Market Expansion Strategy of Square Pharmaceuticals Ltd.

Internship report on

Market Expansion Strategy of

Square Pharmaceuticals Ltd.

Prepared by: SAUMITRA KUMAR PAUL Roll No. 060007, 5th Batch MBA (evening) Program IBA, University of Rajshahi

Supervised by: DR. MD. HASANATH ALI Associate Professor IBA University of Rajshahi.

INSTITUTE OF BUSINESS ADMINISTRATION University of Rajshahi

Dated: 7th May, 2009.

To, Dr. Md. Hasanath Ali Associate Professor Institute of Business Administration University of Rajshahi Rajshahi.

Subject : Submission of Internship Report.

Dear Sir,

It is my great pleasure to submit the internship report on "Market Expansion Strategy of Square Pharmaceuticals Ltd." which is a part of MBA program to you for your kind consideration.

Encouraged by your mentoring, I went beyond typical “observe-describe” manner in preparing this report. My endeavor was to attain a thorough understanding of the analytical techniques and skill necessary to identify and exploit strategies successfully.

Within the time limit and my knowledge & capability, I paid sincere efforts to study related materials, documents, observed operations performed in Square Pharmaceuticals Ltd and examine relevant records for preparation of the report. But there may exist some mistakes and errors due to various limitations. Therefore, I beg your kindness in advance.

I’ll be available anytime if you confront any difficulty to translate any aspect of this report.

You are requested to accept this internship report and oblige me thereby.

Sincerely yours

Saumitra Kumar Paul Roll No. 060007, 5th Batch MBA (evening) Program, IBA Rajshahi University

LETTER OF TRANSMITTAL

This is to certify that the internship report on “Market expansion strategy of

Square Pharmaceuticals Ltd.” has been prepared by Saumitra Kumar Paul,

bearing Roll No. 060007, a regular student of MBA (evening) Program, 5th

Batch, Institute of Business Administration, University of Rajshahi, under my

direct supervision and guidance. During the internship program, his devotion,

sincerity and modesty were quite impressive and praiseworthy.

I wish him every success in life.

Dr. Md. Hasanath Ali Associate Professor Institute of Business Administration University of Rajshahi Rajshahi.

ACCEPTANCE LETTER

To Whom It May Concern

I am very pleased to certify that Saumitra Kumar Paul bearing roll no. 060007

a student of MBA program, Institute of Business Administration, University of

Rajshahi was engaged in Square Pharmaceuticals Ltd. for the period from

10th November 2008 to 10th February 2009 to conduct the internship program.

He completed the assigned task successfully.

During the period of his internship, I found him sincere, punctual, creative,

hard working and dedicated in doing his assigned jobs.

I wish him every success in life.

Dewan Sazzadul Karim Senior Manager Market Research and Planning Cell Square Pharmaceuticals Ltd. Dhaka.

RECOGNITION LETTER

“Market expansion strategy of Square Pharmaceuticals Ltd.” symbolizes the

power of team work despite of being my personal academic effort. More

precisely, it symbolizes the nature of virtual team with different individuals

from different geographical locations. Superb virtual team requires equally

superb team members, and I was extremely fortunate to have this in my favor.

I owe a debt of gratitude to all those people without whom this report would

have never been accomplished. These people, not only mentored me but they

also made it a point that this study becomes a classy piece of study and its

only their patronage, their mentoring, their constructive assistance and

guidance that has made the study really meaningful and a well thought out

piece of literature.

To start off, it’s a privilege for me to express my deepest sense of

acknowledgement to Dr. Md. Hasanath Ali, my Academic supervisor from

Institute of Business Administration, University of Rajshahi, my mentor and

undoubtedly the key person behind this study. It has been an out and out

honor to work under him. His versatile viewpoint and understanding of the

subject matter, his guidance’s, his constructive criticisms and above all the

level of motivation and helpfulness he showed really made me to stay focused

and work logically.

I am gratefully indebted to Mr. Dewan Sazzadul Karim, Senior Manager,

MRPC, Square Pharmaceuticals Ltd, my organization supervisor, who

deserves dedication of this report and so I did. I will be really honored to work

with him again.

It would be true to say that, without the helping hand of Mr. Md.

Kamruzzaman Khan, Executive, and Mr. H. M. Ashiquer Rahman,

Executive, the whole project might have been unsuccessful. These two

Officers are entitled to receive thanks for their patience and assistance.

I’ll remember such an obliging personality like Mr. Monsur Rahman Khan,

Executive, MRPC. He always behaved with me affectionately & cordially.

ACKNOWLEDGEMENT

My sincere acknowledgement also goes to Mr. Mark Rupayan. His

tremendous support always followed me as my own shadow does.

I would also like to express my gratitude to the other members of MRPC.

Invaluable assistance was provided by the entire MRPC team. I regret that I

cannot list the dozens of names that should be placed herein. To all I extend

my sincere thanks.

Many of my friends contributed ideas and made suggestions that greatly

enhanced this report. I would like to thank them.

At the last, but not the least, A special recognition goes to Mr, Nasir Uddin

Ahmed who provided sincere cooperation to manage my internship in

Square Pharmaceuticals Ltd and on demand information necessary to

prepare this report.

Where this report succeeds I share the credit, where it errs I alone accept the

responsibility.

Saumitra Kumar Paul Roll-060007, 5th Batch. MBA (Evening) Program Institute of Business Administration University of Rajshahi.

Of late, the issue of market expansion has attracted the significant attention of

academia as well as industry. Market expansion as a strategic growth option

is particularly relevant in developing countries like Bangladesh because of

very low product penetration and consumption levels.

Bangladesh is one of Asia Pacific’s most promising opportunities for drug

makers with $700 million sector. There are currently a total of 245 companies

out of which 200 have operations in the country. The market is totally

dominated by the local companies and there are only 5 multi-nationals

currently operating. The total number of brands that are registered in

Bangladesh are currently estimated to be 5,300, while the total number of

dosage forms & strengths are 8,300 from 450 generics.

SQUARE today symbolizes a name - a state of mind. From the inception in

1958, it has today burgeoned into one of the top line conglomerates in

Bangladesh. Square Pharmaceuticals Ltd., the flagship company, is holding

the strong leadership position in the pharmaceutical industry of Bangladesh

since 1985. At the end of 2007 as well, Square was the leading company with

annual sales worth BDT 68.9bn (USD 106.5mn) and market share of 18%.

Such is the dominance of Square that the closest competitor Beximco has

only about half the market share. and is now on its way to becoming a high

performance global player.

This paper presents a comprehensive analysis of Market Expansion Strategy

of Square Pharmaceuticals Ltd, and some strategic recommendations with

criticism.

EXECUTIVE SUMMERY

Letter of Transmittal

Acceptance Letter

Recognition Letter

Acknowledgement

Executive summery

i

ii

iii

iv

v

1 Chapter 1: Introduction 1 1.1 Origin of the report 2 1.2 Rationality of the study 2 1.3 Scope of the study 2 1.4 Objective of the study 3 1.5 Methodology 3 1.6 Collection of the data 3 1.7 Limitations of the study 3 1.8 List Of Abbreviations Used 4 1.9 Definition of the terms 5

2 Chapter 2: An Overview of Square Pharmaceuticals Ltd. 2.0 Introduction 7 2.1 Corporate history 8 2.2 Vision 9 2.3 Mission 9 2.4 Objective 9 2.5 Corporate focus 9 2.6 Management philosophy 9 2.7 Organogram of SPL 12 2.8 Corporate governance 13 2.9 The executive management 16 2.10 Dividend policy 16 2.11 Shareholders' relationship 17 2.12 Corporate socialization 18 2.13 Research and new products development 18 2.14 Present financial position 19 2.15 Human resources 20 2.16 Technological upgradation 21 2.17 R&D activities 21 2.18 Business portfolio 21 2.19 Distribution channel 21 2.20 Manufacturing facilities 22 2.21 Raw material manufacturing 23 2.22 Present market position 24 2.23 Export 25

TABLE OF CONTENTS

2.24 Value proposition 25 2.25 Value creation activities 25 2.26 Revenue model 26 2.27 Comparison between domestic and export sales 26

3 Chapter 3: Market Expansion Strategy of SPL 3.1 Marketing mix 28 3.2 Consistent upgradation 31 3.3 Export 31 3.4 Low manufacturing cost through vertical integration 31 3.5 Product market growth matrix strategy of SPL 35 4 Chapter 4: Marketing Problems of SPL 34 5 Chapter 5: Recommendations 36

6 Chapter 6: Conclusion 41

Bibliography 42 Appendix 43

Part 1

Introduction

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1 Introduction

1.1 Origin of the report

In order to fulfill the partial requirement of the MBA program, my respected

supervisor Dr. Md. Hasanath Ali, Associate Professor, Institute of Business

Administration, University of Rajshahi assigned me to study market

expansion strategy of Square Pharmaceuticals Ltd. followed by a detail report.

1.2 Rationality of this study

Internship is a mandatory prerequisite for students willing to attain a MBA

degree at Institute of Business Administration, Rajshahi University. The

internship program includes a period of 12 weeks of on-the-job-training where

I could have first-hand observations concerning the utility of different

departments.

Besides this, Of late the issue of market expansion has attracted the

significant attention of academia as well as industry. Market expansion as a

strategic growth option is particularly relevant in developing countries like

Bangladesh because of very low product penetration and consumption levels.

Therefore, this study is very much significant in terms of modern business

environment.

1.3 Scope of this report

The scope of the report was based on the annual reports & web site, input

from interviews of executives of the Square. To analyze the situation in

question, I worked on focusing on Square Pharmaceuticals Ltd.

Analyzing their objectives, market strategies, Market situations, product

mixes, etc. The analysis was based on the exposed and available information

3 | Page

only. In-depth data were not always available on-demand due to some

unavailable reasons. SWOT analysis of the company has been done. Some

recommendations also have been worked out to improve the current

situations for the company.

1.4 Objective of the study

The broad objective of this report is to fulfill the partial requirement of the MBA

program. As per the requirement of MBA program of IBA, University of

Rajshahi, every student needs to work for three months as an intern to

acquire practical knowledge in a real business setting.

The specific objectives aimed for this report is to conceptualize the current

market expansion strategy of SPL and to identify and suggest scopes of

improvement in current strategy.

1.5 Methodology

Information used to prepare this report has been collected from both the

primary and secondary sources which together provided a more

comprehensive information.

1.6 Collection of the data

An open discussion method was followed to gather primary information by

informally interviewing the various executives of the company. Participants

were purposefully selected as they commonly engaged in marketing directly

or indirectly. Observations were also used to collect primary data while

working in different desks.

The secondary data was accumulated from two sources- a. internal and

b. external. The former sources were annual reports, periodicals, articles and

brochures published by the company. But in the later case, journals, research

papers and articles from various online sources.

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1.7 Limitations Of The Study

This report suffered from several limitations:

• The most important of them was “time constraint”. Time was not adequate

to complete the study more perfectly.

• Another important limitation was “inaccessibility in many section of the

organization”. I confronted difficulties in getting appointment from the

desired respondents as well as appropriate response from the selected

respondents due to being confidential for the company.

• This report also suffered from inadequate secondary information.

• This report’s factual accuracy may be compromised due to out-of-date

information.

• The findings may not be generalized to the SPL as a whole.

1.8 List Of Abbreviations Used

SPL : Square Pharmaceuticals Ltd. IMS : Information Medical Statistics WTA : World Trade Agreement MRPC : Market Research Planning & Cell cGMP : Current Good Manufacturing Practice is a term recognized

worldwide as a holistic approach for the control and management of manufacturing and quality control testing of food and pharmaceutical products.

API : Active Pharmaceutical Ingredients. UKMHRA

: United Kingdom Medicines and Healthcare Products Regulatory Agency

MPO : Medical Promotion Officer DDA : Directorate of Drug Administration. POM : Prescription Only Medicine OTC : Over The Counter

5 | Page

1.9 Definition Of The Terms

• Value Proposition. Chesbrough and Rosenbloom (2002) define the

value proposition as the value created for users by the offering based on

the technology.

• Biotechnology is a radical innovation which has a very different

technological regime from the traditional pharmaceutical one. The manner

in which biotechnology has been applied to the search for, and

development of, biopharmaceuticals is quite different from the traditional

approach. This new regime has resulted in the innovation process being

substantially conducted by small specialist firms. However pharmaceutical

companies have remained innovative, both with respect to the traditional

small molecule based technological trajectory but also in their adjustment

process to the new technology.

• OTC product- Over the counter medicine product which can be

advertised of commercialized

• POM product- Prescription only medicine. Strictly regulated in terms of

pricing and approaches.

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Chapter 2

An Overview of

Square Pharmaceuticals Ltd.

7 | Page

2 Company Overview

2.0 INTRODUCTION

SQUARE Pharmaceuticals Limited (SPL) is the largest pharmaceutical

company in Bangladesh and is leading the Pharmaceuticals sector from the

very beginning. It has been continuously in the 1st position among all national

and multinational companies since 1985. It was established in 1958 and

converted into a public limited company in 1991. The sales turnover of SPL

was more than Taka 7.5 Billion (US$ 107.91 million) with about 16.92%

market share (April 2006– March 2007) having a growth rate of about 23.17%.

Square Pharmaceuticals Limited is an organization with equal emphasis on

Leadership, Technology, Quality and Passion. Square Pharmaceuticals Ltd. is

the leading branded generic pharmaceutical manufacturer in Bangladesh

producing quality essential and other ethical drugs and medicines.

SQUARE today symbolizes a name - a state of mind. But its journey to the

growth and prosperity has been no bed of roses. From the inception in 1958,

it has today burgeoned into one of the top line conglomerates in Bangladesh.

Square Pharmaceuticals Ltd., the flagship company, is holding the strong

leadership position in the pharmaceutical industry of Bangladesh since 1985

and is now on its way to becoming a high performance global player.

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2.1 CORPORATE HISTORY

Square Pharmaceuticals started as a Partnership Firm in 1958. It converted

into a Private Limited Company in 1964. The company made its initial price

offering in 1995. It has achieved MHRA certificate as the first pharmaceutical

company of Bangladesh.

Year of Establishment (Initially as a Partnership)

: 1958

Incorporated as a Private Limited Company

: 1964

Technical Collaboration Agreement with Janssen Pharmaceuticals of Belgium ( a subsidiary of Johnson & Johnson International Ltd. )

: 1975

Technical Collaboration Agreement with F. Hoffman-La Roche & Co. Ltd.

: 1984

Converted into Public Limited Company : 1991

Initially Public Offering (IPO) : 1994

Stock Exchange Listings : : 1995

Agreement with M/s. Bovis Tanvec Ltd. of UK for implementation of Dhaka Plant

: 1996

Awarded ISO-9001 Certificate : 1998

Awarded UK-MHRA Certificate : 2007

Business Lines : Manufacturing and Marketing of Pharmaceutical Finished Products, Basic Chemicals, AgroVet Products and Pesticide Products

Authorized Capital : Tk. 5,000 million

Paid-up Capital : Tk. 894.24 million

Number of Employees : 3,564

Subsidiary Company : Square Spinnings Ltd. Square Cephalosporins Ltd.Square Biotechs Ltd.

Associate Company : Square Textiles Ltd. Square Knit Fabrics Ltd. Square Fashions Ltd. Square Hospitals Ltd.

Source: Annual report of SPL

9 | Page

2.2 VISION

Square views business as a means to the material and social wellbeing of the

investors, employees and the society at large, leading to accretion of wealth

through financial and moral gains as a part of the process of the human

civilization.

2.3 MISSION

It’s Mission is to produce and provide quality & innovative healthcare relief for

people, maintain stringently ethical standard in business operation also

ensuring benefit to the shareholders, stakeholders and the society at large.

2.4 OBJECTIVE

It’s objectives are to conduct transparent business operation based on market

mechanism within the legal & social frame work with aims to attain the

mission reflected by it’s vision.

2.5 CORPORATE FOCUS

It’s vision, mission and objectives are to emphasize on the quality of

product, process and services leading to growth of the company imbibed

with good governance practices.

2.6 MANAGEMENT PHILOSOPHY

The Philosophies as have been adopted by Square Pharmaceuticals Ltd.

are as follows :

• Businesses should support and respect the protection of

internationally proclaimed human rights within their sphere of influence;

and

• Make sure that they are not complicit in human rights abuses.

10 | Page

• Businesses should uphold the freedom of association and the effective

recognition of the right to collective bargaining;

• The elimination of all forms of forced and compulsory labor;

• The effective abolition of child labor and

• Eliminate discrimination in respect of employment and occupation.

• Business should support a precautionary approach to environmental

challenges:

• Undertake initiatives to promote greater environmental responsibility;

and

• Encourage the development and diffusion of environmentally friendly

technologies.

• Business should work against corruption in all its forms, including

extortion and bribery.

• Square strives, above all, for top quality health care products at the

least cost reaching the lowest rungs of the economic class of people in

the country. Square values our social obligations.

• Square owes our shareholders and strive for protection of their capital

as well as ensure highest return and growth of their assets.

• Square strives for best compensation to all the employees who

constitute the back-bone of the management and operational strength

of the company through a pay-package composing salary/wages,

allowances, bonuses, profit participation, leave salary and

superannuation & retirement benefits.

• Square strives for the best co-operation of the creditors & debtors the

banks & financial Institutions who provide financial support when

Square needs them, the suppliers of raw materials & suppliers who

offer them at the best prices at the opportune moments, the

providers of utilities-power, gas & water etc. and the customers who

buy our products & services by redeeming their claim in time by making

prompt payment and by distributing proper product on due dates to our

customers.

11 | Page

• Square strives for fulfillment of our responsibility to the government

through payment of entire range of due taxes, duties and claims by

various public agencies like municipalities etc.

• Square strives, as responsible citizen, for a social order devoid

of malpractices, anti-environmental behaviors, unethical and

immoral activities and corruptive dealings.

• Square strives for practicing good-governance in every sphere of

activities covering inter alia not being limited to, disclosure & reporting

to shareholders, holding AGM in time, distribution of dividends

and other benefits to shareholders, reporting/dissemination of

price sensitive information, acquisition of shares by insiders,

recruitment & promotion of staff, procurement & supplies, sale of

assets etc. all that directly and indirectly affect the interest of

concerned groups - the shareholders, the creditors, suppliers,

employees, government and the public in general.

• Square strives for equality between sexs, races, religions and regions

in all spheres of our operation without any discriminatory treatment.

• Square strives for an environment free from pollution and poisoning.

• Square strives for the achievement of millennium development goals

for the human civilization.

2.7 Organogram of Square Pharmaceuticals Ltd.

ChairmanVice-ChairmanManaging Director

Board of Director

Executive Director (Admin)

Executive Director (Operation)

Director(Marketing & Sales)

GM (marketing)

GM (sales)

AGM

DGM (PMD)

AGM

Executive Secretary

Sr. Manager (Training)

Manager

Sr. Executive

Executive

Sr. Manager (Finance)

Manager

Sr. Executive

Executive

DGM (IMD)

AGM

Sr. Manager

Manager

Sr. Executive

Executive

Sr. Manager

Manager

Sr. Executive

Executive

Manager (regulatory)

Sr.

Executive

Executive

NSM

Sr. Manager

Manager

Sr. Executive

Executive

Sr. ManagerMRPC

Manager

Sr. Executive

Executive

Sr. Manager (GSD)

Director(Account & finance)

AGM Depo

Sr. Manager

Manager

RSM

TM

SMPO

MPO

Sr. Manager

(Accounts)

Manager

Sr. Executive

Executive

GM (Supply Chain)

DGM

AGM

Sr. Manager

Manager

Sr. Executive

Executive

GM (HR)

DGM

AGM

Source: Primary interview with HR executive of SPL

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2.8 CORPORATE GOVERNANCE

Corporate Governance involves decision making processes for any corporate

body as a going concern for the benefit of all concerned, present and future.

These decisions may be categorized as policy & strategic, operational and

executing, performance & evaluation and sharing of the accretional

assets between present & future cohorts. The involvement of the

entrepreneur in all these areas invokes decision making governance on a

continuous basis, the degree of involvement being variable with the

extent of delegation of authority top down and reporting for

accountability bottom up of the Management echelon. These aspects of

governance are shared by the Board of Directors, Executive

Management, operational participants and workers and others in

fulfillment of the common goals that converge in increasing the benefits

of all stakeholders. To this end entire corporate governance efforts are

blended with "good governance practices" as ethically and morally

acceptable standards under a given socio politico environmental

phenomenon of our society in which we work, live and exist.

The organisms through which the corporate governance functions are carried

out are:

Board Of Directors : a) Constitution. The Board of Directors, the top Management echelon,

consisting of the founding entrepreneurs/successors and an

Independent Director, provides the policy and strategic support and

direction for the entire range of the corporate activities. The Board of

Directors consist of nine (9) members including the Independent Director

with varied education and experience which provides a balancing

character in decision making process. The Board is re-constituted every

year at each Annual General Meeting when one-third of the members

retire and seek re-election. A director is liable to be removed if the

14 | Page

conditions of the Articles of Association and the provisions of the

Companies Act 1994 are not fulfilled.

b) Role & Responsibilities. The main role of the Board of Directors,

which is the highest level of authority, is to provide general

superintendence, oversee the operations and control the affairs of

the company through appropriate delegation and accountability

processes via the lines of command. However the Board of Directors

hold the ultimate responsibility & accountability with due delligence

for conducting the activities of the company as per provisions of law in

the interest of the shareholders, the stakeholders, the state and the

society. The Board of Directors, in fulfillment of its responsibility hold

periodic meetings, at least once a quarter and provide appropriate

decisions/directions to the Executive Management. Such meetings

usually consider operational performance, financial results, review of

budgets, capital expenditure proposals for BMRE or new

projects/divisions/product lines, procurement of funds by issue of

shares or borrowing, procurement of raw materials, plant & machinery,

pricing of products/discounts, recruitment, training and promotion of

officers, approval of audited accounts and distribution of dividends and

other interest of the stakeholders including the employees and workers.

The Board of Directors take special care in designing and articulating

productivity and compensation plans of employees and workers and

rewarding them appropriately on the basis of quality and quantity of

performance as an incentive. Board also remains responsible for

removal of operational hazards to life and health of workers, friendly

environmental work condition and social relationship as demanded of good

citizen in a country.

c) Relationship with Shareholders & Public. The shareholders as

owners, are required to be provided with material information on the

company's operation half-yearly and annually, the latter at the AGM.

They are also provided routine services by the Company Secretary in

matters of transfer of shares, replacement in case of loss or

damage of shares, payment of dividends etc. The Board is however

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responsible to the public for publication of any price sensitive

information as per SEC regulation. A qualified Chartered Secretary

is in charge for all these responsibilities as Company Secretary.

d) Relationship with Government. In its role on accountability to the

government, the Board of Directors ensure payment of all dues to

government in the form of import duty, custom duty and port charges,

VAT, Corporate Taxes and other levies as and when they become due on

the basis of actual operations and make sure to avoid corruption. This has

enabled the company to enhance its contribution to the National

Exchequer on a progressive rate year after year.

e) Relationship with Financers/Bankers. The Board oversees the

financial transactions and ensures to meet company's commitments

to the lenders without default. This has resulted in securing lower interest

rates from them.

f) Relationship with Suppliers. As the company has to import plant

and machinery and almost all the raw materials from abroad, it

maintains cordial and mutually beneficial interest with its international as

well as local suppliers. This has enabled the company to avoid any

legal disputes in international/local courts and enhanced the

company's image as a good customer.

g) Corporate Social Responsibilities (CSR). The Board of Directors is also

awoken of the Corporate Social Responsibilities (CSR) especially in the

areas of gender equality, race-religion-regional equality, non-employment

of child labor, human rights, environmental pollution, social-marketing,

social activities (promotion of sports & culture, health care and population

control programs, elimination of corruption programs, participation in

charitable activities etc. in non-partisan manner) right to form and

participate in Union under ILO convention, employment of disableds etc.

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2.9 THE EXECUTIVE MANAGEMENT

The Executive Management is led by the Managing Director (CEO) who

is appointed by the Board of Directors for a term of 5 years

(renewable) with the approval of shareholders in the Annual General

Meeting. The Managing Director is supported by professional, well

educated, trained and experienced team consisting of Executive Directors,

Directors, General Managers and a host of Senior Executives in the hierarchy

of management. The Board has approved an organogram with modern

features ensuring clear lines of delegation of authority and reporting for

accountability for effective decision making evaluation of performance on

merit for both rewarding and disciplinary action. The Executive

Management is responsible for preparation of budgetary segment plans/sub-

segment plans for every cost/profit centers and are held accountable for

performance therefore. The Executive Management is aided by

committee(s)/sub-committee(s) in carrying out its functions.

2.10 DIVIDEND POLICY

Ethics is an ingredient of Good Governance and involves a determination

of what is right and what is wrong and deals with things to be sought and

things to be avoided with way of life and the end of life. Ethics invokes the

management of the environment within which we function from a perspective

broader than, but obviously inclusive of, the current cohort. Since the

corporate environment is in theory an infinitely lived entity owned by

finitely lived shareholders, a governance ethic must represent a system

that serves the needs of the current ownership while preserving the ability of

the corporation to sustain itself and benefit future cohorts. The corporate

ethic must necessarily promote efficiency in co-existing with the

environment to generate the quality of life for a current cohort and yet also

provide an equity that does not disadvantage a future cohort by the

decisions of a current cohort. As an environmental ethic analogy, those

living today naturally believe in dividend payouts today with less regard

for the consequence tomorrow and those living tomorrow would prefer

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dividend payouts tomorrow without regard for the sacrifices we make today

to allow their greater consumption tomorrow.

Based on the above concept, the company is committed to show a

stable policy of distribution (cash outlay) of the accretional wealth (profits)

between the current and the future generation of shareholders. This would

enable the company to enhance its capital wealth and sustain for

perpetuity of existence, benefiting both the present cohorts and the progeny.

2.11 SHAREHOLDERS' RELATIONSHIP

Corporate Governance issues include how major policy decisions are made in

business corporations, how various stakeholders can influence the

process, who is held accountable for performance and what

performance standards are applied. In a nutshell power and influence are

crucial in corporate governance. As shareholders belong to the most

important stakeholders, ownership structure has an impact on the balance

of power among shareholders. Though sponsors usually hold majority

shares required for ordinary resolutions, public shareholders have a

definite role and influence in the passing of special resolutions required

for changes in the business object, sale of business/productive assets,

merger and amalgamation, winding up or dissolution and amendments to

Memorandum and Articles of Association for protection of minority interest up

to 49.9% of the shareholdings. The position of shareholders as on 31-03-

2008 indicates that the sponsors of the company do not hold the required

shareholdings (75%) for passing special resolutions. This allows the

public shareholders (individuals & institutions) to play an effective role in

protecting their legal corporate rights.

The Company holds regularly as per law the Annual General Meeting

with adequate notice and disclosures in the Directors' Report and the

Auditors' Report on Accounts/Notes and resolutions are passed with

consensus and unanimity. All reasonable and practicable suggestions are

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implemented with good grace. Special Resolutions are passed in General

Meeting with due notices.

All enquiries are attended by the Company Secretary. Where

necessary, Internal Audit Committee investigates matters of significant

merit for consideration by the Management Committee/Managing

Director/Audit Committee of Board/Board of Directors as the case may be.

2.12 CORPORATE SOCIALIZATION

In order to play a model role for Good Governance characteristics in the

corporate sector, the company has become members of country's leading

chamber - Metropolitan Chamber of Commerce & Industries (MCCI),

Bangladesh Association of Publicly Listed Companies (BAPLC), Central

Depository Bangladesh Limited (CDBL), Dhaka Stock Exchange Ltd.

(DSE) and Chittagong Stock Exchange Ltd. (CSE). These memberships

have provided scope to the company for improvement of Governance

Practices for the benefit of the shareholders /stakeholders.

2.13 RESEARCH AND NEW PRODUCTS DEVELOPMENT

As a part of Corporate Social Responsibility for Good Governance the

company maintains a team of scientific pharmaceutical experts who

continuously conduct research & development programs for improving

quality of products, reduction of cost, adaptation of products that are

free of intellectual property rights and innovative products. These efforts

have enabled the company to add new products to its product lines every

year to the benefit of the common men of the country and the shareholders.

The success in this field has secured the leading position for the company in

the pharmaceutical sector.

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2.14 PRESENT FINANCIAL POSITION

Capital Resources Table: 2.1 ASSETS 31-03-08 31-03-07

Non-Current Assets: 8,291,290,984 6,804,429,292Property, Plant and Equipment-Carrying Value 4,088,432,171 3,531,003,509Capital Work-in-Progress 591,114,649 481,239,419Investment - Long Term (at Cost) 3,611,744,164 2,792,186,364

Current Assets: 4,411,836,436 3,682,510,712Inventories 2,026,736,322 1,544,191,798Trade Debtors 360,245,646 322,864,637Advances, Deposits and Prepayments 288,806,440 236,455,395Investment in Marketable Securities (at Cost) 20,250,000 20,250,000Short Term Loan 1,510,502,334 1,418,893,703Cash and Cash Equivalents 205,295,694 139,855,179

TOTAL ASSETS 12,703,127,420 10,486,940,004

Corporate operational results Table: 2.2 (figure in thousand)

2007-08 2006-07 2005-06 2004-05 2003-04 Turnover (Gross) Value Added Tax Turnover (Net) Gross Profit Net Profit before Tax Net Profit after Tax Shareholders' Equity Total Assets Total Bank Borrowings Total Current Assets Total Current Liabilities

9,565,7161,307,8728,257,8443,401,7821,868,6341,381,8638,417,041

12,703,1273,569,2804,411,8363,500,845

8,711,0351,210,2237,500,8113,232,3641,722,9061,303,2437,333,258

10,486,9402,536,5243,682,5112,555,566

7,085,553 995,648

6,089,9052,564,5031,533,0431,165,8656,402,0159,298,987

2,334,925 4,031,685 2,260,755

6,199,135 867,088

5,332,047 2,172,593 1,513,019 1,255,848 5,568,790 7,907,933 1,902,331 3,242,502 1,949,949

5,482,088760,536

4,721,5521,906,5921,151,636

970,0444,590,1426,021,497

988,611 2,016,0561,250,676

Current Ratio No. of Share Outstanding Dividend per Share (Cash) Dividend per Share (Stock) Shareholders' Equity per Share EPS at original capital at IPO Earning per Share (SPL) Earning per Share (Consolidated) Quoted Price per Share - DSE Quoted Price per Share - CSE Price Earning Ratio-DSE (Time) Number of Shareholders Human Resources: Executives Staff Workers

1.26 8,942,400

40 35% 941

690.93 154.53 170.28 4,110 4,107 26.60

31,688

1,525 1,110

929

1.445,961,600

5050%820

651.62145.74163.062,4472,462

16.79 13,009

1,242913846

1.784,968,000

7520%716

582.93130.37151.47

2,2762,28917.46

13,206

1,143796764

1.66 4,320,000

77 15% 623

627.92 140.44 146.64

3,768 3,766 26.83

10,486

949 740 705

1.613,600,000

7020%513

485.02108.48112.70

2,2722,31620.949,270

895686661

Sources: Annual report 2008, SPL

Sources: Annual report 2008, SPL

20 | Page

2.15 HUMAN RESOURCES

2007-08 2006-07 2005-06 2004-05 2003-04

Executives Staff Workers

1,5251,110

929

1,242913846

1,143796764

949 740 705

895686661

Table: 2.3

All manufacturing units are staffed with adequate number of Professionals

related to Pharmaceutical sciences in accordance with WHO guidelines in

order to produce good quality, safe and effective drugs and pharmaceuticals.

Adequate number of other supporting trained and skilled technical personnel

is employed for smooth functioning of the manufacturing plant.

SPL has a dedicated team of adequate professionals for smooth functioning

of the company.

It has a team of more than 300 well-trained employees to market it’s product

countrywide which is second to none.

Square strives for best compensation to all the employees who constitute the

back-bone of the management and operational strength of the company

through a pay-package composing salary/wages, allowances, bonuses,

profit participation, leave salary and superannuation & retirement benefits.

In order to improve productivity of human input, the company continuously

provide formal and informal training to the employees at every echelon of

operation and management. During the year under 2008 2247 person

received in-house or in-operation/on the job training at home and abroad

which will ultimately make great contribution to the company's profitability

as well their own remuneration in due course.

Sources: Annual report 2008, SPL

21 | Page

2.16 TECHNOLOGICAL UPGRADATION

The company is endeavoring to upgrade and adopt new technology in

production, quality control, distribution and administration of its products

to patients. During the year (2007-2008) the company invested an

amount of Tk. 36,424,234 in improving its Laboratory.

2.17 R&D ACTIVITIES

A team of scientific pharmaceutical experts who continuously conduct

research & development programs for improving quality of products,

reduction of cost, adaptation of products that are free of intellectual

property rights and innovative products. These efforts have enabled the

company to add new products to its product lines every year to the benefit of

the common men of the country and the shareholders. The success in this

field has secured the leading position for the company in the pharmaceutical

sector.

2.18 BUSINESS PORTFOLIO Subsidiary Operation Long-term investment Investment In Marketable

Securities Square Spinnings Ltd. Square Cephalosporins Ltd. Square Biotechs Ltd.

Square Textiles Ltd. United Hospital Ltd. National Housing Finance and Investment Ltd. Central Depository Bangladesh Ltd. Square Hospitals Ltd. Square Knit Fabrics Ltd. Square Fashions Ltd. Square InformatiX Ltd

Shares Pioneer Insurance Company

2.19 DISTRIBUTION CHANNEL

SPL has the strongest distribution network for smoothing distribution of

medicines to all parts of the country. Currently it has 15 depots all over the

22 | Page

country. Those are situated at Dhaka, Pabna, Bogra, Rangpur, Khulna,

Barisal, Comilla, Mymensingh, Chittagong, Noakhali, Sylhet, Tangail,

Rajshahi, Faridpur and Naryanganj. It uses own transport system to deliver its

product to the stockist and retailer.

2.20 MANUFACTURING FACILITIES

a. Dhaka unit This is a state of the art manufacturing facility for oral solid dosage forms and

all facilities have been developed meeting the requirements of cGMP CFR 21.

Dhaka Unit started its operation at the end of 2002. In the year 2002, the

representative of UNICEF, Copenhagen, audited Dhaka Unit facility and

enlisted this plant for their global supply. Besides UNICEF audit, in 2003,

David Begg Associates, an UK based consulting company also audited this

facility and recognized that this plant fulfills the requirement of MHRA.

b. Pabna Unit Pabna Unit is the first manufacturing facility of SQUARE Pharmaceuticals

Ltd. and started operation in 1958. It is a modern plant that fully complies with

WHO – cGMP Requirements. It has earned ISO 9001 Certificate in 1998, for

which Auditor was Orion Registrar Inc., USA. Again, it’s Quality Management

System upgraded to 2000 version in 2002.

c. Pesticide unit Pesticide Unit is a newly formed unit dedicated to the diversification of agro

business through agricultural chemicals and public health insecticides. The

main operations include repacking, selling and marketing of insecticides,

fungicides, and herbicides of Chimac-Agriphar s.a., Belgium and FMC

Corporation, USA.

d. Cephalosporins Unit Dedicated and state-of-the-art Cephalosporins Manufacturing Facility is built

as per the requirement of International GMP standard like EMEA, UK MHRA

23 | Page

and US FDA. This world class facility manufactures Cephalosporin antibiotics

in Tablets, Capsules, Dry Syrup and Injectable preparations.

2.21 RAW MATERIAL MANUFACTURING

• Pet Bottle Unit: First integrated machine of its kind in pharmaceuticals

industry of Bangladesh. Operation started from 2004. Production

capacity/hour is 5000 pcs.

• API Unit. Pharmaceutical Bulk Manufacturing Plant. It is presently the

largest quality-bulk drugs manufacturer in the country producing

international standard bulk pharmaceuticals to satisfy more than hundred

pharmaceutical companies throughout the country. API product range- (1) Amoxycillin Trihydrate (Compacted) BP/USP (2) Amoxycillin Trihydrate (Micronised) BP/USP

(3) Cloxacillin Sodium (Compacted) BP/USP

(4) Cloxacillin Sodium (Micronised) BP/USP

(5) Paracetamol BP/USP

(6) Diclofenac Sodium BP/USP

(7) Diclofenac Di Ethyl Amine BP

(8) Diclofenac Potassium BP

(9) Diclofenac INN (Free Acid)

(10) Flucloxacillin Sodium (Compacted) BP

(11) Flucloxacillin Sodium (Micronised) BP

24 | Page

2.22 PRESENT MARKET POSITION

Top 10 Manufacturers in Bangladesh by sales - 2007

Company name Sales USD mn Share (%) Square 106.5 18.03Beximco 54.3 9.91Incepta 43.5 7.37Acme 31.9 5.4Eskayef 26.8 4.54Drug Int. 23.1 3.91Aristopharma 22.9 3.88Sanofi-Aventis 22.4 3.8ACI 22.4 3.79Renate 21.5 3.63Table: 2.4 Source: IMS Report,4th Quarter - 2007

0 1 2 3 4 5 6 7 8 9 10 11

20

18

16

14

12

10

8

6

4

2

0

Top 10 market player by market share

mar

ket s

hare

Market standing

Square

Beximco

Incepta

Acme

Eskayef

Drug Int.

Aristopharma

Sanofi-Aventis

ACI

Renata

Source: IMS Report,4th Quarter - 2007

Fig: 2.1

25 | Page

2.23 EXPORT The company is continuously pressing hard for expanding it's export sales. During the year under review, the exports amounted to Tk. 212.49 million as against Tk. 192.95 million in previous year, a 10.13% increase. The exports are expected to rise in the forthcoming years so far. As the Company has secured license under UK MHRA, it is expected that the export potential will increase substantially in the near future. It may be mentioned that the company has, for the first time, exported basic chemicals for over Tk. 2 million during the year. The company is making entry into foreign markets and making efforts in registering its products in USA/EU countries for which is has already set up a modern state-of-art production facilities at Kaliakoir, Gazipur. The company has already secured permission for marketing its products in UK/EU countries.

Present export market covers: Myanmar Nepal Kosovo Kenya Libya Mauritius Malawi Yemen Tanzania Sri Lanka Somalia Vietnam Afghanistan Ukraine Uzbekistan Ghana Iraq Benin Botswana Bhutan Cambodia Comoros Island Tajikistan Mozambique Gambia Niger Rwanda Papua New Guinea

Sierra Leone Macau countries

Table: 2.5 Source: Annual report 2008, SPL

2.24 VALUE PROPOSITION

SPL has presently been offering it’s products to its market segment with the

value proposition “Utmost quality, Excellent efficacy”. 2.25 VALUE CREATION ACTIVITIES Fig: 2.2

SPL

Discovery Development Register Mfg. M&S

26 | Page

2.26 REVENUE MODEL

Total revenues are highly dependant on sales from a small number of drugs.

Because, In the pharmaceutical industry, the pharmaceuticals products are

divide in to two broad categories: (a) OTC- Can be advertised of

commercialized (b). POM- Strictly regulated in terms of pricing and

approaches. SPL strives to increase the sale of those POM drugs.

2.27 Comparison between domestic and export sales

a) Revenue from domestic sales 9353.22b) Revenue from export 212.49

Total 9,565.71

27 | Page

Chapter 3

Market Expansion Strategy of Square

Pharmaceuticals Ltd.

28 | Page

3 Market Expansion Strategy of SPL

3.1 MARKETING MIX

Before going into deeper, we should define the present marketing mix of SPL

which is figured out in the following model:

a) Market Segments.. The main basis of segmenting market in Bangladesh is

therapeutic drug i.e. NASAL DROPS, ANTIBIOTIC etc. Presently SPL has the

largest product portfolio to serve as many segments as possible. It

consistently strives to make it larger. Its present segments are identified in the

product table.

b) Target Customers.. Rather than the consumer of the medicine, the key

customers for SPL has been the physician. Physicians are considered here as

opinion leader. The major innovative drugs can not be purchased without a

prescription provided by a doctor. SPL’s main selling task has been directed,

therefore, not at the user, but at physicians.

Product

(medicine)

Promotion (personal selling

through relationship)

Price

(all most regulated)

Place

(domestic & foreign)

Target customers

(doctors & physicians)

Fig: 3.1

29 | Page

Doctors and physicians are segmented on the basis of its therapeutic drug

segment. As for example, NASAL DROPS products are communicated at

E.N.T specialists. Therefore, if SPL has NASAL DROPS product line, then

E.N.T. specialists are treated its target customers. Besides this, general

physicians are also it’s target customers.

c) Value Proposition.. SPL has presently been offering it’s products to its

market segment with the value proposition “Utmost quality, Excellent efficacy”.

d) Product.. SPL develops, produces, and markets drugs of different

therapeutic groups licensed for use as medications.

The Bangladeshi Pharmaceutical Market is primarily a generic market

producing both patented and off-patented products. This is popularly known

as Branded Generic Market since any manufacturer can produce the same

molecule (either patented or off-patented) and market it in different brand

names. SPL is not beyond this scenario. It produces off-patented molecule

and market it in it’s own brand.

The product list according to generic segment can be found in appendix part.

e) Price.. Drug pricing is heavily dependent on the National Drug Policy

adopted by Directorate of Drug Administration of Bangladesh Govt.

Governments agencies act as a countervailing power in pricing

pharmaceuticals.

As per the NDA 2005, regulatory authority pursuing “Rational pricing” of drugs

to ensure essential drugs available to the end-users at affordable prices. On

the basis of that policy, SPL has been pursuing two different kinds of pricing

policy-

a. For OTC product, all most similar price as the competitors’.

b. For POM product, competitive pricing.

30 | Page

There are also few exceptions. If SPL introduces a product first in the market,

it charges little bit higher price than it’s competitors, but within the rules and

regulations of Drug Administration.

f) Place.. SPL has the strongest domestic distribution network for smoothing

distribution of medicines to all parts of the country. Currently it has 15 depots

all over the country. Those are situated at Dhaka, Pabna, Bogra, Rangpur,

Khulna, Barisal, Comilla, Mymensingh, Chittagong, Noakhali, Sylhet, Tangail,

Rajshahi, Faridpur and Naryanganj. It uses own transport system to deliver its

product to the stockist and retailer.

SPL also exports its products to 31 countries. Present export market covers: Myanmar Nepal Kosovo Kenya Libya Mauritius Malawi Yemen Tanzania Sri Lanka Somalia Vietnam Afghanistan Ukraine Uzbekistan Ghana Iraq Benin Botswana Bhutan Cambodia Comoros Island Tajikistan Mozambique Gambia Niger Rwanda Papua New Guinea

Sierra Leone Macau countries

Table: 3.1 Source: Annual report 2008, SPL

g) Promotion.. Public advertisement for medicine, specially POM drug is

strictly prohibited in Bangladesh. But it may be done for OTC medicine to

some extent. However, no pharma company in Bangladesh is engaged in

such advertisement.

SPL heavily depends on personal selling through rapport building and

maintaining. A team of sales representatives, called MPO have been

employed to meet with physicians to explain the merits, demerits, indication,

contraindications, etc. of the medicine with the help of literature, brochure,

pad, booklet, leaflet, gift item etc. That is, the Medical Promotion Officers

promote the companies product to doctors front with the help of different

31 | Page

promotional materials. If a new drug is to be more expensive, then it needs

to demonstrate that its superior performance is worth it.

Its promotional activities can be illustrated as follows:

3.2 CONSISTENT UPGRADATION

SPL’s another strategy is upgrading and adopting new technology for it’s

manufacturing plants consistently so that it can produce quality product with

comparatively lower cost.

3.3 EXPORT

This is an important market expansion strategy of SPL. Because the past fifty

years have seen a dramatic lowering of barriers to cross-border trade and

investment, For example, the average tariff rate on manufactured goods

traded between advanced nations has fallen from around 40 percent to under

4 percent. Similarly, in nation after nation, regulations prohibiting foreign

companies from entering domestic markets and establishing production

facilities, or acquiring domestic companies, have been removed.

Core customer (doctor)

End customer (patient)

Non-core customer (retailer)

Customer (stockist)

Customer (C&F)

Marketing & Sales Team

literature, brochure, pad, booklet, leaflet, gift item etc

Relation development

Fig: 3.2

32 | Page

3.4 LOW MANUFACTURING COST THROUGH VERTICAL INTEGRATION

To expand it’s market with low cost products, SPL’s strategy is to integrate

itself more vertically so that it can get the raw materials cheaply. It has its own

API manufacturing facilities and more API factory is being established.

3.5 PRODUCT MARKET GROWTH MATRIX STRATEGY OF SPL

On the basis of the above discussion, we can conceptualize the market

expansion strategies of SPL through the following figure:

Market penetration

Product development

Market development Diversification

Present New

Mar

kets

Products

Pre

sent

N

ew

Fig: 3.3

33 | Page

Chapter 4

Marketing Problems of SPL

34 | Page

4 Marketing Problems of SPL

After analyzing its present market expansion strategies, the following

problems have been found in it:

1. It seems that SPL pursuing “prescription for profit” strategy for

market penetration. It is partially good, but may not be perfect as the

completion is very hard. There are some other parties who has the

scope and ability to act as “opinion leader” and to motivate the buyer.

These potential “opinion leaders” are remaining unexploited. SPL has

enough resources to let them add value to the company.

2. I didn’t find SPL adopting any strategy to create brand loyalty. But

client is more profitable than customer in terms of both transaction as

well as positive word-of-mouth communication. He himself can be an

opinion leader.

3. Holding the heaviest product portfolio should not be the ultimate goal at

all. Emphasis must be given on how early a new product can be

launched in the market place than the competitor.

4. At present, SPL gets only 20% raw materials from its API plant and the

rest are to be imported. It increases product cost.

5. Market should not be segmented only on the therapeutic drug basis.

6. Pharmaceutical value chain is a bit different from traditional value as it

includes an additional step in the start “Discovery”. This step is a vital

strength of any pharmaceutical company. SPL lacks this component in

its value chain.

35 | Page

Chapter 5

Recommendations

36 | Page

5 Recommendations

5.1 NEW CATEGORY OPINION LEADER

Doctors are the only opinion leader in SPL’s present strategy. It may be

partially good, but can not be perfect as the completion becomes more

intense day by day. There are some other parties who has the scope and

ability to act as “opinion leader” and to motivate the buyer. These potential

“opinion leaders” are remaining unexploited. SPL has enough resources to let

them add value to the company.

Hereby I am proposing a hypothetical model to correct this strategy-

In this model, Retailers have been selected as new opinion leader, besides

the doctors & physicians. In return, they will enjoy above average profit

margin by selling SQUARE product.

Core customer (doctor)

End customer (patient)

Non-core customer (retailer)

Customer (stockist)

Marketing & Sales Team

Profit

sharing

Fig: 5.1

37 | Page

5.2 CUSTOMER ONCE, CLIENT FOR EVER

Client is more profitable than customer in terms of both transaction as well as

positive word-of-mouth communication. He himself can be an opinion leader.

So, I am suggesting to adopt some programs that will let its customers be

transformed into clients. The following model would better describe this

concept:

SPL has a strong brand image in pharmaceutical industry. It will

facilitate this strategy.

I am citing some instances here which may be useful for this strategy:

a. Mobile Hospital service with free treatment and medicine.

b. Health awareness program in rural area.

c. Modernization of educational institute or public hospital etc.

5.3 TODAY’S PLANT, TOMORROW’S TREE

Those who are student of MBBS today, tomorrow they will become doctor.

Therefore, SPL may approach them to establish and maintain a long-term

rapport.

Core customer (doctor)

End customer (patient)

Non-core customer (retailer)

Customer (stockist)

Marketing & Sales Team

Brand awareness

Fig: 5.2

38 | Page

5.4 WHAT I HAVE TODAY, OTHER WILL HAVE TOMORROW

SPL is always striving to maintain the highest product portfolio among the

competitors for its product development strategy. Holding the heaviest product

folio should not be the ultimate goal at all. Emphasis must be given on how

early a new product can be launched in the market place than the competitor.

5.5 KEEP PACE WITH THE RACE

Today’s world is changing very rapidly, in every sphere. Therefore, updating

production plant alone is not enough to cope with the new environment. SPL

has to have a keen eye if there is any change in HR development, transport,

information technology, consumer relation management, medical science and

so on.

5.6 INTEGRATE GREATLY

SPL imports 80% raw materials of its total requirements. This is an weakness

if it wants to consistently expand its market. So it require either more API

plants or increase in present production capacity.

5.7 DISCOVER THE UNDISCOVERED

Pharmaceutical value chain is a bit different from traditional value as it

includes an additional step “Discovery”. in the start This step is a vital strength

of any pharmaceutical company. SPL lacks this component in its value chain.

Discovery Development Register Mfg. M&S

SPL

Fig: 5.3

39 | Page

5.8 ACT LOCALLY, THINK GLOBALLY

As the Company has secured license under UK MHRA, it has created a

tremendous opportunity for SPL to expand globally. Not only that, in nation

after nation, regulations prohibiting foreign companies from entering domestic

markets and establishing production facilities, or acquiring domestic

companies, have been removed. As a result of these two developments, there

has been a surge in both the volume of international trade and the value of

foreign direct investment. Between 1950 and 2000, the volume of world trade

increased more than twenty-fold. So, SPL must grab this opportunity.

5.9 INNOVATION IS THE DESTINATION

Pharma is on the brink of a scientific and technological revolution that will

ultimately transform both the nature of the medicines it makes and how it

makes them. In future, then, Pharma will not only make the white powders,

creams and tablets it has traditionally produced, it will manufacture a

complete mix of biopharmaceuticals, parenterals and diagnostics. Making

targeted treatment solutions will generate greater revenues than conventional

drugs and offset the increasing competition from generic producers. But it will

also require the restructuring of the entire pharmaceutical value chain,

including the fixed asset base and downstream distribution.

5.10 SEGMENT THE CURRENT MARKET SEGMENT

SPL is in need of more segmentation tools in an ongoing effort to establish

close and sustainable relationships with customers.

40 | Page

Chapter 6

Conclusion

41 | Page

6 Conclusion

The purpose of this paper has been to analyze the market expansion activities

of Square Pharmaceuticals Ltd. SPL is a very big business organization.

Therefore, its very difficult on my part to analyze its each and every strategy

precisely in this small study.

There can be various ways through which a business organization can

achieve success in the market, After scanning its external & internal

environment and considering all alternatives, I have tried my level best to sort

out the best way as per my thinking ability for SPL to run ahead.

But finally I can say this much that it has a large potential both in the short and

long run due to its sound distinctive competencies .

42 | Page

Bibliography

⇒ Philip Kotler & Gary Armstrong, 10th Edition, Principles of Marketing,

Pearson Education International, New Jersey, USA.

⇒ Annual Reports of Square Pharmaceuticals Ltd.

⇒ www.squarepharma.com.bd

43 | Page

Appendix

Product Portfolio of SPL SL No. Brand name Generic name Strength Market segment: ANTIBIOTIC AND ANTIMICROBIAL 1 Anca 500 Tablet Cefprozil 500 mg 2 Anca 250 Tablet Cefprozil 250 mg 3 Anca Suspension Cefprozil 250 mg / 5 ml 4 Benzapen 1.2 million injection Benzathine Penicillin 1.2 million/Vial 5 Cef - 3 Capsule Cefixime 200 mg 6 Cef - 3 DS Capsule Cefixime 400 mg 7 Cef - 3 Dry Syrup Cefixime 100 mg / 5 ml 8 Cef - 3 Dry Syrup Cefixime 100 mg / 5 ml 9 Cef - 3 Dry Syrup Cefixime 100 mg / 5 ml 10 Cefdir Capsule Cefdinir 300 mg 11 Cefdir Suspension Cefdinir 125 mg / 5ml 12 Cefotil 125 Tablet Cefuroxime Axetil 125 mg 13 Cefotil 250 Tablet Cefuroxime Axetil 250 mg 14 Cefotil 500 Tablet Cefuroxime Axetil 500 mg 15 Cefotil Suspension Cefuroxime Axetil 125 mg / 5ml 16 Cefotil IM/IV Injection Cefuroxime Sodium 750 mg 17 Cefotil 1.5 Injection Cefuroxime Sodium 1.5 gm 18 Ceftron 1gm IM / IV Inj. Ceftriaxone 1 gm 19 Ceftron 2 gm IV inj. Ceftriaxone 2 gm 20 Ceftron 250 IM / IV Inj. Ceftriaxone 250 mg 21 Ceftron 500 IM / IV Inj. Ceftriaxone 500 mg 22 Ceporin 250 Capsule Cephalexin 250 mg 23 Ceporin 500 Capsule Cephalexin 500 mg 24 Ceporin Dry Syrup Cephalexin 125 mg / 5ml 25 Ceporin DT Cephalexin 250 mg 26 Ciprocin 250 Tablet Ciprofloxacin 250 mg 27 Ciprocin 500 Tablet Ciprofloxacin 500 mg 28 Ciprocin 750 Tablet Ciprofloxacin 750 mg 29 Ciprocin Suspension Ciprofloxacin 250 mg / 5 ml 30 Ciprocin XR 1000 Tablet Ciprofloxacin 1000 mg 31 Cotrim Suspension Sulphamethoxazole+Trimethoprim (200 mg + 40 mg) / 5 ml 32 Cotrim Tablet Sulphamethoxazole+Trimethoprim 400 mg + 80 mg 33 Cotrim DS Tablet Sulphamethoxazole+Trimethoprim 800 mg + 160 mg 34 Doxacil 100 Capsule Doxycycline HCI 100 mg 35 Emcil Tablet Pivmecillinam 200 mg 36 Eromycin 250 Tablet Erythromycin 250 mg 37 Eromycin Dry Syrup Erythromycin 125 mg / 5 ml 38 Eromycin DS Tablet Erythromycin 500 mg 39 Eromycin Pediatric Drops Erythromycin Ethylsuccinate 200 mg / 5 ml 40 Force 1 gm IV Injection Cefpirome 1 gm 41 Gati 400 Tablet Gatifloxacin 400 mg 42 Genacyn 20 Injection Gentamicin 20 mg / 2 ml 43 Genacyn 80 Injection Gentamicin 80 mg / 2 ml

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44 Lebac 1 gm IV Injection Cephradine 1 gm 45 Lebac 500 mg Injection Cephradine 500 mg 46 Lebac 250 Capusle Cephradine 250 mg 47 Lebac 500 Capsule Cephradine 500 mg 48 Lebac Dry Syrup Cephradine 125 mg / 5 ml 49 Lebac Pediatric Drops Cephradine 125 mg / 1.25 ml 50 Lebac Forte Suspension Cephradine 250 mg / 5 ml 51 Loracef 500 Capusle Cefaclor 500 mg 52 Loracef Suspension Cefaclor 125 mg / 5 ml 53 Loracef Pediatric Drops Cefaclor 125 mg / 1.25 ml 54 Loracef 375 ER Tablets Cefaclor 375 mg 55 Maxcef 250 mg Injection Cefotaxime 250 mg 56 Maxcef 500 mg Injection Cefotaxime 500 mg 57 Maxcef 1 gm Injection Cefotaxime 1 gm 58 Mexlo 400 Tablet Lomefloxacin 400 mg 59 Moxacil 250 Capsule Amoxycillin Trihydrate 250 mg 60 Moxacil 500 Injection Amoxycillin 500 mg / vial 61 Moxacil 500 Capsule Amoxycillin Trihydrate 500 mg 62 Moxacil Dry Syrup Amoxycillin 125 mg / 5 ml 63 Moxacil Forte Suspension Amoxycillin 250 mg / 5 ml 64 Moxacil DT Amoxycillin 250 mg 65 Moxacil Pediareic Drops Amoxycillin 125 mg / 1.25 ml 66 Moxacil 875 Tablet Amoxycillin Trihydrate 875 mg 67 Moxaclav 375 Tablet Amoxycillin + Clavulanic acid 250 mg + 125 mg 68 Moxaclav 625 Tablet Amoxycillin + Clavulanic acid 500 mg + 125 mg 69 Moxaclav Dry Syrup Amoxycillin + Clavulanic acid (125 + 31.25) mg / 5 ml 70 Moxaclav Dry Syrup Amoxycillin + Clavulanic acid (125 + 31.25) mg / 5 ml 71 Moxaclav Forte Suspension Amoxycillin + Clavulanic acid (400 + 57.50) mg / 5 ml 72 Moxaclav 1 gm Tablet Amoxycillin + Clavulanic acid 875 mg+ 125 mg 73 Nalid 500 Tablet Nalidixic Acid 500 mg 74 Nalid Dry Syrup Nalidixic Acid 300 mg / 5 ml 75 Penvik Dry Syrup Phenoxymethyl Penicillin 125 mg / 5 ml 76 Penvik 250 Tablet Phenoxymethyl Penicillin 250 mg 77 Penvik DS Tablet Phenoxymethyl Penicillin 500 mg 78 Penvik Forte Dry Syrup Phenoxymethyl Penicillin 250 mg / 5 ml 79 Phylopen 250 Capsule Flucloxacillin 250 mg 80 Phylopen Dry Syrup Flucloxacillin 125 mg / 5 ml 81 Phylopen Forte Dry Syrup Flucloxacillin 250 mg / 5 ml 82 Phylopen DS Capsule Flucloxacillin 500 mg 83 Phylopen 500 Injection Flucloxacillin 500 mg / vial 84 Remac 500 Tablet Clarithromycin 500 mg 85 Rutix 200 Tablet Ofloxacin 200 mg 86 Rutix 400 Tablet Ofloxacin 400 mg 87 Saga 200 mg Tablet Sparfloxacin 200 mg 88 Specbac 1 gm IV Injection Meropenem 1 gm 89 Specbac 500 mg IV Injection Meropenem 500 mg 90 Tazid 250 mg IM/IV Injection Ceftazidime 250 mg 91 Tazid 500 mg IM/IV Injection Ceftazidime 500 mg 92 Tazid 1 gm IM/IV Injection Ceftazidime 1 gm 93 Tetrax 500 Capsule Tetracycline HCl 500 mg 94 Trevox 500 Tablet Levofloxacin 500 mg 95 Trevox 750 Tablet Levofloxacin 750 mg

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96 Trevox Syrup Levofloxacin 125 mg / 5 ml 97 Vanprox 100 Capsule Cefpodoxime Proxetile 100 mg 98 Vanprox 200 Capsule Cefpodoxime Proxetile 200 mg 99 Vanprox Pediatric Drops Cefpodoxime Proxetile 20 mg / ml 100 Vanprox Dry Syrup Cefpodoxime Proxetile 40 mg / 5 ml 101 Vanprox Forte Suspension Cefpodoxime Proxetile USP 80 mg/5ml 102 Zimax 500 Tablet Azithromycin 500 mg 103 Zimax 250 Capsule Azithromycin 250 mg 104 Zimax Suspension Azithromycin 200 mg / 5 ml 105 Zimax Suspension Azithromycin 200 mg / 5 ml

Market segment: ANALGESIC, ANTIPYRETIC, ANTIRHEUMATIC AND ANTISPASMODIC

1 Ace Pediatric Drops Paracetamol 80 mg/ml

2 Ace Pediatric Drops Paracetamol 80 mg/ml 3 Ace suspension Paracetamol 120mg/5ml 4 Ace Syrup Paracetamol 120mg/5ml 5 Ace 500 tablet Paracetamol 500mg 6 Ace 120 DT Paracetamol 120 mg 7 ACE 60 Suppository Paracetamol 60 mg

8 ACE 125 Suppository Paracetamol 125 mg

9 ACE 250 Suppository Paracetamol 250 mg 10 ACE 500 Suppository Paracetamol 500 mg 11 Ace Plus Tablet Paracetamol + Caffeine 500 mg + 65 mg 12 Anadol Capsule Tramadol HCl 50 mg 13 Anadol Injection Tramadol HCl 100 mg/2ml 14 Anadol Suppository Tramadol HCl 100 mg 15 Clofenac 25 tablet Diclofenac Sodium 25 mg 16 Clofenac 50 tablet Diclofenac Sodium 50mg

17 Clofenac DT Diclofenac free acid 46.50mg

18 Clofenac gel Diclofenac Diethylammonium Salt 10mg/gm 19 Clofenac injection Diclofenac Sodium 75mg/3ml 20 Clofenac Plus injection Diclofenac Sodium + Lidocaine (75mg + 20mg)/2ml 21 Clofenac SR tablet Diclofenac Sodium 100mg 22 Clofenac 12.5 suppository Diclofenac Sodium 12.5 mg 23 Clofenac 25 suppository Diclofenac Sodium 25 mg 24 Clofenac 50 suppository Diclofenac Sodium 50 mg 25 Colicon Tablet Dicycloverine 10 mg 26 Colicon Injection Dicycloverine 20 mg / 2 ml 27 Colicon Syrup Dicycloverine 10 mg/5ml

28 Contilex Tablet Glucosamine Sulfate INN + Chondroitin Sulfate INN 250 mg + 200 mg

29 Espa tablet Drotaverine HCl 40 mg 30 Espa injection Drotaverine HCl 40 mg/2 ml 31 Flexi Tablet Aceclofenac 100 mg 32 Kitex Tablet Dexketoprofen 25 mg 33 Kop 200 SR Capsule Ketoprofen 200 mg 34 Kop 50 tablet Ketoprofen 50 mg 35 Kop 100 SR Capsule Ketoprofen 200 mg 36 Kop gel Ketoprofen 25 mg/gm 37 Kop IM injection Ketoprofen 100mg/2ml 38 Melcam 7.5 Tablet Meloxicam 7.5 mg 39 Melcam 15 Tablet Meloxicam 15 mg

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40 Miclofenac 50 Tablet Diclofenac Sodium + Misoprostol 50 mg + 200 mcg 41 Miclofenac 75 Tablet Diclofenac Sodium + Misoprostol 75 mg + 200 mcg 42 Norvis Tablet Tiemonium Methylsulphate 50 mg 43 Norvis Injection Tiemonium Methylsulphate 5 mg / 2 ml 44 Panodin SR Tablet Etodolac USP 600 mg 45 Penrif 15 Cream Methylsalicylate + Menthol 15% + 10% 46 Penrif 30 Cream Methylsalicylate + Menthol 30% + 8% 47 Selecox 100 tablet Celecoxib 100 mg 48 Selecox 200 tablet Celecoxib 200 mg 49 Sonap 10% Gel Naproxen 10% 50 Sonap 250 tablet Naproxen 250 mg 51 Sonap 500 tablet Naproxen 500 mg 52 Sonap 500 Suppository Naproxen 500 mg 53 Tilex 500 Tablet Glucosamine HCl 500 mg 54 Torax 10 Tablet Ketorolac Tromethamine 10 mg 55 Torax 10 Injection Ketorolac Tromethamine 10 mg/ml 56 Torax 30 Injection Ketorolac Tromethamine 30 mg/ml 57 Torax 60 Injection Ketorolac Tromethamine 60 mg/ml 58 Tory 60 Tablet Etoricoxib 60 mg 59 Tory 90 Tablet Etoricoxib 90 mg 60 Tory 120 Tablet Etoricoxib 120 mg 61 Xflam 200 tablet Dex-Ibuprofen INN 200 mg 62 Xflam 300 tablet Dex-Ibuprofen INN 300 mg 63 Xflam 400 tablet Dex-Ibuprofen INN 400 mg 64 Xripa tablet Nefopam HCl INN 30 mg 65 Xripa Injection Nefopam HCl INN 20 mg/ml 66 Xtra 10 tablet Valdecoxib 10 mg 67 Xtra 20 tablet Valdecoxib 20 mg 67 Timotor tablet Trimebutine Maleate INN 100 mg

Market segment: GASTROPROKINETIC AND ANTIEMETIC

1 Motigut Suspension Domperidone 5mg/5ml 2 Motigut Tablet Domperidone 10 mg 3 Motigut Paediatric Drops Domperidone 5mg/ml 4 Motifast Tablet Domperidone 5 mg 5 Naurif 1 mg Tablet Granisetron 1 mg 6 Naurif 1 mg Injection Granisetron 1 mg / ml 7 Vertina Chewable Tablet Meclizine 50 mg Market segment: ANTIFLATULENT PLAIN

1 Flacol Paediatric Drops Simethicone 67 mg/ml

Market segment: ANTIALLERGIC AND ANTIHISTAMINE

1 Alatrol syrup Cetirizine Hydrochloride 5mg/5ml

2 Alatrol tablet Cetirizine Hydrochloride 10mg

3 Alatrol Paediatric Drops Cetirizine Hydrochloride 2.5 mg/ml 4 Alarid Tablet Ketotifen Fumerate 1 mg 5 Alarid Syrup Ketotifen Fumerate 1 mg / 5 ml 6 Adryl Syrup Diphenhydramine HCl 10 mg/5ml 7 Antista syrup Chlorpheniramine Maleate 2 mg / 5 ml 8 Fexo 60 tablet Fexofenadine HCl 60 mg

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9 Fexo 120 tablet Fexofenadine HCl 120 mg 10 Fexo 180 tablet Fexofenadine HCl 180 mg 11 Loratin tablet Loratadine 10 mg

12 Loratin Plus Tablet Loratadine+Pseudoephedrine sulphate 10 mg+ 240 mg

13 Loratin suspension Loratadine 5 mg/5ml 14 Loratin FT Loratadine 10 mg

15 Sedno tablet Desloratadine 5 mg

16 Sedno syrup Desloratadine 2.50 mg / 5 ml

Market segment: CARDIOVASCULAR, ANTIHYPERTENSIVE, LIPID MODIFIER, ANTIPLATELET

1 Angilock 25 tablet Losartan Potassium 25 mg

2 Angilock 50 tablet Losartan Potassium 50 mg 3 Angilock 100 tablet Losartan Potassium 100 mg

4 Angilock 50 Plus Tablet Losartan Potassium + Hydrochlorothiazide 50 mg + 12.5 mg

5 Angilock 100 Plus Tablet Losartan Potassium + Hydrochlorothiazide 100 mg + 25 mg

6 Angilock plus 100/12.5 tablet Losartan Potassium + Hydrochlorothiazide 100 mg + 12.5 mg

7 Anzitor 10 tablet Atorvastatin 10 mg

8 Anzitor 20 tablet Atorvastatin 20 mg

9 Anclog Tablet Clopidogrel 75 mg

10 Anclog Plus Tablet Clopdrogrel + Aspirin 75 mg + 75 mg

11 Anril 0.5 Tablet Nitroglycerin 0.5 mg

12 Anril Spray Nitroglycerin USP 400 mcg/spray

13 Anril SR Tablet Nitroglycerin 2.6 mg

14 ARB-8 tablet Candesartan Cilexetil 8 mg

15 Camlodin 5 tablet Amlodipine 5 mg

16 Camlodin 10 tablet Amlodipine 10 mg

17 Camlodin Plus 25 Tablet Amlodipine + Atenolol 5 mg + 25 mg

18 Camlodin Plus 50 Tablet Amlodipine + Atenolol 5 mg + 50 mg

19 Camlopril 2.5/10 Capsule Amlodipine Besylate + Benazepril 2.5 mg + 10 mg

20 Camlopril 5/10 Capsule Amlodipine Besylate + Benazepril 5 mg + 10 mg

21 Camlopril 5/20 Capsule Amlodipine Besylate + Benazepril 5 mg + 20 mg

22 Camlopril 10/20 Capsule Amlodipine Besylate + Benazepril 10 mg + 20 mg

23 Cardipro 50 tablet Atenolol 50mg

24 Cardipro 100 tablet Atenolol 100mg

25 Cardipro 50 Plus Tablet Atenolol + Chlorthalidone 50 mg + 25 mg

26 Cardipro 100 Plus Tablet Atenolol + Chlorthalidone 100 mg + 25 mg

27 Carva 75 Tablet Aspirin 75 mg

28 Cerevas tablet Vinpocetine INN 5 mg

29 Cinaron tablet Cinnarizine 15mg

30 Cholinor tablet Ezetimibe 10 mg

31 Delipid capsule Gemfibrozil 300mg

32 Diltizem SR 90 tablet Diltiazem HCl 90mg

33 Durol 6.25 tablet Carvedilol 6.25 mg

34 Durol 12.5 tablet Carvedilol 12.5 mg

35 Durol 25 tablet Carvedilol 25 mg

36 Esmo tablet Isosorbide Mononitrate 20mg

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37 Esmo LA capsule Isosorbide Mononitrate 50 mg

38 Freflo Tablet Frusemide + Spironolactone 20 mg + 50 mg

39 Esordin Tablet Isosorbide Dinitrate 10 mg

40 Fusid injection Frusemide 20mg/amp

41 Fusid tablet Frusemide 40mg

42 Fusid 40 Plus Tablet Frusemide + Spironolactone 40mg + 50 mg

43 Nidipine tablet Nifedipine 10mg

44 Nidipine SR tablet Nifedipine 20mg

45 Nimocal Tablet Nimodipine 30 mg

46 Oxyfyl CR Tablet Pentoxifylline 400 mg

47 Levocar Solution Levocarnitine 500 mg / 5 ml

48 Levocar Tablet Levocarnitine 330 mg

49 Lipired 200 Capsule Fenofibrate 200 mg

50 Osiden Injection Adenosine 6 mg/2ml

51 Repres 1.5 SR Tablet Indapamide 1.5 mg Sustained Release

52 Repres Plus 2 tablet Indapamide + Perindopril 0.625 mg + 2 mg

53 Repres Plus 4 tablet Indapamide + Perindopril 1.25 mg + 4 mg

54 Ripril 1.25 Capsule Ramipril 1.25 mg

55 Ripril 2.5 Capsule Ramipril 2.5 mg

56 Ripril 5 Capsule Ramipril 5 mg

57 Ripril 10 Capsule Ramipril 10 mg

58 Ripril 1.25 Tablet Ramipril 1.25 mg

59 Ripril 2.5 Tablet Ramipril 2.5 mg

60 Ripril 5 Tablet Ramipril 5 mg

61 Ripril plus 2.5/12.5 tablet Ramipril BP + Hydrochlorthiazide BP 2.5 mg + 12.5 mg

62 Ripril plus 5/25 tablet Ramipril BP + Hydrochlorthiazide BP 5 mg + 25 mg

63 Rosuva 10 Tablet Rosuvastatin 10 mg

64 Simacor 10 Tablet Simvastatin 10 mg

65 Vasopril 5 tablet Enalapril Maleate 5mg

66 Vasopril 10 tablet Enalapril Maleate 10mg Market segment: ANTIHELMINTIC

1 Almex suspension Albendazole 200 mg/5ml 2 Almex Tablet Albendazole 400mg 3 Ermox 100 Tablet Mebendazole 100mg

4 Ermox Suspension Mebendazole 100mg/5ml

Market segment: ANTIAMOEBIC, ANTIPROTOZOAL, ANTIFUNGAL

1 Amodis 400 Tablet Metronidazole 400mg 2 Amodis Suspension Metronidazole 200mg/5ml 3 Candex Suspension Nystatin 0.1million unit 4 Flugal 150 Capsule Fluconazole 150mg 5 Flugal 50 Capsule Fluconazole 50mg 6 Flugal Suspension Fluconazole 50mg/5ml 7 Itra Capsule Itraconazole 100 mg 8 Ketoral 200 Tablet Ketoconazole 200mg 9 Robic Tablet Ornidazole 500 mg

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10 Secnid 500 Suspension Secnidazole 500 mg

11 Secnid DS Tablet Secnidazole 1 gm

Market segment: VITAMINS AND MINERALS

1 B-50 Forte Capsule Vitamin B Complex

2 B-50 Forte Injection Vitamin B Complex

3 B-50 Forte Syrup Vitamin B Complex

4 B-50 Forte Syrup Vitamin B Complex

5 B-50 Forte Tablet Vitamin B Complex 6 Beovit Tablet Thiamine HCl 100mg

7 Bicozin Syrup Vit B1 + Vit B12 + Vit B6 + Nicotinamide + Zinc

5 mg + 2 mg + 2 mg + 20 mg + 10 mg per 5 ml

8 Bicozin Syrup Vit B1 + Vit B12 + Vit B6 + Nicotinamide + Zinc

5 mg + 2 mg + 2 mg + 20 mg + 10 mg per 5 ml

9 Bicozin Tablet Vit.B1 + Vit.B2 + Vit.B3+Vit.B6 +Zn 5 mg+ 2mg+20mg+2mg+10mg

10 Calbo Tablet Calcium Carbonate 500mg 11 Calbo Junior Tablet Calcium Carbonate 250 mg

12 Calbo - C Effervescent Tablet Calcium Lactate Gluconate + Calcium Carbonate + Ascorbic Acid

1000 mg + 327 mg + 500 mg

13 Calbo - D Tablet Calcium Carbonate + Cholecalciferol 500 mg + 200 IU

14 Calbo Forte Effervescent tablet Calcium Carbonate BP+Calcium Lactate gluconate +Vitamin C BP+Vitamin D BP

327 mg+1000mg+500 mg+400IU

15 Calboplex Tablet Calcium + Vitamin D + Mg + Mn + Cu+ B + Zn

600 mg + 200 IU + 40 mg + 1.8 mg + 1 mg + 250 mcg

16 Ceevit Tablet Ascorbic acid+Sod Ascorbate 250mg 17 Ceevit Forte Effervescent Tablet Ascorbic acid 1000 mg 18 Evit Tablet Vitamin- E 200mg

19 Eyevi capsule Vitamin C+Vitamin E+ Zinc+Copper+Lutein

60mg+30IU+15mg+2mg+6mg

20 Filwel Silver Multivitamin multimineral for age above 45 yrs.

21 Filwel Gold Multivitamin multimineral for age below 45 yrs

22 Filwel Kids Syrup Vit.A+Vit.D+Vit.B1+Vit.B2+Vit.B6+Vit.C+Vit.E+Nicotinamide+Cod liver oil

(2000 IU+200IU+0.70mg+0.85mg+0.35mg+17.5mg+1.5mg+9 mg+0.1gm)/5ml

23 Filwel Kids Syrup Vit.A+Vit.D+Vit.B1+Vit.B2+Vit.B6+Vit.C+Vit.E+Nicotinamide+Cod liver oil

(2000 IU+200IU+0.70mg+0.85mg+0.35mg+17.5mg+1.5mg+9 mg+0.1gm)/5ml

24 Methicol Tablet Mecobalamin INN 500 mcg 25 Methicol Injection Mecobalamin INN 500 mcg 26 Multivit Plus Tablet Multivitamin-multimineral

27 Neuro-B Tablet Vitamin B1 + Vitamin B6 + Vitamin B12

100 mg + 200 mg + 200 mcg

28 Neuro-B Injection Vitamin B1 + Vitamin B6 + Vitamin B12

100 mg + 100 mg + 1000 mcg

29 Panvit Drops Multivitamine drops 30 Rex Tablet Beta carotene, Vit. C & Vit. E 6mg+200mg+50mg

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31 Zesup Syrup Zinc Sulphate 10 mg Zn / 5 ml 32 Zesup Forte Syrup Zinc Sulphate 20 mg Zn / 5 ml 33 Z-DT 10 Zinc Sulphate 10 mg 34 Z-DT 20 Zinc Sulphate 20 mg Market segment: ANTIULCERANT 1 Isovent 200 Tablet Misoprostol 200 mcg 2 Isovent 100 tablet Misoprostol INN 100 mcg 3 Entacyd Plus Suspension Antacid + Simethicone 4 Entacyd Plus Tablet Antacid + Simethicone 5 Entacyd Suspension Antacid 6 Entacyd Tablet Antacid 7 Famotack 20 Tablet Famotidine 20 mg 8 Famotack 40 Tablet Famotidine 40 mg 9 Lanso 15 Capsule Lansoprazole 15 mg 10 Lanso 30 Capsule Lansoprazole 30 mg 11 Neotack 150 Tablet Ranitidine HCl 150mg 12 Neotack 300 Tablet Ranitidine HCl 300mg 13 Neotack Injection Ranitidine HCl 50 mg/2 ml 14 Neotack Syrup Ranitidine HCl 75 mg / 5 ml 15 Nexum 20 Capsule Esomeprazole 20 mg 16 Nexum 40 Capsule Esomeprazole 40 mg 17 Nexum 20 Tablet Esomeprazole 20 mg 18 Nexum 40 Tablet Esomeprazole 40 mg

19 Pylotrip Lansoprazole+ Clarithromycin+ Amoxycillin

Lansoprazole 30 mg + Clarithromycin 500 mg + Amoxycillin1gm

20 Seclo 20 Capsule Omeprazole 20mg 21 Seclo 40 Capsule Omeprazole 40 mg 22 Seclo DR 20 tablet Omeprazole BP 20 mg 23 Trupan 20 Tablet Pantoprazole 20 mg 24 Trupan 40 Tablet Pantoprazole 40 mg 25 Xcid Tablet Calcium Carbonate 1000 mg Market segment: NASAL DROPS

1 Antazol Nasal Drop 0.05% Xylometazoline HCl 0.05% 2 Antazol Nasal Drop 0.1% Xylometazoline HCl 0.10%

3 Antazol Plus Nasal Spary Xylometazoline + Sodium Cromoglycate

(0.0325 mg + 2.6 mg) / Spray

4 Nacromin 2% Nasal Drops Sodium Cromoglycate 20 mg / ml 6 Nocon 0.025% Nasal Drops Oxymetazoline USP 0.025% 5 Nocon 0.05% Nasal Drops Oxymetazoline USP 0.05% 7 Becospray Beclomethasone dipropionate 50mcg/ spray 8 Flonaspray Fluticasone propionate 50mcg/ spray 9 Rynaspray Ipratropium Bromide 21 mcg/ spray 10 Snizex Nasal Spray Azelastine HCl BP 137 mcg/spray

11 Trispray Triamcenolone Acetonide 55 mcg / spray

Market segment: TOPICAL PREPARATIONS (ANTIBIOTIC, ANTIFUNGAL, ANTI-ACNE, ANTISCABIES, ANTIECZEMA) 1 Cresac 0.75% Cream Metronidazole 0.75% 2 Kensten Cream Clotrimazole 1%

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3 Kensten-VT (Vaginal Tablet) Clotrimazole 100 mg 4 Betameson-N Top. Cream Betamethasone+ Neomycin (1mg+5mg)/gm 5 Dermasol Cream Clobetasol Propionate 0.05%

6 Dermnasol-N Cream Clobetasol Propionate + Neomycin Sulphate + Nystatin

(0.5 mg+5 mg+1 lac unit)/gm

7 Dermasol Ointment Clobetasol Propionate 0.05%

8 Dermasol-N Ointment Clobetasol Propionate + Neomycin Sulphate + Nystatin

(0.5 mg+5 mg+1 lac unit)/gm

9 Diprobet Cream Betamethasone Dipropionate BP 0.5mg/gm 10 Diprobet Ointment Betamethasone Dipropionate BP 0.5mg/gm 11 Equra Cream Urea 10.00% 12 Eromycin 3 % Lotion Erythromycin 3% 13 Ezex 0.05% Cream Clobetasone Butyrate 0.05% 14 Ezex 0.05% Ointment Clobetasone Butyrate 0.05% 15 Fona Cream Adapalene 0.10% 16 Fungidal HC Cream Miconazole nitrate+ Hydrocortisone (20mg+10mg)/g 17 Fungidal Cream Miconazole nitrate 20mg/gm

18 Pevitin Cream Econazole Nitrate +Triamcenolone Acetonide 1% + 0.1%

19 Genacyn Topical Ointment Gentamicin 1mg/gm 20 Gelora Gel Miconazole 2% (W/W) 21 Nebanol Ointment Neomycin Sulphate + Bacitracin 5mg+9.16mg/g 22 Nebanol Powder Neomycin sulphate+Bacitracin (5mg+4.56mg)/g

23 Nebanol Plus Ointment Neomycin sulphate+Bacitracin + Polymixin

3.5 mg + 400 IU + 5000 IU

24 Nilac Gel Tretinoin 0.03%

25 Oni Cream Betamethasone DP+Clotrimazole 0.05%+1% 26 Pracort Ointment Hydrocortisone Acetate + Pramoxine 1% + 2.5% 27 Pracort Cream Hydrocortisone Acetate + Pramoxine 1% + 2.5% 28 Remus cream Tacrolimus 0.01% 29 Scabex Cream Permethrin 5% 30 Scabex Cream Permethrin 5% 31 Ticas 0.005% Ointment Fluticasone Propionate 0.005% 32 Ticas 0.05% Cream Fluticasone Propionate 0.05% 33 Topicort Cream Hydrocortisone Acetate 1.00% 34 Xfin Cream Terbinafine 1.00% 35 Bactrocin 2% Ointment Mupirocin 2.00% Market segment: ANTISEPTIC + DISINFECTANT

1 Viodin 1% Mouth Wash Povidone – Iodine 50 mg/5 ml 2 Viodin 5% Ointment Povidone – Iodine 50 mg/gm 3 Viodin 10% Antiseptic solution Povidone Iodine 500 mg/ 5ml

4 Viodin 10% Antiseptic solution Povidone Iodine 10% Solution

Market segment: ANTICOUGH, EXPECTORANT 1 Ambrox pediatric Drops Ambroxol 6 mg/ml 2 Ambrox SR Capsule Ambroxol 75 mg

3 Ambrox Syrup Ambroxol 15 mg/5ml

4 Brofex Syrup Dextromethorphan 10mg/5ml

5 Ofkof Syrup Dextromethorphane + Pseudoephedrine + Triprolidine

10 mg + 30 mg + 1.25 mg per 5 ml

6 Mucospel Tablet Bromhexine HCl 8 mg 7 Mucospel Syrup Bromhexine HCl 4 mg / 5 ml

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8 Tusca Syrup Guaiphenesin + Pseudoephedrine + Triprolidine HCl

(100mg + 30mg + 1.25mg)/5ml

9 Nectar Linctus Glycerol BP+Liquid Sugar ph.grd (0.75ml+1.93ml)/5ml Market segment: SEDATIVE, HYPNOTIC, ANTIDEPRESANT, ANTIVERTIGO 1 Carbizol 5 Tablet Carbimazole 5 mg 2 Clobam Tablet Clobazam 10mg 3 Diliner DR Capsule Duloxetine 60 mg 4 Elzer Tablet Donepezil 5 mg 5 Epitra 0.5 Tablet Clonazepam 0.5 mg 6 Epitra 2 Tablet Clonazepam 2 mg 7 Laxyl Tablet Bromazepam 3 mg 8 Melixol tablet Flupenthixol + Melitracen 0.5 mg+10 mg 9 Myonil tablet Eperisone 50 mg 10 Nixalo 0.25 Tablet Alprazolam 0.25 mg 11 Nixalo 0.50 Tablet Alprazolam 0.50 mg 12 Oxapro Tablet Escitalopram 10 mg 13 Oxat tablet Paroxetine HCl 20 mg 14 Rislon Tablet Betahistine Mesilate 6 mg 15 Prolert Capsule Fluoxetine HCl 20mg 16 Sanit Tablet Nortriptyline + Fluphenazine 10 mg + 0.5 mg 17 Sedil Injection Diazepam 10mg/2ml 18 Sedil Tablet Diazepam 5mg 19 Tryptin 10 Tablet Amitryptyline HCl 10mg 20 Tryptin 25 Tablet Amitryptyline HCl 25mg

Market segment: ANTIPSYCHOTIC, ANTIPERKINSONIAN

1 Deprex 5 mg tablet Olanzapine 5 mg 2 Deprex 10 mg tablet Olanzapine 10 mg 3 Peridol Tablet Haloperidol 5 mg 4 Peridol Injection Haloperidol 5mg/1ml 5 Perkinil Tablet Procyclidine HCl 5mg 6 Perkinil Injection Procyclidine HCl 10 mg / 2 ml 7 Perkirol 0.25 Tablet Ropinirole 0.25 mg 8 Perkirol 2 Tablet Ropinirole 2 mg Market segment: ANTIDIABETIC 1 Comet 500 Tablet Metformin HCl 500 mg 2 Comet 750 Tablet Metformin HCl 750 mg 3 Comet 850 Tablet Metformin HCl 850 mg 4 Comet Oral Solution Metformin HCl 500 mg / 5 ml 5 Comet XR 500 Tablet Metformin HCl 500 mg 6 Comet XR 1gm Tablet Metformin HCl 1000 mg 7 Comprid Tablet Gliclazide 80 mg 8 Comprid MR 30 Tablet Gliclazide 30 mg 9 Dibenol Tablet Glibenclamide 5mg 10 Glyros 1 Tablet Glimepiride + Rosiglitazone 1 mg + 4 mg 11 Glyros 2 Tablet Glimepiride + Rosiglitazone 2 mg + 4 mg 12 Repran 0.5 Tablet Repaglinide 0.5 mg 13 Repran 1 Tablet Repaglinide 1 mg 14 Repran 2 Tablet Repaglinide 2 mg

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15 Rezulin 500 Tablet Pioglitazone + Metformin 15 mg + 500 mg 16 Rezulin 850 Tablet Pioglitazone + Metformin 15 mg + 850 mg 17 Secrin 1 tablet Glimepiride 1 mg 18 Secrin 2 tablet Glimepiride 2 mg 19 Secrin 3 tablet Glimepiride 3 mg 20 Secrin 4 tablet Glimepiride 4 mg 21 Sensimet 1 tablet Rosiglitazone + Metformin 1 mg + 500 mg 22 Sensimet 2 tablet Rosiglitazone + Metformin 2 mg + 500 mg 23 Sensimet 4 tablet Rosiglitazone + Metformin 4 mg + 500 mg 24 Sensimet 1 DS tablet Rosiglitazone + Metformin 2 mg + 1000 mg 25 Sensimet 2 DS tablet Rosiglitazone + Metformin 4 mg + 1000 mg 26 Sensulin 2 tablet Rosiglitazone 2 mg 27 Sensulin 4 tablet Rosiglitazone 4 mg 28 Tos 15 Tablet Pioglitazone 15 mg 29 Tos 30 Tablet Pioglitazone 30 mg 30 Zitrol XR 2.5 Glipizide 2.5 mg 31 Zitrol XR 5 Glipizide 5 mg 32 Zirol XR 10 Glipizide 10 mg 33 Tosirin 30/2 tablet Pioglitazone INN+Glimepiride USP 30 mg+2 mg 34 Tosirin 30/4 tablet Pioglitazone INN+Glimepiride USP 30 mg+4 mg Market segment: HAEMATINIC

1 Bicozin-I Syrup Iron Polymaltose + Thiamine + Riboflavin + Nicotinamide + Pyridoxine + Zinc

50 mg + 5 mg + 2 mg + 20 mg +2 mg +10 mg

2 Bicozin-I Syrup Iron Polymaltose + Thiamine + Riboflavin + Nicotinamide + Pyridoxine + Zinc

50 mg + 5 mg + 2 mg + 20 mg +2 mg +10 mg

3 Bicozin-I Syrup Iron Polymaltose + Thiamine + Riboflavin + Nicotinamide + Pyridoxine + Zinc

50 mg + 5 mg + 2 mg + 20 mg +2 mg +10 mg

4 Fe-PLUS CAPSULE 200mg Ferrous Fumarate+Folic acid 200mg +0.2mg 5 Polyron Syrup Iron (iii) Hydroxide Polymaltose 50 mg/5ml

6 Servin Capsule

Dried Ferrous Sulphte + Folic acid + Thiamine Mononitrate + Riboflavin + Nicotinamide + Pyridoxine Hydrochloride + Ascorbic Acid

150mg + 0.5mg + 2mg + 2mg + 10mg + 1mg + 50mg

7 ZIF CAPSULE Zinc Sulphate mono hydrate + ferrous sulphate + folic acid

61.8mg + 150mg + 0.50mg

8 Zif CI Capsule Zinc Sulphate + Folic Acid + Carbonyl Iron

61.8 mg + 0.50 mg + 50 mg

9 Zifolet Tablet Zinc Sulphate mono hydrate + folic acid 54.90 mg + 5 mg

10 Ziliron Tablet Iron Polymaltose + Folic Acid + Zinc Sulphate Monohydrate

47 mg + 0.50 mg + 61.80 mg

Market segment: EYE / EAR DROPS

1 Alacot 0.1% Eye Drops Olopatadine HCl 0.10%

2 Alarid 0.025% Eye Drops Ketotifen Fumarate BP 0.025%

3 Ciprocin 0.3% Eye / Ear Drops Ciprofloxacin 0.30%

4 Clofenac Eye Drops Diclofenac Sodium 1mg / ml

5 Genacyn Eye / Ear Drops Gentamicin 3mg/ml

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6 Iventi Eye Drops Moxifloxacin 0.50%

7 Mexlo Eye Drops Lomefloxacin 3 mg / ml

8 Nacromin 2% Eye Drops Sodium Cromoglycate 20 mg / ml

9 Locular 0.2% Eye Drops Brimonidine Tartrate 0.20%

10 SQ-Mycetin Eye / Ear Drops Chloramphenicol 5mg/ml

11 Temlo 0.25% Eye Drops Timolol Maleate 2.5 mg/ml

12 Temlo 0.50% Eye Drops Timolol Maleate 5 mg/ml

Market segment: ANTIDIARRHOEAL

1 Imotil Capsule Loperamide HCl 2mg 2 Zox 500 Tablet Nitazoxanide 500 mg 3 Zox Suspension Nitazoxanide 100 mg / 5 ml 4 Zox Suspension Nitazoxanide 100 mg / 5 ml Market segment: ANTIGOUT 1 Esloric 100 Tablet Allopurinol 100 mg 2 Esloric 300 Tablet Allopurinol 300 mg Market segment: ANTIMALARIAL

1 Malacide Tablet Sulfadoxine + Pyrimethamine 500mg+25mg

2 Lumartem tablet Artemether INN+Lumefantrine INN 20 mg+120mg

Market segment: BRONCHODILATOR, ANTIASTHMATIC

1 Asmanyl Tablet Theophylline 300mg 2 Beclomin 100 Inhaler Beclomethasone Dipropionate 100 mcg/puff 3 Beclomin 250 inhaler Beclomethasone Dipropionate 250 mcg/puff 4 Ezonide 80 Inhaler Ciclesonide 80 mcg / puff 5 Ezonide 160 Inhaler Ciclesonide 160 mcg / puff 6 Iprex Inhaler Ipratropium Bromide 20 mcg/puff 7 Iprex Respirator Solution Ipratropium Bromide 250 mcg/ml 8 Levostar 1 Tablet Levosalbutamol 1 mg 9 Levostar 2 Tablet Levosalbutamol 2 mg 10 Levostar Inhaler Levosalbutamol 50 mcg / puff 11 Levostar Syrup Levosalbutamol 1 mg / 5 ml 12 Levostar Syrup Levosalbutamol 1 mg / 5 ml 13 Montene 4 chewable tablet Montelukast 4 mg 14 Montene 5 Tablet Montelukast 5 mg 15 Montene 10 Tablet Montelukast 10 mg 16 Nacromin Cozycap Sodium Cromoglycate 20 mg 17 Norvent Inhaler Tiotropium Bromide 9 mcg/ puff 18 Salmate Inhaler Salmeterol 25 mcg/puff 19 Sultolin Cozycap Salbutamol 20 mcg 20 Sultolin Syrup Salbutamol 2mg/5ml 21 Sultolin 100 Inhaler Salbutamol 100mcg/puff 22 Sultolin 4 mg Tablet Salbutamol 4mg 23 Sultolin SR Tablet Salbutamol 8mg 24 Sultolin Respirator Solution Salbutamol 5 mg / ml

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25 Sulprex Inhaler Salbutamol + Ipratropium (100 mcg + 20 mcg) / puff

26 Ticamet 50 Inhaler Salmeterol + Fluticasone (25 mcg+ 50 mcg) / puff 27 Ticamet 125 Inhaler Salmeterol + Fluticasone (25 mcg+125 mcg) / puff 28 Ticamet 250 Inhaler Salmeterol + Fluticasone (25 mcg+250 mcg) / puff 29 Ticamet 100 Cozycap Salmeterol + Fluticasone 50mcg+100 mcg 30 Ticamet 250 Cozycap Salmeterol + Fluticasone 50mcg+250 mcg 31 Optiven 10 tablet Bambuterol 10 mg 32 Optiven 20 tablet Bambuterol 20 mg 33 Optiven oral solution Bambuterol HCl 5mg/5ml Market segment: ANTIVIRAL / ANTIRETOVIRAL (ARV) 1 Avudin Tablet Lamivudine + Zidovudine 150 mg + 300 mg 2 Adiva Tablet Efavirenz 600 mg 3 Antiva tablet Adefovir Dipivoxil 10 mg

4 Aviflu Capsule Oseltamivir 75 mg

5 Hepavir Tablet Lamivudine 100 mg 6 Hivarif Tablet Lamivudine 150 mg 7 Hivarif Syrup Lamivudine 10 mg / ml 8 Nelvir Tablet Nelfinavir 250 mg

9 Tivizid Tablet Lamivudine + Zidovudine + Abacavir 150 mg + 300 mg + 300 mg

10 Virux Cream Acyclovir HCl 50mg/gm

11 Virux 200 Tablet Acyclovir HCl 200mg

12 Virux 400 Tablet Acyclovir HCl 400 mg

Market segment: OSTEOPOROSIS THERAPY

1 Ostel Tablet Alendronate Sodium 10 mg 2 Ostel 70 Tablet Alendronate Sodium 70 mg 3 Ostel-D 70/2800 Alendronate Sodium BP+Vit D3 BP 70 mg+2800 IU 4 Ostel-D 10/400 Alendronate Sodium BP+Vit D3 BP 10 mg+400 IU

5 Oxilar tablet Raloxifene 60 mg

Market segment: NEUROLEPTICS 1 Neurolep Tablet Piracetam 800 mg 2 Neurolep Solution Piracetam 500 mg/5ml 3 Suev 10 Capsules Atomoxetine 10 mg Market segment: ANTI-MIGRAINE

1 Migranil 0.5 Tablet Pizotifen 0.5 mg 2 Migranil 1.5 Tablet Pizotifen 1.5 mg

3 Nomi tablet Zolmitriptan HCl 2.5 mg

Market segment: LAXATIVE 1 Osmolax Solution Lactulose 3.40gm/5ml 2 Osmolax Solution Lactulose 3.40gm/5ml Market segment: ANOREXIANTS

1 Obenil 5mg Capsule Sibutromine 5 mg

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Market segment: ANTICHOLINERGIC

1 Ucol 2 tablet Tolterodine Tartrate 2mg

Market segment: GI SENSORY MOTOR MODULATOR 1 Tesod tablet Tegaserod Hydrogen Maleate 6 mg Market segment: ANTIHAEMORRHOIDAL 1 Hemorif Tablet Diosmin + Hespiridine 450 mg + 50 mg

2 Erian Ointment Cinchocaine + Hydrocortisone + Framycetin + Esculin

5 mg + 5 mg + 10 mg + 10mg

3 Erian suppository Cinchocaine + Hydrocortisone + Framycetin + Esculin

(5 mg+5 mg+10 mg+10 mg)/gm

Market segment: PROSTATIC DISEASE PRODUCT 1 Maxrin Capsule Tamsulosin HCl 0.4 mg 2 Uriten Tablet Alfuzosin HCl 10 mg 3 Pronor Tablet Finsteride 5 mg Market segment: DENTAL PREPARATIONS 1 Orogel Dental Gel Benzocaine USP 20 % W/W Market segment: WATER PURIFIER 1 Puritar 1 Tablet Sodium Dichlorisocyanurate INN 17 mg 2 Puritar 3 Tablet Sodium Dichlorisocyanurate INN 51 mg Market segment: OTHER GYNAECOLOGICAL PRODUCTS 1 Lerozol tablet Letrozole USP 2.5 mg Market segment: ANTIFIBRINOLYTICS 1 Frabex 500 Capsule Tranexamic acid BP 500 mg 2 Frabex 500 Injection Tranexamic acid BP 500 mg/5ml 3 K-One Solution/Injection Phytomenadione BP 2 mg/0.2 ml