Glenmark

• Focus on higher-growth therapeutic segments in the branded generics market. We intend to
focus our branded generics strategy on markets we have identified as key, growth markets for our
business, such as Brazil, Russia and CEE markets including Poland, Romania and the Czech
Republic using a specialised approach. This will involve consolidating our position across
existing territories and applying our existing business models across newer markets such as Egypt,
Thailand, the UAE and Mexico. We intend to access these newer markets either by acquiring
entities or products or by way of green-field entry by leveraging our branded generic model. We
will look at launching our formulations in the relevant markets, supplemented by in-licenced
products as are deemed necessary to strengthen the product suite. We have developed good
relationships with medical professionals in India, and our established reputation with the
specialists in particular segments offers opportunities to maintain our market position by building
on our brand equity. We have replicated the same ‘branded generic’ model in the markets of the
Asia Pacific, Africa/Middle East, Russia, the CIS, CEE and Latin America. We have over 800
sales personnel in these markets promoting our brands to doctors. We will continue with our
product registration program and seek additional approvals and launches.
• Continue to invest in discovery research. The focus of our proprietary branded business is on the
advancement of one of our NCEs Melogliptin, which is a type II diabetes compound into Phase III
of clinical development. Oglemilast (GRC 3866) recently completed an unsuccessful Phase IIb
study for the treatment of COPD though it continues to be the subject of Phase IIb asthma trials,
which are nearing completion. Similarly we are aiming to progress two more of our NCEs,
Revamilast, which is a rheumatoid arthritis/multiple sclerosis/inflammatory disorder compound,
and GRC 10693, which is a neuropathic pain/osteoarthritis/inflammatory pain compound, to Phase
IIb of clinical development. Both Revamilast and GRC 10693 have successfully completed Phase
I clinical trials. We aim to progress GBR500, which is a multiple sclerosis/inflammatory disorder
compound, GBR 600, which is an anti-platelet compound and GRC 15300, which is an
osteoarthritic pain/neuropathic pain compound, to Phase I level of clinical development. We are
also preparing regulatory submissions and launch preparations for the anti-diarrhoeal drug
Crofelemer, in respect of which we have commercial rights in over 140 countries. We continue to
focus on novel targets in the areas of metabolism, inflammation, pain and oncology.
• Capitalise on partnering opportunities. We intend to continue our focus on the development of
NCEs and NBEs with a view to out-licencing them as appropriate. To date, we have successfully
out-licenced three molecules to four partners and have received a total of U.S.$117 million in upfront
and milestone payments. Two of the four out-licencing agreements have now been
terminated. We intend to focus our R&D efforts on research in specific therapeutic segments
which we believe offer out-licencing potential, such as the metabolic diseases, pain and
inflammation therapeutic areas. Our policy is to develop promising molecules up to the early
clinical stage and then out-licence to international pharmaceutical companies. The molecules are
out-licensed primarily for the North American, European and Japanese regions. If the molecule is
successful and reaches the market, we will receive royalties from subsequent drug sales in these
markets. The royalties are in addition to upfront and milestone payments we receive as the
molecule progresses through various stages of clinical development. For the rest of the world, the
rights remain with us and we can launch the product on its own in these markets (which include
India).
• Capitalise on the opportunities for generics in the regulated markets. We intend to continue to
exploit our low-cost advantage and development capabilities in the implementation of our
expansion plans to overseas regulated markets. In the United States and European generics
markets, we intend to continue to sell specialty APIs to companies and develop long-term business
opportunities. We continue to focus on the filing of ANDAs in the United States and on the filing
of drug master files (“DMFs”) focused on differentiated and niche products. We have diversified
into, and intend to seek Paragraph II, III and IV filings in niche areas such as dermatology,
hormones, oncology, controlled substances and modified release medications. Paragraph II filings
are filed post the expiry of the patent relating to the innovator brand, Paragraph III filings are filed
prior to expiry of the patent relating to the innovator brand, but the product is launched post-expiry
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