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The South African Pharmaceutical Market is valued at about USD 2.7 billion with the total market growing by 7.7% in value and 1.5% by volumes in FY 2016. Lupin’s South African subsidiary Pharma Dynamics (Proprietary) Limited (PD) clocked in revenues of South African Rand (ZAR) 835 million (Rs. 3,998 million) during FY 2016, growing by 10% over the previous year in ZAR terms. PD is the 4th largest generics player and ranks amongst the top 20 pharmaceutical companies in South Africa. The Company is also the largest cardiovascular player in South Africa, across all companies.
The Company continues to build its partnered business by building its product portfolio and forging deeper relationships with select partners within the European Union (EU). Lupin’s business in UK, Germany as well as our partnered business in Europe contributed equally to the strong growth performance with our German subsidiary Hormosan Pharma GmbH, growing by 51%.
Lupin continues to invest in creating a quality pipeline for European markets. The Company filed 8 marketing authorization applications with European authorities and received 3 approvals during FY 2016. Cumulative filings for Europe now stand at 67 with the Company having received 52 approvals to date.