Pfizer (India) Blog

Friday, February 10, 2006

Pfizer may consider to unveil Exubera in Indian mkt

Pfizer, the world's largest drug maker, is likely to consider an early launch of its breakthrough insulin product Exubera in the Indian market. Exubera, which is inhaled short acting insulin, has just received approvals from the US Food and Drug Administration and the European Commission. Pfizer has started the initial groundwork for the product in India. The company also plans to conduct clinical trials for Exubera in India and has recently received the government's nod to carry out trials in the country. The launch of Exubera in India may take about two years. The product is slated for a US launch by the middle of this year. So far, most of the company's products that were launched in the Indian market have been several years after the global launch. Viagra, for instance, was launched in India more than seven years after its US launch. The medical fraternity in the country is of the opinion that any company with products for diabetes will target India, as it is a large market. India already has 35m diabetics and soon, every third diabetic will be an Indian. No company can afford to ignore such a big market.

Inhaled insulin is the first new way of delivering insulin since the discovery of the hormone in the 1920s. Pfizer jointly developed the drug and dispenser with Sanofi-Aventis, and Nektar Therapeutics. For many insulin dependant diabetics, the development is welcome news. Currently the only way to administer insulin is using a sub-cutaneous injection. Even though insulin is considered the treatment of choice for diabetes, patients do not prefer insulin because of the need for daily repeat injections. Meanwhile, some diabetics in India are already on an inhaled insulin regimen as part of a trial being conducted by American drug major Eli Lilly. However, Eli Lilly is unlikely to launch its inhaled insulin product before Pfizer does.

Pfizer to launch products nearly simultaneously in global, Indian mkt

Pfizer Ltd is considering aligning its business with its parent company, Pfizer Inc. Pfizer Ltd is hoping to bring down the time lag between the global and the Indian launches of our products. The company would try to launch products nearly simultaneously in global and Indian markets. Typically, the time lag between product launches in the global and the Indian markets varies between six months and two years. Pfizer India is trying to bring this time lag down between six months and one year. Meanwhile, the company would be concentrating more on organic growth.

Pfizer would be bringing in more products into the India market. The major focus would be on augmenting our product basket, thereby filling up gaps that were there. Without revealing further information, Handa hinted that there would a number of products on the offering from Pfizer for the Indian market. The company expects to record double-digit growth in the financial year ending November 2006 against 7 per cent growth of the domestic pharmaceutical market. The last year's performance was good. The company is currently conducting in India around 34 clinical trials, of which 24 are for the global market, informed Shoibal Mukherjee, senior director, medical, Pfizer. Earlier this year, Pfizer launched Vfend in India, one year after its launch in the global market. But the case with Viagra, popular 'blue pill' for treating erectile dysfunction (in men), is far worse.

The drug would be launched in the Indian market on December 26, seven years after it was launched in the international market. Viagra would be launched in 30 cities. Pfizer would be looking at 10-15 per cent share of Rs 80 crore Indian market, within the next one-two years. The product would be imported from France. Currently, the company has no plan for manufacturing Viagra at its Indian unit.

Viagra price may decrease

The company might reduce the price of Viagra by mid-2006. Currently, the 50 mg pill and the 100 mg pill of the drug are priced at Rs 463 and Rs 594 respectively. There might be a reduction in custom duty in February 2006. Once the duty is reduced, we would definitely pass the benefit to the customer, he said. The current custom duty is 35 per cent. The custom duty is likely to be brought down to 10-15 per cent.

Pfizer plans to roll out another blockbuster

After Viagra, Pfizer is planning bringing another of its blockbuster drugs to India. Caduet, a new generation cardiovascular drug, is a combination of Lipitor (atorvastatin calcium) and Norvasc (amlodipine besylate) the two leading international brands of the world's largest research-based drug company. The company was awaiting approval from the Drug Controller-General of India (DCGI) to introduce the drug, said a senior Pfizer executive. Caduet treats high blood pressure and high cholesterol in a single pill. Norvasc controls blood pressure, while Lipitor is one of the largest cardiovascular brands in the world. Pfizer launched Lipitor in January 2004. Pfizer executives said the Indian approval was expected by early 2006 and the drug would be launched soon after.

At present Pfizer has three brands in the cardiovascular segment in India -- Amlogard, Fragmin and Minipress XL -- accounting for a turnover of over Rs 100 crore. Caduet is a major advance for millions of patients who suffer from two serious medical conditions because it combines two leading medications, each with extensive worldwide use. This combination is one of the several in Pfizer's development pipeline for treatment of cardiovascular disease incorporating Pfizer's new approach to regulating blood plasma levels that goes beyond statin control.

A Pfizer report said over 3,700 patients with high blood pressure and high cholesterol were enrolled in the Caduet clinical trial programme. Results of clinical studies have shown that patients taking Caduet reached both their recommended blood pressure and cholesterol level. Globally, Caduet is available in multiple dose combinations to provide doctors with the flexibility to get patients to their treatment levels. In India, cardiovascular drugs is one the fastest growing market segments with an estimated growth of 17-20 per cent annually. The estimated annual sales of cardiovascular drugs in India is about Rs 750 crore with around 30 million people suffering from the disease.

Pfizer to draw drug from global portfolio

Pfizer India intends to align its business in line with its parent Pfizer Inc. According to the source, the company would draw drugs from it global portfolio, close to the international launches and bring in therapeutic products.

The Indian subsidiary of the pharma major will restructure its field force in alignment with therapeutic products in the coming months. Pfizer, which currently markets around 100 products in India, would launch products of therapeutic value in the cardio vascular, oncology, psychiatry, urology and opthalmology segments in future. There are other generic versions of Viagra in the market, estimated to be about $1.5 million, said Ananthakrishnan, adding that the product is being launched with a hologram of Pfizer on the pack to ensure purchase of original Viagra. The drug being imported from France is available in two doses, 50 mg and 100 mg, priced at Rs 463 and Rs 594 respectively. Viagra so far has been launched in 123 countries and sold over 1.87 billion pills.

Pfizer plans to unveil new drugs

Pfizer Ltd, which is restructuring its products, plans to grow in the Indian market by launching new drugs from the parent company's portfolio and through product acquisitions. The company had begun its restructuring about a year ago and expect that it would take another six months for its initiatives to stabilise. The launch of Viagra is a step in that direction. In future, Pfizer hope to bring in many more new products from its global portfolio, besides a patented product by 2007. The company has set up separate divisions for various therapeutic segments such as drugs for central nervous system, cardiovascular diseases, oncology, neurology and so. Each division would work like a separate business unit (SBU) and have separate profit and loss accounts. There will be a separate division for mature products too.

Pfizer is in the process of identifying gaps in its portfolio and filling them with products either from the international stable or through acquisitions. The company is confident of achieving a double-digit growth in India in 2006-07. The industry's growth has slowed to 6-7 per cent but the company expect to maintain a healthy double-digit growth from the existing portfolios and new launches. Pfizer is also confident that its top grosser brands such as Becosule and Corex, which had a turnover of Rs 70 crore and about Rs 90 crore respectively during 2005, would continue to grow. On the global front, Pfizer is developing a drug for female sexual dysfunction, after successfully selling 1.87 billion Viagra pills worldwide. The company is working on three different molecules, which are at various stages of trial. One molecule is undergoing Phase II trials in the UK, the Netherlands and the Scandinavian countries while the other two drugs are in the Phase I trial stage.

Pfizer arm acquires Bharti Healthcare

Pfizer's division, Capsugel, on December 20 acquired Bharti Healthcare for Rs 88 crore. This is being seen as an attempt by the Bharti group to streamline its activities and focus only on its core competencies. Capsugel, which has 10 global manufacturing facilities for gelatin capsules, capsule filling and sealing equipment, has acquired 92.76 per cent stake from the promoters at Rs 71 per share.

As a necessary requirement for delisting, it would continue to buy the shares from other shareholders at Rs 83 per share for 6 months w.e.f. 11th October, 2005. Bharti Healthcare, which is India's leading manufacturer of empty hard gelatin capsule, would now have the benefit of world class manufacturing and quality standards. A Pfizer stated said that while considering opportunities to enter the Indian market, it had selected Bharti Healthcare Ltd based on its strong results and reputation built-up by the leadership of Bharti.

History of the Company

1950

- The Company was incorporated as a private limited company under the name of Dumex Ltd., on 21st November. The Company manufacture and distribute sale and export of pharmaceuticals, agricultural and animal health products, pharmaceutical chemicals, nutritional products and items for personal, household and industrial use.

- At its Mumbai plants, the Company manufactures pharmaceuticals and veterinary products and produces isonicotinic acid, hydrazide, para-amino-salicylic PAS acid and Protinex from basic raw materials.

- At Chandigarh, the Company has a basic fermentation plant for the production of broad spectrum antibiotics, oxytetracycline and tetracycline, an organic synthesis unit for chloropropamide, and facilities for blending and packaging of feed supplements.

1952

- The Company set up a plant at Reay Road, Mumbai and commenced processing of antibiotic, anti-TB, vitamin, nutritional and steered products and a number of other pharmaceuticals and set up plants for isonicotinic acid hydrazide and Protinex - a rich protein supplement.

1958

- Pfizer, a leading U.S. and International manufacturer of pharmaceuticals, chemical, agricultural and other products took over the Company and its name was changed to Pfizer (P) Ltd.

1960

- 15,000 Pref. shares redeemed, 25,100 No. of Equity shares issued.

-The parent Pfizer Inc. and Warner Lambert (the parent company of Parke Davis) agreed to a $90-billion merger to create the world's fastest growing pharma company.

1963

- Rs 100 shares subdivided into shares of Rs 10 each.

1964

- 1,00,000 No. of Equity shares issued.

1965

- The received support from Pfizer Corporation for the development of new and improved products. In November, the Company entered into a licence agreement with Pfizer Corporation continuing the royalty-free licence granted to it for the use of Pfizer processes, technical knowhow, etc., relating to the manufacture of existing products in the pharmaceutical, veterinary and agricultural fields and giving the Company the right to obtain from Pfizer Corporation by Mutual agreement, technical know-how and other assistance relating to the manufacture of new items.

- 12,50,000 shares issued. Entire capital held by Pfizer Corporation, Panama and its nominees.

1966

- 6,60,000 shares issued in March at a premium of Rs 15 per shares: 1,98,000 shares taken up by directors, etc. and employees of the Company and 4,62,000 shares offer to the public.

1968

- Rs 2 per share called up on Capital Account by 2nd January. In April, 1,800 share forfeited. In July, 13,29,100 Bonus shares issued in prop. 1:2. 180 forfeited shares were thus reissued.

- Pfizer is a leader in the pharmaceutical industry, manufacturing and marketing a diverse range of products.It has a fully owned subsidiary -- Duchem Laboratories.

1972

- In April, 15,94,568 Bonus Equity shares issued in the prop. 2:5.

1977

- The company became public limited company on 4th March.

- The Company has a Process Development Laboratory in Mumbai exclusively used for the study and development of new processes for the basic manufacture of drugs. It has a Pharmaceutical Product Development Laboratory also located in Mumbai. A large research and development laboratory at Thane was commissioned in 1969.

- 44,64,820 Bonus shares issued in prop. 4:5.

1982

- During October the Company issued 16,74,300 new equity shares of Rs. 10 each at a premium of Rs 8 per share to reduce the foreign shareholding in the Company to 60%.

1983

- The Company had received in August/September consent order from the Controller of Capital Issues, to issue 5,37,500 No. of equity shares, of Rs 10 each for cash at a premium of Rs 10 per share, as `Rights' to the existing shareholders and also to the employees of the Company, in connection with the proposed project for the manufacture of oleandomycin, polymycin, bacitracin and zinc bacitracin.

1985

- Duchem Laboratories Ltd. (formerly known as United Advertising Ltd.) and Euphoric Drugs Ltd., are wholly owned subsidiaries of the Company. Euphoric Drugs Ltd., became a subsidiary of Duchem Laboratories Ltd.

1988

- With a view to voluntarily reducing foreign equity shareholding in Pfizer Ltd., from 60% to 40%, Pfizer Corporation, U.S.A. offered for sale in August 1988, 23,44,050 No. of equity shares out of their total holding of 70,32,100 shares of Pfizer Ltd.

- The 23,44,050 shares which were offered for sale were allotted at a price of Rs 30 per share (face value Rs 10 and premium Rs 20) in the following manner: (i) 12,30,000 shares to Euphoric Pharmaceuticals Pvt. Ltd., Gujarat, (ii) 9,37,610 shares to the existing equity shareholders of the Company in the ratio of 1:5, (iii) 1,17,200 shares to employees and directors of Pfizer Ltd., and (iv) 59,240 shares to business associates of the Company.

1989

- Piroxicam, a major anti-artharitic drug, was launched in India in the last quarter of the year under the brand name "DOLONEX".

1990

- During the year, the animal health products division launched Distodin for fluke worms in cattle and the division proposed to launch Terramycin LA a unique sustained release injectable dosage form in the near future.

- The Company issued 14% Non-Convertible debentures aggregating Rs 200 lakhs on private placement basis to ICICI.

1991

- The Company issued 2,00,000-16.5% redeemable non-convertible debentures of Rs 100 each to ICICI on private placement basis. These debentures are to be redeemed in three equal instalments commencing at the end of the 6th year and ending at the end of 8th year from the date of allotment of debentures at a premium of 5% at the end of the 7th year.

1992

- The former subsidiary Dumex Ltd., which was amalgamated with effect from 1st April, with the Company. During the year, the pharmaceuticals division introduced `Dolmex' intramuscular injection.

- The animal health products division launched `Coxistac' a latest generation ionophore anti-coccidial, specially recommended for the boiler industry.

- With effect from 1st April, Dumex Ltd., a wholly owned subsidiary of the Company was amalgamated with the Company.

- With the reduction in the equity shares holding by Pfizer Corporation, the Company ceased to be a FERA company.

1995

- The pharmaceutical division proposed to introduce "Gastro Intestinal Therapeutic System" using advanced laser technology for hypertensive patients with problem of diabetes, high cholesterol and several other concomitant diseases.

1996

- Pfizer has acquired the animal healthcare operations of Smithkline Beecham. The bulk drug plant at Kalyani was sold to Dabur in 1996.

- The pharmaceutical division discontinued combantrin, diabinese and two terramycin dosage form.

1998

- An Artihypertasing Amlogard was launched. It was proposed to launch a new long-acting endectocide.

- The letter of intent for the new products "COMBANTRIN" and "BANMINTH" was converted into an industrial licence. As regards the letter of intent for "OLEANDOMYCIN", "POLYMYCIN", "BACITRACIN" and "ZINC BACITRACIN" the Company decided not to go ahead with the manufacture of oleandomycin as it was not found to be economically viable.

- Pfizer India is an affiliate of Pfizer, US, which is the sixth largest pharma company in the world.

- In Jan.'99, Pfizer, transferred to itself Magnamycin, a successful injectable antibiotic brand, from Duchem, its subsidiary.

1999

- Pfizer India has issued a notice that it will close down its manufacturing plant at Ankleshwar with effect from 31st July.

- Pfizer Inc the US pharma giant's decision to set up 100 per cent subsidiary has given a jolt to investors in Pfizer India.

- As part of the consolidation exercise, the parent company of Pfizer has also approached the government to set up a 100-per cent subsidiary in India to manufacture high-tech formulations.

- The Foreign Investment Promotion Board on Monday approved Pfizer's proposal to set up a wholly-owned subsidiary while deferring by four weeks Honda-Siel Cars' application to become the indenting agents for Honda Motor Company of Japan.

- Pfizer Inc's proposal to set up a 100 per cent subsidiary in India. Pfizer Ltd is 40 per cent held by the American parent company.

- Pfizer received approval from the Foreign Investment Promotion Board to set up a 100 per cent subsidiary, causing concern among minority shareholders that the proposed subsidiary would reap the benefits of the prospective changes in the patent law.

2000

- Shantha Biotechnics has tied up with the company for parallel marketing of its products.

- In July 2000, the company allotted bonus shares in the ratio of 1:1, thereby increasing the paid-up equity capital to Rs 23.44 cr.

- Mr. Hocne Sidi Said has been appointed as the Managing Director in place of Mr Ian R. Young effective from 1st January 2001. The resignation of Mr Bhaskar Bhattacharya, Alternate Director to MR B. Balentini and Wholetime Director of the company has been accepted with effect from 1st December.

- During 1999-2000, the company two products, Hepashield and Magnex have been ranked as number one and number two selling brands amongst over 700 brands launched by various companies in last 12 months.

2002

-The operational merger between Pfizer and Parke-Davis has been completed and the legal merger is underway.

-Pfizer Ltd has informed BSE that Mr Michael Sweitzer has been appointed as a Director in the causal vacancy arising out of the resignation of Mr P J Santoriella. Mr K Handa, Executive Director, Finance who was the Alternate Director to Mr P J Santoriella, has now been appointed as an Alternate Director to Mr Michael Sweitzer.

2003

-Pharmacy has agreed to shed an experimental impotence drug to satisfy US antitrust reguators scrutinising the company's pending with Pfizer.

-The Bombay high court has granted an ad-interim stay on the merger of Pfizer and Park-Davis on the basis of an appeal made by minor shareholders.

-Biggest multivitamin brand in the Indian market, Becosules a product of Pfizer Ltd. is expected to Hit 100-cr mark in terms of annual turnover by March 2003.

-Pfizer has initiated the global implementation of 'Clinicopia Labelling and Clinicopia Supply Chain' a part of infoPro's Clinical Trails management suite.

-Pfizer's Chief in India has taken over as the managing Director of Pharmacia Healthcare which is the first step towards their integration.

-Supreme court declines to vacate stay of Bombay High Court on the proposed drug maker Parke-Davis with Pfizer.

-Pfizer with GlaxoSmithkline have lowered their prices of their AIDS drugs for state run AIDS drug assistance programmes in the United states.

-Pfizer has successfully completed the operational integration of Pharmacia with itself.

-Pfizer has opted for Bharat S Raut & Co as the auditors of the company by replacing A F Ferguson and Co.

-The Supreme Court has dismissed the petition filed by the shareholders challenging the merger of Pfizer Ltd and Parke-Davis India Ltd.

-Supreme Court permits Parke-Davis(I) merger with Pfizer,The company will issue equity shares in the ratio of 9:4

-Appointment of Mr Richard Gane as Director on ther Board of the company in place of Mr Charles Sarris.

-The strength of the board of Pfizer is cut to almost half, from 11 to 6.The directors who have stepped down from the board are all representatives of the parent company, Pfizer Inc. They are James S Hilboldt, Dr Michael Walter Hodin, Michael Sweitzer, Benjamin Valentini, Dr Pierre Etienne, Robert Wakefield Norton and Daniel P Cronin. The company has filled the two vacant slots by making executive director (finance) Kewal Handa and executive director (technical operations) B M Gagrat as full-time directors in place of R W Norton and James Hilboldt.

2004

-Pfizer Ltd has informed that it has entered into an Agreement with Sanofi Synthelabo (India) Ltd for co-promotion of its product, Daxid. The agreement is valid for a period of 3 years.

-Pfizer withdraws Gelusil product

-Pfizer subsidiary ties up with Siro Clinpharm