4th
largest

Generics company
in Australia

2nd
largest

Ophthalmic company
in Mexico (By units)

2nd
in Philippines

reference
market

5th
in Brazilian

reference
market (By units)

The APAC region accounts for more than 20% of the global pharmaceutical market with an estimated market size of USD 240 billion.
Lupin is present in 10 markets in the region including the major markets of Australia, Philippines and Japan/Korea.
The APAC region accounts for 4% of our global sales. In FY21, we recorded a growth of 5.6% in the region despite stiff competition driven by strong performance in Australia and Japan.

Australia

The Australian pharmaceutical market is valued at USD 13 billion and grew by 3% in 2020. The generics segment in Australia has witnessed consolidation in recent times and grew at a faster rate of 4%, backed by government support. Lupin’s Australian subsidiary, Generic Health ranks fourth in the region amongst generic players and supplies generic prescription and OTC medicines to pharmacies and hospitals in Australia.

Generic Health showed resilience during the pandemic and reported strong FY21 revenues of AUD 57 million. It launched more than 10+ new products during the year, including a niche generic product having limited competition in the weight management therapy area.

The Philippines

The Philippines market is valued at USD 4.1 billion and declined by 10% in FY21 impacted by demand disruption due to COVID-19. Multicare Pharmaceuticals Philippines Inc. (Multicare), Lupin’s subsidiary in the country, is a premium branded generics company with strong presence in the Rheumatology, Gastrointestinal and Diabetes segments. Successfully retaining its number 2 rank amongst reference branded generic market in the country, Multicare recorded revenues of PHP 1,388 million in FY21. The company has more than 250 employees, who were able to grow 7 of its top 10 products by increasing its reach to HCPs and creating more demand through a mix of face-toface and digital promotion. Multicare has a product pipeline of more than 50 new products to be launched over the next 5 years.

Japan

Japan is the third largest market in the world at USD 81 billion, decreasing 2% year on year (impacted by price reforms and rising generic use). While Lupin exited the market with the divestiture of Kyowa Pharmaceuticals in 2019, we continue to cater to it by supplying existing products, APIs, and select new products through licensing agreements like those with Kyowa Pharmaceuticals. We are also committed to our partnership with Nichi-iko for biosimilar Etanercept, which was launched in Japan in FY20. We continue to selectively bring our portfolio of complex generics and rare diseases to the Japanese market, partnering with the right companies to maximize value for the company.
Data Source: IQVIA Global MIDAS (MAT Dec 2020). IQVIA Local PHI data (MAT Mar 2021)

Latam

The LATAM pharmaceutical market is USD 40 billion and grew by 10% in FY21. The growth was driven by therapeutic areas tied to COVID-19 as well as chronic therapies such as Cardiovascular, Thrombosis, CNS, Diabetes and Vitamins. Overall, our LATAM business recorded a sales decline of 10% and contributed 4% to our overall revenues in FY21.

The two biggest markets in the region, Brazil and Mexico, represent 70% of the LATAM market and witnessed growth of 11%.

Mexico

The Mexican pharmaceutical market is valued at USD 10 billion. The market witnessed a robust growth of 11% in 2021 despite pandemic-driven macroeconomic headwinds.

Laboratorios Grin (Lab Grin), Lupin’s subsidiary in Mexico with 310 personnel, recorded a decline of 10.1% in primary sales at MXN 621 million, while continuing to be ranked second in the ophthalmic reference market (by units). In FY21, the ophthalmic market was severely impacted by the pandemic as patients ceased treatment of acute conditions while private ophthalmologist practices were closed in Q1FY21.

Lab Grin’s portfolio consists of 50 ophthalmic products and 10 primary care products. Five products were launched in FY21. We are constantly seeking opportunities to bring innovative products to the ophthalmic market and intend to leverage our global product pipeline to grow in areas beyond the ophthalmic segment by launching products in the Respiratory and CNS segments.

Brazil

The Brazilian pharmaceutical market is valued at USD 21 billion and is the most important pharmaceutical market in LATAM, accounting for 47% of the region’s sales. It is ranked as the 10th largest pharmaceutical market worldwide. In FY21, the Brazilian pharmaceutical market grew 9.6% largely led by robust volume growth of essential medicines.

Medquimica, Lupin’s Brazilian subsidiary with 570 personnel, now ranks thirteenth in value in the region and is the fifth largest in its reference market (by Units), commanding a 6.4% market share. The company outpaced industry growth, delivering 35% growth in BRL terms. Medquimica continues to identify new products and differentiation opportunities to fill its product pipeline.

Road Ahead for Growth Markets

Our Growth Markets strategy is focused on introducing new products from our global pipeline to expand into newer segments while improving market share in our legacy segments and products. We will bring our complex inhalation and injectables assets to most of the markets in the coming years. The growth markets are now focused on crafting an entry strategy into China.

Data Source: IQVIA Global MIDAS (MAT Dec 2020). IQVIA BRA & MEX Local data (MAT Mar 2021) and IQVIA LATAM President’s Meeting (APR 2021). LATAM Market size includes retail and non-retail and excludes Argentina and Venezuela.

Growth markets