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Glenmark gains at Fulford’s cost

May 16, 2000

The dermatology segment (which deals with skin infections) of the pharmaceutical formulation industry has been witnessing a heavy dose of competition. While the overall formulation segment has grown at 9.8% for FY2000, this segment has grown at only 8.2%. While the market leader Glaxo seems to have slightly increased its market share, a relatively smaller company, Glenmark Pharmaceuticals seems to be a major gainer at the cost of its bigger rivals Fulford and Ranbaxy. This seems to be primarily due to the marketing push the company has been given to its products particularly Candid, its dermatological brand which seems to be following in Glaxo’s footsteps.

As per the ORG data (see table) Glaxo remains the market leader by far, with a 16.9% market share in the dermatology segment. This is due to the fact that its Betnovate range of formulations have achieved near OTC status (Over the Counter) despite being prescription brands.

  Value (Rs m) Market Share Growth
Overall Value 7,549 100.0% 8.2%
Glaxo–Wellcome 1,278 16.9% 8.9%
Fulford 649 8.6% -7.3%
Ranbaxy–Croslands 471 6.2% 3.0%
Glenmark Pharma 434 5.8% 26.2%

Source ORG RSA Mar 2000

The surprise has however been an over 25% growth for Candid. Though one can argue that Glenmark’s growth has been from a much lower base (since Glaxo’s dermatological revenues almost equal the entire revenues of the Glenmark) this just shows the importance of brand building and establishing mind recall for pharma products and the benefits it yields during a slowdown in the industry.

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