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EMRI becomes GVK EMRI.

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Subsequent to the induction of Dr. GVK Reddy as the Chairman, the Governing Board of EMRI met on 3rd June, 2009.

Three new independent persons of eminence have been inducted to the Board – Dr. Abid Hussain, Retd. IAS, Former Ambassador of India to the USA, Mr. D.R. Kaarthikeyan, Former Director of CBI and former Director General in National Human Rights Commission, and Mr. A. Ramakrishna, former Dy. MD & President of L&T-ECC.

Existing four independent Directors – Mr. Rajat Gupta, Chairman, ISB and Senior Partner Emeritus, McKinsey & Company; Prof. Raj Reddy, Carnegie Mellon University; Dr. Jayaprakash Narayan, President, Lok Satta and Mr. Krishnam Raju, Secretary, Indo-American Cancer Society continue to remain on the board.

GVK is represented on the board by Dr. GVK Reddy, Chairman, Mrs. G Indira Krishna Reddy, Mr. GV Sanjay Reddy, Vice Chairman and Mr. Som Bhupal (Mr. Krishnaram Bhupal as alternate Member).

Consequent to GVK taking over the management of EMRI, Governing Board has approved the name of EMRI to be changed as “GVK Emergency Management and Research Institute”, reflecting the commitment of GVK to ensure that the life saving emergency response service is strengthened further on all aspects including scale, speed, quality, performance and governance.

Dr. GVK Reddy, Chairman wished that this service to humanity should continue and be strengthened further. He said that he was committed to serve the nation and would work towards taking the organisation across the Country.

Mr. Sanjay Reddy, Vice Chairman said that the GVK EMRI will provide services surpassing global standards with improved transparency following the modern principles of management and leadership.

The other board members expressed their deep appreciation to GVK for coming forward to rescue EMRI at this crucial juncture and promised their continuing support.

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Written by sreelakshmi

8 June, 2009 at 7:02 am

Bajaj Allianz Insurance posts both profits and growth for FY 08-09

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Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, one of the largest private insurers in both the life and non-life segment in India, have posted profits for the financial year 2008-09 despite the ongoing recessionary market conditions.

  • Profits
    • Bajaj Allianz General Insurance posted a profit before tax (PBT) of Rs 150 crore for the year 08-09 and the profit after tax (PAT) was Rs 95 crore.
    • Bajaj Allianz Life Insurance posted a profit of Rs 45 crore for the year 08-09 as against loss of Rs 16 crores in the previous year.
  • Premium Income & Number of policies
    • Bajaj Allianz General Insurance grew by 10% to garner Gross Written Premium (GWP) of Rs 2649 crore as compared to Rs 2404 crore in the last financial year 2007-08 while Bajaj Allianz Life Insurance grew by 9% garnering a premium of Rs 10624 crore with new business premium at Rs 4491 crore and Renewal Premium at Rs 6133 crores in the financial year 2008-09 as against GWP of Rs 9725 crore (comprising of New Business – Rs 6674 crore and Renewal Premium – Rs 3051 crore) in the financial year 2007-08.
    • Both companies continue to handle large volumes, Bajaj Allianz General Insurance has issued over 7.5 million policies and Bajaj Allianz Life Insurance has 7.4 million policies in force.
  • Capital Infused
    • Both the companies did not require any capital infusion in the year 2008-09 and maintained high solvency margin. As on 31st March 2009, Bajaj Allianz Life Insurance had a solvency margin of >250% and Bajaj Allianz General Insurance had a solvency margin of >160%.
    • Both the companies continue to be the most capital efficient in their respective businesses.
  • Assets Under Management
    • The Assets under Management (AUM) stood at Rs 17,157 crore, which is an increase of 26 % for Bajaj Allianz Life Insurance in the financial year 2008-09, one of the highest among the private life insurers in the insurance industry.

Speaking on the results posted by the companies, Kamesh Goyal, Country Manager, Allianz & CEO, Bajaj Allianz Life Insurance, said, “Prudent expense management, pursuing a sustainable growth model have ensured that we balance growth and profitability. In the last financial year, we had undertaken several initiatives to ramp up our customer service initiatives and launched several need-based products. The year 2009-10 would be challenging for the insurance industry due to slowdown in growth which will put enormous challenge to margins.”

Bajaj Allianz is one of the few private insurance companies that have posted a profit in the financial year 2008-09 posting a profit of Rs 45 crores for the life insurance business and Rs 95 crores for the general insurance business.

Written by sreelakshmi

24 May, 2009 at 11:14 pm

Lupin FY 2008-09 Consolidated Net Profits up 50.2% to Rs 5015 mn

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Leading transnational pharmaceutical major, Lupin Limited, reported an outstanding performance for the fourth quarter and financial year ended March 31st, 2009. These audited results were taken on record by the Board of Directors at a meeting held in Mumbai on 13th May, 2009.

Key Highlights – Consolidated FY 08-09

 Net sales grew at 39.5% to Rs. 37759 million from Rs. 27064 million last year

  • Net profits grew at 50.2%  to Rs. 5015 million compared to Rs 3338 mn in previous year (excluding IP income)
  • EBITDA margin increased to 19.7%
  • Exports up 63.2% at Rs. 24701 mn
  • Advanced markets sales (including Japan and ANZ) increased 92% over last year and contributed 50% of the Net Sales for the year as against 30% in the previous year.
  • Advanced Markets sales to US and EU grew 70% at Rs 14310  million including API
  • One of the fastest growing generic players in the US by prescriptions and the 9th largest in terms of total prescription base
  • A basket of 22 products in the US with 8 market leaders
  • Domestic Formulations Business grew at 24.6%% to Rs. 10,575 million.
  • Lupin’s Japanese subsidiary, Kyowa contributed 12% of the overall revenues – Rs. 4424 million
  • 28 ANDA’s, 15 DMF’s, 18 MAA’s,6 EDMF’s,3 COS, & 1 AU DMF were filed during FY 08-09.
  • Four Major Acquisitions across Germany, Australia, South Africa and the Philippines
  • Dividend Announcement of 125 %

Key Highlights Q4 FY 08-09

  • Net sales growth for Q4 FY 08-09 was 39% at Rs. 10434 million.
  • Advanced markets sales including Japan increased 60% at Rs 5196 million over Q4 FY 07-08
  • Net profit for Q4 FY 08-09 grew at 64.2% at  Rs. 1574 million compared to Rs 959 million in Q4 FY 07-08

 Commenting on Lupin’s performance, Dr. Kamal K Sharma, Managing Director, Lupin Limited, said,“Lupin’s stellar performance reflects the strong business philosophy guiding us. Lupin has had a very strong year driven by growth and consistent performance across all business segments and markets: a strong business performance in the US, solid domestic growth & increased activity in all key markets. Lupin’s acquisitions have not only consolidated our existing presence in these markets but also leaves us strategically poised to further strengthening our position in the global generics and branded generics market. It has indeed been a year of many achievements and robust growth, and  poised to not only address market needs but also maintain momentum and direction.”

 Financials:

 Advanced markets – US & Europe

 Lupin continued its growth momentum in the US and Europe with it contributing a healthy 36% to our total revenues at Rs. 13634 million. (Formulations)

USA:

 Lupin Pharmaceutical Inc, the company’s US subsidiary reported a stellar performance recording sales of Rs. 12563 million reflecting a growth of  74.4% as compared to Rs. 7205 million in FY 07-08. Lupin’s Generic and the Brand business recorded exponential growth during the financial year.

 More importantly, FY 08-09 saw Lupin increasing its product portfolio in the branded generics segment through the launch of AeroChamber. LPI forged a Strategic Alliance with Forest Laboratories, Inc. for marketing and promoting AeroChamber Plus® thereby extending Lupin’s presence in the respiratory segment and our franchise with Pediatricians which would also additionally open up new offices for Suprax. The brand business contributed 27% to the overall business at USD 74 mn

 The company further expanded and consolidated on its generic product portfolio with the launches of Ramipril caps, Divalproex DR tabs, Cefadroxil suspension and caps & Levetiracetam tabs. The Company now has a total of 22 products in the market, out of which 8 are market leaders. We are in the top 3 market positions  by market share in 17 of these products (IMS Jan 09).

 Lupin today is one of the fastest growing generic players in the US based on growth in prescriptions and the 9th largest in terms of total prescription base.

 LPI was also recognized by Wal-Mart and awarded its prestigious “Supplier Award of Excellence” for the 2nd Quarter 2008 – which is an acknowledgement of the inroads we have made into the US markets.

 During the year, the company demonstrated its capabilities on the Intellectual Property management front by successfully litigating and settling all ongoing Hatch-Waxman litigation relating to Desloratadine tablets, the generic version of Schering-Plough’s “Clarinex”® tablets. As per the terms of the settlement, Lupin Ltd. will be licensed under the relevant Desloratadine patents, and free to commercially launch its generic Desloratadine product, on July 1, 2012, or earlier in certain circumstances. Schering-Plough’s Clarinex® tablets had U.S. sales of $329 million for the year 2007-MAT June 2008, according to IMS Health.

 Lupin also received the final approval for the Company’s Abbreviated New Drug Application (ANDA) for Levetiracetam Tablets 250mg, 500mg, 750 mg and 1000 mg from the U.S. Food and Drug Administration (USFDA). Commercial shipments of the product have commenced.

 Lupin’s Levetiracetam tablets are the AB-rated generic equivalent of UCB Pharmaceuticals’ Keppra® tablets, indicated as adjunctive therapy in the treatment of certain types of seizures associated with epilepsy. Keppra tablets had annual sales of approximately $ 1.2 billion (USD) for the twelve months ended September 2008, based on IMS Health sales data.

Europe:

 Lupin further strengthened its presence in the European Union by completeing its acquisition of Hormosan Pharma GmbH (Hormosan), a German generics company specialized in the supply of pharmaceutical products for the Central Nervous System (CNS).

 We also recorded our first strategic win in the German market through Hormosan in the next two quarters – having received information on the results of the Allgemeine Ortskrankenkassen (AOK) Tender, pursuant to § 130a SGB V. Hormosan has been offered to supply Setraline in all 5 regions of Germany covering all AOK-insured persons. 

 Hormosan has a strong brand identity in the German generics market through its strong patient compliance message, essential for patients within the CNS sector.

 Lupin also made strategic inroads into the French market by launching Cefpodoxime Proxetil suspension in Q3. Cefpodoxime Proxetil has over 60 % market share in France.

  AAMLA

Japan:

Kyowa, the Company’s subsidiary in Japan posted robust net sales at Rs 4424 mn contributing 12% of Lupin’s Revenues having grown at over 21 % YoY

 Our products like Amlodipine “Amel” continues to maintain majority market share and Risperidone “Amel”, which was launched last year, continue to exhibit market leadership in unit terms.

South Africa

 Lupin clocked in revenues of Rs 919 million after having acquired a equity stake in Pharma Dynamics (PD) in South Africa in September 08. Pharma Dynamics is one of the fastest growing generic companies in South Africa growing at around 30 % for FY 08-09 with a clear leadership in the cardiovascular segment.

 PD is ranked number 6 amongst generic companies in South Africa. The South African Generics Market is currently valued at close to 800 Million USD and growing rapidly

 Phillipines

In March 2009 the Company acquired a majority stake in Multicare Pharmaceuticals Phillipines, Inc. (MC) in Phillipines. MC is a premium branded generics company with a strong position in women’s health and child care segment.

ANZ

 The Company continued its focus on this important market with aggressive filings in Australia, taking the cumulative MAA filings to 24 till date of which 18 have been approved.

 Emerging Markets

 India: Domestic Formulations forms a very important part of Lupin overall growth. In the current financial year, it contributed about 28% of the net sales at Rs 10,575 million as against Rs. 8,487 million registering a growth of 24.6% over the previous year.

 This growth was driven by the good performance in the CVS, Diabetes, CNS, Asthma and Gastro therapy Segments. The divisions catering to branded segments continued to outpace the industry growing over 27%. Lupin has maintained its leadership in Anti-TB segment and has secured a double digit market share in the anti-asthma market riding high on the strengths of its offerings in this segment.

 Research and Development

 Research & Develpment has always been a strategic and key focus area for Lupin and this year – 2008-09 was no exception with 6% of the sales earmarked for R&D and related spends.

 The year 2008-09 was a landmark year with Lupin filing 28 Abbreviated New Drug Application (ANDA) with the USFDA, 11 DMF’s, 15 MAA’s and two EDMF’s during the year.

 The cumulative ANDA filings were at 90 with 34 approvals granted by the USFDA.

 Lupin also received the final approval for the Company’s Abbreviated New Drug Application (ANDA) for Levetiracetam Tablets 250mg, 500mg, 750 mg and 1000 mg from the U.S. Food and Drug Administration (USFDA) during the quarter. 

Other

 The USFDA issued a warning letter for the Cephalosporin facility of the Mandideep plant.  The facility was inspected in November, 2008 for a routine GMP inspection.  As a result Lupin had received 15 procedural observations.  Lupin responded to the observations in December and provided corrective actions for each of the responses.  

The warning letter was issued to provide Lupin with an opportunity to submit additional documentation and explanation to a few selected observations where the  FDA felt that the initial responses were inadequate and could be strengthened by further evidence of compliance with enhanced documentation practices.

 All products maintain their approved status. Lupin manufacturing will not be disrupted and it will continue to provide quality products to customers without interruption. 

Lupin has formulated a strategy to address and resolve the USFDA and is confident of being able to satisfy the USFDA’s observations expeditiously.

Dividend

In view of excellent performance, the Board of Directors recommended a dividend of 125 % i.e Rs. 12.50 per equity share of the face value of Rs. 10 each.

Written by sreelakshmi

22 May, 2009 at 7:08 am

iSOFT wins US$ 3.54m deal in England for a hospital information system

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iSOFT, an IBA Health Group Company, today announced that it has won a contract for a hospital information system with a National Health Service (NHS) trust in southern England worth £2.4 million (US$3.54m) over five years.

The contract with Heatherwood and Wexham Park Hospitals NHS Foundation Trust is for iSOFT’s i.Patient Manager (i.PM) PAS and a technical refresh of an existing iSOFT clinical solution, i.Clinical Manager (i.CM). i.PM is replacing an outdated third-party system.

The trust elected to contract directly with iSOFT for a replacement PAS instead of waiting for a solution under England’s National Programme for IT. This is one of the first major deals in the Southern Cluster, which was formerly serviced by Fujitsu.

Jonathan Pearce, the Trust’s Director of Infrastructure, said: “We are delighted to be working with iSOFT on this very important programme for Heatherwood and Wexham Park Hospitals NHS Foundation Trust. We already have a strong working relationship with iSOFT as we already use its clinical information system, i.CM. We very much value our partnership with iSOFT and look forward to strengthening this and working with the company to deliver the new PAS solution to the trust.”

Adrian Stevens, Managing Director of iSOFT UK and Ireland, said: “i.PM is a highly robust and proven solution from a company with an established pedigree in the NHS.”

“The seamless integration with i.CM provides a complete patient and clinical management solution to better manage appointments, improve efficiency and reduce waiting times. It also provides a foundation for a smooth transition to iSOFT’s next generation of healthcare solutions. This underlines our position as the leading provider of healthcare solutions to the NHS,” Stevens said.

The trust serves a population of more than 450,000 in six locations: Wexham Park Hospital near Slough, Heatherwood Hospital in Ascot, and hospitals and outpatient clinics in Bracknell, Maidenhead, the Chalfonts, and Windsor.

D&B Business Optimism Index for Q2 2009 declines by only 2% (q-o-q) as against a 31% drop in Q1 2009 (q-o-q)

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The Dun & Bradstreet Composite Business Optimism Index for Q2 2009 fell to a new low of 93.8, after touching 95.7 in Q1 2009. As compared to the previous quarter, the Composite Optimism Index declined by around 2%. However, the pace of contraction is lower as compared to the previous quarter; in Q1 2009 the Composite Optimism Index fell by 31% (q-o-q). On a y-o-y basis, the BOI for Q2 2009 recorded a decrease of 39% as against a decline of 43% in Q1 2009. Based on the responses received, it was observed that five out of the six optimism indices – namely, volume of sales, net profits, selling prices, new orders, and employee levels have registered a decline as compared to the previous quarter. Only one out of the six optimism indices – inventory levels – increased by seven percentage point as compared to the previous quarter. 

“While the BOI shows marginal improvement, sentiment continues to be dampened. Less than expected growth in GDP numbers is likely to have dented corporate confidence. Decline in industrial production for two consecutive months (Dec & Jan) and in exports for five months in a row (Oct-Jan) remains a cause for concern. However, 52% of BOI survey respondents expecting an increase in New Orders is a positive sign.”, said Kaushal Sampat, Chief Operating Officer, Dun & Bradstreet – India.”Going forward, the outcome of the forthcoming parliamentary elections and stability of the ensuing Government will play a key role in determining business expectations over the next quarter. The rapidly evolving dynamics of the global economy over the coming months will continue to have an impact on domestic business sentiment” he added.

Demand conditions are expected to remain subdued during Q2 2009. While about 50% of the respondents anticipate an increase in sales volume, as many as 27% of the respondents expect the sales volume to decline in Q2 2009. The resultant Optimism for Volume of Sales remained unchanged at 23% (this is the lowest value since Q1 2002) compared to the previous quarter. However, the resultant Optimism for Volume of Sales has declined by as much as 40 percentage points as compared to Q2 2008.

Profit expectations of the Indian corporate sector continued to taper further with as many as 28% of the respondents anticipating a fall in their net profits in the forthcoming quarter. Approximately 46% of the respondents expect an increase in profits during Q2 2009, while as many as 26% expect no change in profits. The resultant Optimism for Net Profits declined by around 5 percentage points compared to the previous quarter and stands at 18% (a 27 quarter low).

With moderating demand conditions, lowering input costs and the extension of excise duty cuts beyond 31-Mar-09, as many as 78% of the respondents expect the selling prices of their products to decline or remain unchanged in Q2 2009. While about 22% of the respondents expect selling prices of their products to increase, about 26% expect to witness a decline in their selling prices during Q2 2009. The resultant Optimism for Selling Prices stands at -4%, the lowest value registered since Q1 2002.

Approximately 52% of the respondents expect their order book position to improve (an increase of 4 percentage points from the previous quarter), while around 27% anticipate a decrease in the number of new orders during Q2 2009. The resultant Optimism for New Orders stands at 25% (a 27 quarter low) marginally lower compared to 26% in the previous quarter.

While about 34% of the respondents expect their level of stock to increase, around 48% expect to witness no change in their inventory levels during the Apr-Jun 09 quarter. Approximately 18% expect their level of stock to decline during Q2 2009 as compared to 22% during the previous quarter. The resultant Optimism for Inventory Levels stands at 16% an increase of around 7 percentage points as compared to Q1 2009.

The majority of respondents anticipate no change in the size of the workforce employed during Q2 2009. Approximately 65% of the respondents intend to keep the number of employees unchanged. While 24% of the respondents expect an increase in the number of employees, 11% expect a decline. The resultant Optimism for Employees stands at 13% for the Apr-Jun 09 quarter, a decrease of around 8 percentage points as compared to the previous quarter.

For more information see boi-q2-apr09-final

Fortis Healthcare plans for Fortis Hospital Seshadripuram in Bengaluru

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Unveils new logo of the hospital

 

Fortis Healthcare, the second largest healthcare chain in India that recently acquired a majority stake in erstwhile Apollo RM Hospital today shared its plans for repositioning the hospital as a complete multi-specialty neighbourhood healthcare facility providing medical care at secondary level. The hospital has been rechristened as Fortis Hospital, Seshadripuram. Consequently, the range and quality of healthcare services at the hospital will be enhanced over a period of time.

Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare also unveiled the hospital’s new logo. Speaking at the occasion, Mr. Singh said, “Karnataka is very important for us in deepening our presence in the south. We are delighted to be in the high tech city of Bangalore with our first project in the state. This takes us a step closer to becoming a national player and in realizing our vision of bringing the Fortis quality of healthcare to the people of India. We shall continue to expand our presence in south.”

Fortis is committed to use its experience and expertise to upgrade and expand the range and quality of services being provided at Fortis Hospital Seshadripuram and also expand the bed capacity to 200 over time. Fortis Hospital, Seshadripuram will meet every aspect of common man’s day to day healthcare needs. In line with its patient centric approach, Fortis plans to introduce Home Care services wherein basic medical services shall be provided right at the patient’s doorstep. Besides, the hospital shall tie up with prominent medical experts of the city in different specialties for rendering OPD and IPD services.

The hospital will also upgrade the existing medical program and introduce new specialties while continuing to provide high end advanced medical care in Renal Sciences. The range of multi specialty services available at the hospital includes General Surgery, Orthopedics and Trauma, Obstetrics and Gynecology, Psychiatry, General Medicine, Pediatrics amongst others. The hospital will also be equipped to offer high end Emergency Care to ensure that patients are attended to within the shortest possible time.

The hospital shall be fully equipped to provide comprehensive diagnostics services as per well established Fortis standards. It will also provide Executive Health Checks and pre-employment checks for Corporates and offer a screening process for Cardiac, Diabetes, Cancer and Renal problems.

Nandini Piramal joins Piramal Healthcare as the Executive Director

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Piramal Healthcare Limited has announced the appointment of Ms. Nandini Piramal on the Board of the company as the Executive Director. Nandini Piramal has been associated with the business for last four years looking after the operations in Canada. Nandini Piramal is the daughter of the promoters Mr. Ajay Piramal and Dr. Swati Piramal.

Prior to her induction on the Board of Piramal Group, Nandini Piramal was the GM – Strategic Marketing of Piramal Healthcare, during which she was closely associated with the business of the company’s overseas subsidiaries and gained deep insight into the Group’s Pharma Solutions business. She played a key role in implementation of Operational Excellence Projects at the company’s overseas locations in UK and Canada. She was also actively involved in due diligence of acquisition and joint venture targets.

Ms. Piramal is a graduate in BA (Hons.) from Hertford College, Oxford University and is an MBA from the Stanford Graduate School of Business. In her role as a Business Analyst with a leading management consulting firm she worked on projects in Growth Strategy, Supply Chain Management and Information Technology Strategy of various corporate clients.