Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

<p>Now is a strategic time to focus on the upside potential of biotechnology companies in India, as India&rsquo;s biotechnology industry is projected to grow at an average rate of <a href="http://www.india-briefing.com/news/foreign-investment-opportunities-abound-indias-growing-biotechnology-industry-10354.html/" target="_blank">30% until 2025</a>. &nbsp;India offers the global biotechnology &nbsp;industry the advantages of low cost manufacturing and sophisticated research and development. India&rsquo;s low cost manufacturing abilities offer a strong alternative to the industry in America, where companies are criticized for high drug prices, high valuation, and non-profitable operations. &nbsp;An article published on Bloomberg this year shows how Joel Roth traveled to India to obtain a version of Gilead&rsquo;s Sovaldi at<a href="http://www.bloomberg.com/news/articles/2015-06-01/hepatitis-cruise-india-trips-among-plans-to-save-on-1-000-pill" target="_blank"> 1% of the cost.</a>&nbsp; &nbsp;This illustrates the issues with the high cost of drugs in America, and India's ability to deliver&nbsp;high&nbsp;quality and low cost products. In addition to its low cost manufacturing abilities, the country also offers sophisticated research and development capabilities, driven by India&rsquo;s educational emphasis on math and science. &nbsp;</p><p>Consequently, India&rsquo;s biotechnology industry already has an extremely prestigious standing:</p><ul><li>India has the 3rd largest biotechnology industry in the Asia Pacific region, and has the 2nd largest amount of FDA approved sites.</li><li>India currently produces approximately <a href="http://www.pharmtech.com/indias-contract-research-and-manufacturing-sector-set-growth" target="_blank">10% of global pharmaceuticals</a>, and is ranked among the top 2 to 3 pharmaceutical producers.</li><li>In a report issued by <a href="http://blogs.barrons.com/emergingmarketsdaily/2015/06/04/india-pharma-a-pill-in-healthy-portfolios/?mod=yahoobarrons&amp;ru=yahoo" target="_blank">Citi this year</a>, pharmaceutical stocks in India ranked third, only outperformed by South Korea and China.</li></ul><p>The consistent and substantial growth of India&rsquo;s biotechnology industry has taken place <a href="http://www.differding.com/data/fixed-1363273846EDIPicture1.jpg" target="_blank">since 2002</a>, resulting in an already prestigious industry that is poised for further growth. &nbsp;India has a flurry of economic advantages ahead of it to offer to investors; growth in consumer spending has been rapid, the country&rsquo;s annual GDP growth was <a href="http://www.tradingeconomics.com/india/gdp-growth-annual" target="_blank">most recently 7%</a>, its currency has performed relatively strong, and it has the world&rsquo;s largest youth population. &nbsp;I am bullish on India&rsquo;s economic future in a large number of aspects, yet consider its biotechnology industry to be one of the most strategic sites for investment. &nbsp;Although there are a large number of players on the ground, I have identified Dr. Reddy's and Biocon as two companies that have reasonable valuation and promising developments ahead of them.</p><p>&nbsp;</p>

Now is a strategic time to focus on the upside potential of biotechnology companies in India, as India&rsquo;s biotechnology industry is projected to grow at an average rate of 30% until 2025. &nbsp;India offers the global biotechnology &nbsp;industry the advantages of low cost manufacturing and sophisticated research and development. India&rsquo;s low cost manufacturing abilities offer a strong alternative to the industry in America, where companies are criticized for high drug prices, high valuation, and non-profitable operations. &nbsp;An article published on Bloomberg this year shows how Joel Roth traveled to India to obtain a version of Gilead&rsquo;s Sovaldi at 1% of the cost.&nbsp; &nbsp;This illustrates the issues with the high cost of drugs in America, and India's ability to deliver&nbsp;high&nbsp;quality and low cost products. In addition to its low cost manufacturing abilities, the country also offers sophisticated research and development capabilities, driven by India&rsquo;s educational emphasis on math and science. &nbsp;Consequently, India&rsquo;s biotechnology industry already has an extremely prestigious standing:India has the 3rd largest biotechnology industry in the Asia Pacific region, and has the 2nd largest amount of FDA approved sites.India currently produces approximately 10% of global pharmaceuticals, and is ranked among the top 2 to 3 pharmaceutical producers.In a report issued by Citi this year, pharmaceutical stocks in India ranked third, only outperformed by South Korea and China.The consistent and substantial growth of India&rsquo;s biotechnology industry has taken place since 2002, resulting in an already prestigious industry that is poised for further growth. &nbsp;India has a flurry of economic advantages ahead of it to offer to investors; growth in consumer spending has been rapid, the country&rsquo;s annual GDP growth was most recently 7%, its currency has performed relatively strong, and it has the world&rsquo;s largest youth population. &nbsp;I am bullish on India&rsquo;s economic future in a large number of aspects, yet consider its biotechnology industry to be one of the most strategic sites for investment. &nbsp;Although there are a large number of players on the ground, I have identified Dr. Reddy's and Biocon as two companies that have reasonable valuation and promising developments ahead of them.&nbsp;

Profit from India's Rapidly Growing Biotechnology Industry

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

<div>In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:</div><div><ul><li>&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;</li><li>Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;</li></ul><p>This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.</p><p>This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.</p><ul><li>For some key parameters, the presentation provides</li><li>2014 Revised Estimates versus 2014 Actual Numbers</li><li>2015 Budgeted Estimates versus 2015 Revised Numbers</li><li>2016 Budgeted Estimates versus 2015 Revised Estimates</li><li>Growth in 2014, 2015 and 2016</li></ul></div>

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.For some key parameters, the presentation provides2014 Revised Estimates versus 2014 Actual Numbers2015 Budgeted Estimates versus 2015 Revised Numbers2016 Budgeted Estimates versus 2015 Revised EstimatesGrowth in 2014, 2015 and 2016

India's Budgets: 2006-2015. Key Charts, and Key questions

India

Glaxosmithkline Pharmaceuticals Ltd. manufactures and distributes a wide variety of pharmaceutical drugs, veterinary products and laboratory chemicals. The Company's products include "Phexin" capsules, "Betnesol" tablets and injections, "Becoride" asthma treatment, "Betnovate" ointment, "Cetzine" antihistamine, "Zucox" and "Rizap" anti-tuberculosis products.

Glaxosmithkline Pharmaceuticals (GLXO IN)

Alkem Laboratories Limited operates as a pharmaceutical company. The Company researches, develops, manufactures, and markets generic and branded pharmaceuticals. Alkem also provides nutraceuticals, functional foods, health foods, and herbal products.

Ajanta Pharma Limited is a pharmaceutical company involved in the areas of product research, manufacturing, and marketing. The Company's manufacturing capabilities include segments such as antiretrovirals, antimalarials, cardiovascular, dermatology, and ophthalmology. The Company also markets over the counter products that include some nature-based remedies.

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

Ipca Laboratories Limited operates a pharmaceutical company, which distributes products to over 75 countries worldwide.  The Group's products include finished dosage forms, drug delivery systems, bulk drugs and intermediates.

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

J.B. Chemicals & Pharmaceuticals Ltd. manufactures pharmaceuticals, chemicals and agro-based products. The Group's products include metrogyl, rantac (a ranitidine-based formula), and nicardia, a cardiac care medicine. The Company has an agreement with Justesa Imagen, to manufacture and market diagnostics under the "Trazograf" brand name.

J.B. Chemicals & Pharmaceuticals (JBCP IN)

Alembic Pharmaceuticals Ltd. manufactures pharmaceuticals.  The Company produces active pharmaceutical ingredients, bulk pharmaceutical chemicals, formulations, herbal nutraceuticals, and veterinary products.

Natco Pharma Limited manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets. The Company's product range is constantly expanded through its own R&D initiative, basic research and also through joint ventures, technology transfers and collaborations.

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

Changchun High & New Technology Industry (Group) Inc. is an investment holding company.  Through its subsidiaries, the Company manufactures biopharmaceuticals and Chinese traditional medicines, constructs infrastructure facilities, manufactures electrolytic condensers, and develops and manages real estate.

ROHTO PHARMACEUTICAL CO., LTD. manufactures and markets pharmaceuticals and cosmetics products.  The Company's products include eyewash, bath soaps, gastrointestinal medicine, and hand cream.  Rohto Pharmaceutical also has a license agreement with its subsidiary, Mentholatum (US) to sell their brand products.  The Company also manufactures contact lenses and health foods.

Sichuan Kelun Pharmaceutical Co., Ltd. manufactures pharmaceutical products. The Company's products include large infusion products, tablets, capsules, antibiotic injection, lyophilized powder for injection, and traditional Chinese medicine.

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. manufactures and markets medicines, healthcare products, and medical instruments.  Through its subsidiaries, the Company also operates in pharmaceutical trading, printing, food manufacturing, real estate development, and provides medical services.

China Resources Sanjiu Medical & Pharma (000999 CH)

Intra-Cellular Therapies Inc. researches and develops biopharmaceutical drugs. The Company engages in the research and development of small molecule drugs to treat neuropsychiatric and neurological diseases and other disorders of the central nervous system. Intra-Cellular Therapies offers its products to the medical industry.

ONO PHARMACEUTICAL CO., LTD. manufactures and sells pharmaceuticals.  The Company mainly researches and develops prescription drugs.

Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Abbott India Limited manufactures a wide range of pharmaceutical and medical products, agrochemicals, and animal health products. The Company's medical and pharmaceutical products include insulin injections, anti-dysentery drugs, vitamin preparations, penicillin preparations, sulfonamide tablets, and a variety of household remedies.

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Abbott India (BOOT IN)

Profit from India's Rapidly Growing Biotechnology Industry

Now is a strategic time to focus on the upside potential of biotechnology companies in India, as India’s biotechnology industry is projected to...

Nomadic Equity

India's Budgets: 2006-2015. Key Charts, and Key questions

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective: 2014 Actual...

Pawan Sachdeva

Price Gauge

52-week Range

Market Cap (USDm)

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