I will say, you are on a scale of 10 on the technology or the digital scales from say 4 or 5 to 8 or 9. Earlier the companies or the team were not very hands on using Zoom or Cisco but if you ask today people are using it very frequently.

The second part of the question is that what should be the strategy. I think, though we are saying that there is a great technological or digital transformation which has been triggered by COVID, but still, the one-to-one interaction with your stakeholders and with your customers cannot be substituted only with physical to be ‘Phygital’ that means physical + digital put together.

Phygital is where you will seek out digital solutions but at the same time, to have a strong connect, physically you will reach out to your stakeholders and in some of these markets, you will find that various technological platforms are existing which will differ. So, like in India, if somebody is using WhatsApp, possibly in Myanmar they are not using WhatsApp, they are using Viber. If people are using Google in India, in some of the emerging markets, Facebook is a kind of Google for them. So, all the businesses, whether it is a big business or a small business, they are present on Facebook. The way we use Google in India, people use Facebook in some of these emerging markets. If I want to search for any Pharmacy shop, here we will go on Facebook, we will not go on Google because I know that particular business is definitely present on Facebook. So, a lot of customization is required which will differ from Country to Country. And the future is definitely going to be completely digital. Is it making sense?

AITD: Yes, I understand, and we thank you very much for giving us a new term ‘Phygital’ which you have introduced to us, Physical & Digital. That could be the mixed strategy that would have to be employed in the future.

We understand that there are certain risks associated with International businesses, like foreign exchange, devaluation, payment abilities that you mentioned, Political turmoil that you have mentioned, regulatory standards, competition; there are so many risks. So, what are the kind of risks that Indian companies are facing in International markets and how these risks are being addressed and mitigated?

Mr. Sandeep Joshi: So, I would say that when it comes to the risk, one of the key risks, is the volatility of the currency. It is a major risk in emerging markets as I was mentioning about Venezuela, here what has happened to the entire Venezuelan market, because of the devaluation of currencies. Similar thing we have witnessed in Nigeria. So, I would say that is something which is very important and therefore ensuring that your payment, your company's payment remittance system, you have to make sure that you use certain financial instruments through which your payments are secured. Like you try to hedge it, you try to mitigate by doing the business on LCs - we call it ‘Line of Credit’ or ‘Letter of Credit’, so, which ensures that your partner, if he is importing medicines, he will definitely make the payment.

Similarly, then depending on the trustworthiness of the partners, people either do on the 100% advance payment or on 50% advance payment. Gradually, we are seeing that companies are not working on something called TA which means that the product has to reach in the Country first and the payment will happen without LCs. So, these are some of the ways through which companies are trying to mitigate the risks when it comes to the payment, because payment is of course one of the most critical factors for operating in these countries.

And, I think, some of the other factors which has already been a part of Pharmaceutical culture or Pharmaceutical manufacturing and marketing culture that you have to be compliant in every sense. When you are manufacturing a product, you have to make sure that the product is as per the guidelines. And, if you are ensuring that the product is of high quality, you are working out in a very compliant manner, you can easily mitigate those risks.

AITD: Thank you very much, Sandeep. We have understood that wherever challenges are there, risks have to be taken and they have to be mitigated. But there is another peculiar challenge here when you work in International markets in different geographies and that is about issues of workplace values, the culture, the communication style etc. They have a different concept of time in a language, etiquette. So, what type of cultural issues have you faced in other Countries and how have you addressed these issues ?

Mr. Sandeep Joshi: So, I would say that when you go to any new Country, , you have certain preconceived notions, because, of our cultural practice and the kind of upbringing we have. So, you have certain notions but let me tell you being an Indian gives you a lot of advantage, because, we know in India, we have always been into a multi-cultural atmosphere which makes you easy to adapt.

So, as such I think Indian managers are pretty resilient in adapting to the new culture and that's the reason; not only Pharma, but, otherwise also, whether it is FMCG, whether it is Software; you will see a lot of people at the CEO levels also are from India and they are leading their own companies. So, I would say, that, culturally it all depends on your resilience.

And there is a popular saying, I am sure you must have heard that ‘When you are in Rome, you have to speak Roman’. So, you have to adapt to their food, their language and I am sure, we are very well accepted. As such, it's a great learning experience when you go to the new Country, adapt to a new culture. So, I won't say that these are typical issues. These are, basically, an opportunity to learn new cultures, new business atmosphere. But, as you rightly said, that there could be different notions of time, but you have to make sure that you spell out your expectations and align your people.

AITD: That's very good to hear. I mean we are happy to hear that. Sandeep you have got experience, you have worked in India, you have worked in Myanmar, and you have worked in Sri Lanka & Nepal. Which Countries you found most welcoming of Indian Pharmaceutical products and how has been your experience in these Countries ?

Mr. Sandeep Joshi: So, I think all the Countries which you have mentioned have always welcomed Indian companies or Indian people very well because, there was a time when the local industry was in a very nascent condition in all of these Countries, in any of these emerging markets, whether we are talking about Asian Countries or European Countries. They have also learnt a lot from the Indian Pharmaceutical industry and the professionals. In fact, you will see a lot of Indians, who are sitting in some of the local companies and leading those companies. So, I think, they have welcomed Indian professionals very well, Indian products very well, except some exceptions, I would say where some local protectionism takes over.

AITD: We have received a question from our audience; and this is a question which is in everybody's mind, that's about the COVID situation. Now, several Indian companies are working to develop or manufacture, at least 8 anti-COVID formulations in India that they are either manufacturing them or they are developing them. Now, you are sitting in Myanmar, and you have been too other Countries also.

Many of them are looking forward to these Indian vaccines now. So, what future impact to such Indian vaccine is due not only for COVID but is going to `affect’ Indian Pharma ? So, how do you think this scenario is going to help Indian Pharma growth in the third World market and in the International markets ? And are we ready to seize these opportunities?

Mr. Sandeep Joshi: So, I would like to pick up something which you said at the start of the session, that it’s a blessing in disguise. The entire pandemic has been very unfortunate for the entire humankind. However, when it comes to Indian Pharmaceutical industry, I think the industry has showed and led the path that we are capable of developing, whatever it requires, to fight a pandemic of this scale. This has also strengthened the overall image of Indian Pharma across the World. There are various Countries which were not very welcoming of Indian Pharma companies.

Traditionally, they had a dominance of various European or American companies or multinational companies possibly because of their previous experience of not so good companies that possibly the product quality has not been very good. But this has again strengthened the fact that, the quality is World Class for all the Indian Pharma companies, even when it comes to something like a COVID vaccine; we can maintain the quality and deliver result in the shortest possible time. So, you will be glad to know that you know there are a lot of companies who have their knowledge process outsourcing units in India. We know that India is a big manufacturer. But India is also opening knowledge process hubs for various multi-national companies. So, I think, we are only going to gain from this, and the future is bright for the Indian Pharmaceutical industry.

AITD: Thank you very much Sandeep. Now, as we have come towards the end of the conversation, I would like you to share your thoughts, any final thoughts you have. Tell us about, how the Government of India is bent upon making up for the problems that we are facing in APIs and KSMs because of certain reasons, certain Countries which everybody was dependent on. So, we want to break those chains. So, how do you look at the future of Indian Pharma and especially with reference to International markets ?

Mr. Sandeep Joshi: So, I think, here we have to keep in mind that though we have been saying India is Pharmacy of the World but we are getting challenges from some of the smaller Countries like Bangladesh & Pakistan who have developed their manufacturing capabilities and who have strengthened their Healthcare system. For example, if you take the case of Bangladesh; because, Bangladesh has got some favour under WTO; they are still able to manufacture some of the drugs, which you cannot manufacture in India, those which are patented drugs. But the Bangladesh companies can manufacture and are giving a strong competition to the Indian companies in various emerging markets.

So, this is something which the industry or the various stakeholders can think of collectively, that how do we make sure that we gain from a competitive atmosphere.

Second thing is, I would like to conclude with, that for Indian Pharmaceutical industry or any other Pharmaceutical industry or company to succeed in emerging markets or International markets, we have to build our capabilities continuously; we have to have proper Governance when we are operating in various Countries. There has to be a lot of resilience which is required, there has to be a fast decision making, but, in a compliant manner. I would also like to put that we have to also work on our Portfolio; all the companies have to continuously keep on adding their newer products. Regardless of what is the size of the market, we should reach out to even the niche diseases so that we can further strengthen the image of Indian Pharmaceutical industry. And, of course, strong stakeholder relationship is the key to success in all of these markets.

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