The robust start of the nation building process, initiated by the ruling Government from mid 91 put India in prominenceasan invest market in world arena. However in the last few months,we have fallen behind in the competitive world market. We are late beginners to open up our doors and if we do not seize the opportunity now, others are willing to do so. It is therefore imperative that political dissidence and differences are buried to give priority to economic agenda. In this process, if there is one sector which needs the highest priority,it is infrastructure i.e transportation, communication and power. We can hope to accelerate our industrial and economic growth only if infrastructure is in place. We sincerely hope that this will receive all the attention which it deserves.
After along wait, the government announced the new Drugs (Prices Control) Order, 1995. While the list of price controlled drugs has been curtailed and two categories are replaced by a single category, ceiling prices have been made applicable to all manufacturers and generics have been brought within price control. At a time when pharmaceutical industry needs to significantly step up investment to hardly aids this process. This is also inconsistent with the removal of controls in all other sectors and allow the market forces to play its full pharmaceutical industry, there should be no apprehension in the minds of anybody that removal of price control would result in unreasonable price increases.
1994 was the first fully year in which your company did not have its highest selling product viz. CELESTAMINE. Despite this, the sales recorded an increase of 10.60% from Rs 77.83 crore in 1993 to Rs 86.13 crores in 1994. Excluding CELESTAMINE, the growth during this period was 30.8% which far exceeded market growth of 15.70%. The development of core brand concept and significant step up in the promotional investment helped us in achieving this growth. The year also witnessed the launch of a new product ELOCON ointment which during a short period of 6 months achieved a market share of 3%. Another new product launched during the year viz. LEUCOMAX along with Sandoz India Limited also performed fairly well. The company's application for duty exemption of this product to make this life saving drug available to consumers at affordable price is still pending with the Government. We hope to achieve duty exemption soon to help our needy patients.
The life time for a pharmaceutical company is a stream of new products. Consistent with this, your company plans to launch very high-tech drugs used in life threatening conditions. The registration process for these drugs is under way and we expect to launch some of these products over the next few years.
On behalf of all, we record our sincere appreciation of the excellent performance achieved by Fulford team. We also place on record our sincere thanks and gratitude to Schering-Plough for their invaluable technical and managerial support provided to the company