2010年3月印度药品合同研究和生产服务行业研究报告

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【出版时间及名称】：2010年3月印度药品合同研究和生产服务行业研究报告
        【作者】：MOTILAL  OSWAL证券
        【文件格式】：pdf
        【页数】：76
        【目录或简介】：
Contents
Page No.
Outsourcing to grow exponentially .................................................................4-8
India on the threshold of a significant opportunity ......................................9-13
A good beginning has already been made ................................................. 14-16
Overseas acquisitions - a mixed experience ............................................. 17-19
Bet on companies that can deliver scale ......................................................... 20
Valuation and view ............................................................................................ 21
Risks and concerns ..................................................................................... 22-23
Companies ................................................................................................... 24-74
Divi's Laboratories .......................................................................... 25
Piramal Healthcare .......................................................................... 35
Dishman Pharma.............................................................................. 51
Jubiliant Organosys ......................................................................... 63

The Indian Contract Research and Manufacturing Services (CRAMS) companies are on
the threshold of a significant opportunity given the expected increase in pace of outsourcing
from India.
􀂄 Inventory de-stocking coming to an end: We expect the adverse impact of global
inventory de-stocking (undertaken by customers) to correct gradually from FY11
onwards as the underlying demand for pharmaceutical products has remained intact
despite the global slowdown. Most of the Indian CRAMS players have recently indicated
that there will be increased trend towards outsourcing in FY11.
􀂄 Macro environment favourable for increased outsourcing: We expect a
significant traction in the global outsourcing business given the low R&D productivity
and intense pressure on the global innovators to generate growth. A large portion of
this outsourcing business is likely to be sourced from Asia (mainly India and China).
􀂄 Entry barriers are high: Given the significant entry barriers in this business, we
expect existing players to get a disproportionate share of the business.
􀂄 India is on the threshold of a big opportunity: India's market share in the global
contract manufacturing business is likely to more than double to 7% in 2007-2012
while supply revenues will grow from US$800m to US$3b, giving rise to a significant
opportunity for well-established CRAMS players.
􀂄 Demonstrated skills for CRAMS: We believe that some of the Indian companies
have demonstrated strong chemistry and regulatory skills coupled with IPR compliance
and low manufacturing costs — the prerequisites for building a successful CRAMS
business.
􀂄 Recommendations: We reiterate our Buy rating on Divi's Labs (17% upside), Piramal
Healthcare (19% upside). Consolidation of customer base and delayed paybacks from
acquired companies, which were funded through leverage, are the key risks to our
positive stance.

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关键词：行业研究报告 研究报告 行业研究 服务行业 Productivity 研究报告 印度 合同 服务行业 药品

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