Vocabulary On Writing In EFL Learners

Vocabulary On Writing In EFL Learners Vocabulary knowledge has been considered as basic principles of learning English and it also has a determinant impact on EFL Witting skills. Writing is one of the important ways to learn English language that involves students ideas into the written text. Vocabulary mastery is one of knowledge that important to learn writing, listening, reading, and speaking A good writer has to know a set of vital items to enrich his writing such as grammar punctuation, capitalization rules; figurative language; rhyme; rhythm; and vocabulary. One item that can power up writing is a strong vocabulary. Spoken and written words are used to communicate ideas, thoughts, and emotions and they are so common among EFL learners, sometimes communicating will be successful and sometimes its quite reverse. To write an article, essay or even a composition which is written at school by students, good vocabulary is an essential object. Knowing synonyms and using strong vocabularies, give readers a good sense of meaning and information will make the writing more influential. In Santos, 1988; Astika,1993 study(cited in Lee,2003) has shown that lack of vocabulary contributes to writing difficulty for foreign language learners and that vocabulary is one of the most important features that determine writing quality The current article focused on the impact of vocabulary on writing in EFL learners. Importance of Vocabulary in Writing Vocabulary is defined as knowledge of words which is considered vital for language development and acquisition and is recognized as an essential factor in writing. It can also describe as the ability to use words in the generation and understanding of sentences. Beck, McCaslin, McKeown, 1980 study(cited in Yonek,2008)There is a substantial body of evidence demonstrating a link between vocabularies and students ability to read and comprehend passages. Researchers have also explored the role of vocabulary in three main aspects of students writing performance: (a) shaping teachers perceptions of writing quality; (b) predicting students overall writing performance, and (c) enhancing the quality of students written compositions( Papadopoulou, 2007,p.35). Papadopoulou,2007 said that there is a positive relationship between mature vocabulary (assessed by lexical choice) and high quality ratings. Particularly, when Neilsen and Piche (1981) compared the effects of syntactic complexity versus lexical choice on the ratings of writing quality, they reported high quality ratings for passages with mature vocabulary regardless of the passages syntactic complexity. Similarly, according to Papadopoulou,2007 examined the role of vocabulary in formatting teachers judgments of college freshmens written arguments:. It was reported that the appropriateness of words used, rather than the simple production of words, was more important in influencing teachers judgments of writing quality. The number of diction or word-choice errors per 100 words written was found to be a particularly strong predictor of writing quality. (Papadopoulou,2007,p.102) Vocabulary is also considered as a strong predictor of students overall writing performance when vocabulary scores are compared to more elaborated criterion measures of written expression such as the Test of Written Language (Towel;Hammill Larsen, 1978), the Stanford Achievement Test (SAT; Madden, Gardner,Rudman, Karlsen, Merwin, 1978), and the Developmental Sentence Scoring System (Lee Canter, 1971). Significant research has been conducted on the effects of vocabulary instruction on reading performance but studies investigating vocabulary instruction and writing are few (Duin Graves, 1987). It also illustrates the effects of vocabulary instruction on the quality of students written products. (Yonek,2008,p.68) Despite the correlations between verbal ability and writing, the nature of the relationship between the two is less certain. A rich vocabulary allows writer to get a richness of thought onto paper. However, the writers real pleasure comes not from using an exotic word but from using the right word. In other research, effective writing has also been shown to be reliant upon verbal working memory . Those students who have considerable difficulty in producing well written compositions suffer from underdeveloped oral proficiency levels. According to Bereiter Scardamalia, 1987 study,(cited in Lee,2003)Further research shows that verbal memory limitations impact both quantity and quality of writing . In writing, using correct verbs, propositions and grammatical point is so important. Vocabulary and writing: Finding the right words In some ways, the ability to write effectively hinges upon having an adequate vocabulary even more than does the ability to read. Once students have learned to decode words, they may be able to read and pronounce many words that are unfamiliar to them. They may even be able to determine accurate meanings of unfamiliar words simply by examining the context in which those words are used. During the writing process, however, a student does not have the luxury of examining the context in which a word is used; he or she is creating the context. Therefore, the writer must be able to spontaneously recall words that are known not only by sight, but that are understood well enough to use correctly. Writing is dependent upon the ability to draw upon words to describe an event. The breadth and depth of a students vocabulary will have a direct influence upon the descriptiveness, accuracy, and quality of his or her writing. Yonek( 2008) notes, variety in selecting words to convey accurate meanings is necessary in speaking and writing, the outgoes of the language arts and at any level, written communication is more effective when a depth of vocabulary and command of language is (p. 25-26). Principles of vocabulary development Since words are the writers most important tools, vocabulary development must be an important and ongoing part of classroom learning. In Laflamme (1997) study( cited in yonek 2008) offers several key principles that should guide the creation and implementation of a comprehensive vocabulary development program. 1. Teachers must offer direct instruction of techniques or procedures for developing a broad and varied vocabulary. This instruction can be provided both formally through the language arts program, and informally through various classroom interactions-such as story time-with students. 2. New vocabulary terms must be connected to students previous knowledge and experiences. If students are unable to contextualize new words by attaching them to words and concepts they already understand, the words will likely have little meaning to them, and if meaning is lacking, the chances are pupils will memorize terms and concepts for testing purposes only or largely. 3. Students should be able to contextualize the vocabulary terms they have learned and use them in society. In order for students to do this successfully, they must first learn to become comfortable using these words in the classroom. Students should be required or encouraged to incorporate new vocabulary terms into their oral and written reports and presentations. 4. Practice and repetition are important methods by which students can become familiar with new words and under- stand how they may be used correctly .Students should be frequently exposed to the same words through practice exercises, classroom use, and testing. 5. Teachers should model an enthusiasm for and curiosity about new words through their own behaviors and attitudes. Teachers who are enthusiastic about vocabulary development will automatically look for teachable moments throughout the day, pointing out interesting words as they crop up in texts, stories, or conversation; asking students to explore alternative ways of expressing concepts; and helping identify colorful, descriptive ways of speaking and writing. 6. Schools, teachers, and students must be committed to vocabulary development over the long term. The teaching of vocabulary must be an interdisciplinary project, integrated into the curriculum at every level. Effects of vocabulary Instruction on writing and using vocabulary to improve writing skills Efforts to improve writing performance through vocabulary instruction have been limited making generalizations about the role of vocabulary instruction unwarranted. However, a few studies examining the effects of vocabulary instruction on writing reveal some promising findings between the two. While improved vocabulary can enhance students writing skills, there is no guarantee that it will do so automatically. Improvement in vocabulary will result in improved writing skills only if the teacher is able to create a classroom that takes writing seriously. In Corona, Spangenberger 1998 study (cited in lee 2003) in such a classroom, process and environment are closely intertwined and interdependent. The process does not come alive unless the environment is conducive to it. The following are techniques teachers can use to create a writing-centered classroom. 1. Sharing vocabulary-rich literature by reading books, poems, and stories that contain interesting vocabulary, teachers can both introduce new words and provide a forum for discussing them. It helps the students become better writers, 2. Helping students to look for interesting words. There are many different forms this can take. For example, students could pair up and look through books for words that catch their attention, then write down common words that the author could have used instead. 3. Offering a variety of writing opportunities. A writer-centered classroom emphasizes using written expression to communicate ideas. Writing is an important part of all areas of the curriculum. The authors go on to note that students have a greater investment in their writing when they are given choices about their assignments. Such choices may include journal or diary entries, weekly logs summarizing journal entries, book reports, outlines, poetry, autobiographies, short stories, or any number of variations on the above. 4. Providing sample time for students to fully experience the writing process . The teaching of writing should be approached as a process that must be studied in depth, and substantial blocks of time should be devoted to writing. 5. Allowing students to conference with teachers and fellow students. When writing topics are chosen, students should meet with their teacher to discuss ideas and answer questions. The teachers role is to encourage, build on existing strengths, and help the student expand his or her abilities. Conferencing with fellow students gives the budding writer the opportunity to share ideas, brainstorm, and rework his or her project. Research (Henry, Scott Wells, 1999;cited in Yonek 2008) has shown Teachers who are following principles relating to vocabulary development: valuing words is critical to student learning, wide reading and direct instruction are critical components to vocabulary learning, and modeling word consciousness with a focus on language use encouraged students to pay attention to words Conclusion: In Scott 2004, study (cited in Lee 2003) research shows that having a large and sophisticated vocabulary helps a writer produce quality text by limiting the cognitive demands during a writing task. Though research connecting effective vocabulary instruction and writing is limited, some studies suggest that rich vocabulary instruction and developing word consciousness can positively influence writing. Principles identified from the research relating to generalized effects in comprehension as a result of vocabulary instruction may serve as the basis for effective instructional methods designed to increase word knowledge to a degree that can affect writing.

Ranbaxy Laboratories

| Ranbaxy Laboratories Ltd. | | â€Å"Personally, I feel that companies who constantly innovate to provide better products and services and who can offer superior value propositions to the consumer are the ones likely to command more respect globally than others† Malvinder Mohan Singh, former CEO and MD, Ranbaxy Laboratories Ltd Table of Contents Executive Summary5 The Company5 Hybrid Business Model6 Porter’s Five Force Analysis7 Bargaining Power of Buyers8 Bargaining Power of Suppliers9 Threat of New Entrants10 Threat of Substitutes11 Threat of Rivalry12 Value chain analysis13Inbound logistics13 Operations13 Outbound logistics13 Sales and marketing13 Service14 Procurement14 Technological Development14 Human Resource Management14 Firm Infrastructure14 VRIO Analysis16 Internal Analysis- A Resource Based View16 Factors Leading to Growth18 Strategy18 Business-level Strategy18 Focus on Differentiated Products18 Corporate-level Strategy20 R&D in Ranbaxy20 NDDR – A sep arate Entity Decentralization20 First Mover Advantage20 Information Security and Information Synergy21 Acquisitions21 Agreements and Collaboration22 Recommendations22Medium term Strategy (5-7 years)23 Long term Strategy (10-15 years)25 References26 Exhibit27 I. Market Share27 II. Market Structure & Herfindahl-Hirshman index27 IV. Market Forecast31 V. Competitor Analysis31 VI. Ranbaxy Financials32 VII. Pharmaceutical Industry Future33 VIII. Conservation of energy and its impact37 Executive Summary Product patent regime implemented in India from Jan 2005 compelled Indian pharma companies to relook in to their marketing strategies so as to become competitive & strongly withstand in the competition with MNC’s & big giants in domestic markets.Product patent regime posed Indian pharmaceutical companies to change their strategies. If the Indian companies wanted to withstand in competition & survive, they have to invest more in the R&D for development of New Chemical Entities (NCEâ⠂¬â„¢s). Before patent regime, with the help of reverse engineering & process patent companies were enjoying copying MNC’s molecules & introducing their own brands & investing less in NCE’s. The rapid growth of the Indian Pharmaceutical Industry was sponsored by the non-recognition of product patents for drugs under the Indian Patent Act, 1970.However, the case reversed with the advent of signing of the TRIPs agreement. This change ensured that firms should reorient themselves for R&D-based innovation to survive. This would enable them to compete in regulated and open market. Ranbaxy Laboratories Ltd. adopted a â€Å"High-Risk-High-Returns† strategy to respond to the challenging business environment brought about by the introduction of the new patent regime. But the financial health of the firm was affected severely by the increasing expenditures on risky R&D and patent challenges with inadequate returns.High cost acquisitions in foreign markets and setting own manufacturing & selling facilities abroad in order to increase its geographical presence added further to the problem. Eventually, Ranbaxy had to redefine its business model. In 2008, a strategic combination of an innovator and generic powerhouse was brought in by Ranbaxy by selling its 63. 92% shares to Daiichi Sankyo Company Ltd. The study reveals how Ranbaxy adopted a new strategy every time the company confronted a new challenge in the ever so changing scenario of Indian Pharmaceutical Industry.From pioneering the art of reverse engineering and becoming a cost-effective firm globally, the firm went on to become the first Indian Pharmaceutical firm to launch the first original drug developed by an Indian entity, Synriam, and reaping profits by way of para IV filings for the star-drug Lipitor. Ranbaxy made a way out through its strategies to claim its top position in the Indian Pharmaceutical Industry and globally. The Company Ranbaxy Laboratories Limited is one of the India's lar gest pharmaceutical companies. It is an integrated, research based, international pharmaceutical company.It produces a wide range of quality, affordable generic medicines, that are trusted by healthcare professionals and patients across geographies. Ranbaxy is ranked 8th amongst the global generic pharmaceutical companies, and has a presence in 23 of the top 25 pharmaceutical markets of the world. The global presence of the firm encompasses 49 countries, and it has world-class manufacturing facilities in 11 countries to serve customers in over 125 countries. Ranbaxy entered into an alliance in June 2008 with Daiichi Sankyo Company Ltd. The combined entity now ranks among the top 15 harmaceutical companies, globally. The strategic deal will place Ranbaxy in a higher growth trajectory and it will emerge stronger in terms of its global reach and in its capabilities in drug development and manufacturing. A detailed portfolio of company’s financial positioning and market structure is provided in the exhibits. (Exhibit I, II and VI) Hybrid Business Model Ranbaxy is working very closely with Daiichi Sankyo to extract synergies in various geographies. Ranbaxy markets Daiichi Sankyo’s brands in countries such as Romania and Malaysia.Additional resources and capabilities are also being directed towards this region. These capabilities will result in improved business performance in other markets also, like Africa, Middle East and Asia. Branded business is the core factor that differentiates Ranbaxy from most other Indian generic companies. Ranbaxy has its own teams in more than 40 countries, while many Indian companies elect to sell their products through distributors. The ‘Global Hybrid Business’ team took several initiatives during the year to leverage synergies between Ranbaxy and Daiichi Sankyo, individually and collectively.Their collaboration is maturing with time and the synergies now extend beyond marketing and cover a significant part of the pharmaceutical value chain. A manufacturing and supply framework was established between Ranbaxy and Daiichi Sankyo Espha Co. Ltd. during the year and they are working together to develop products for the Japanese market. Porter’s Five Force Analysis The analysis is done from the perspective of an average incumbent player in the industry. Overall attractiveness of industry is moderate at 3. 1 points. The key buyers are hospitals and pharmacies.The key suppliers are active pharmaceutical ingredients and clinical trial services providers. The pharmaceutical market witnesses fairly strong buyer power. Oligopsony status strengthens buyer power. The price control policies of state and private sector institutions also add to buying power, as they are the ultimate purchasers of drugs. The business of pharmaceutical companies depends vitally on obtaining high quality equipment, materials, personnel, and third-party clinical testing services. The regulators must be satisfied th at the products of new entrants are safe and effective.Pharmaceutical industry also experiences substitutes in terms of non-drug therapies and like. In addition, cheaper generic copies are substituting research based drugs as they are no longer protected by patents. Bargaining Power of Buyers Pharmaceutical manufacturers sell to drug wholesalers. These then sell on to pharmacies, or to healthcare institutions as hospitals. Most pharmaceutical products require prescription except for OTC and similar drugs. Marketing of prescription drugs is therefore heavily directed at medical practitioners.Medical condition may entail several different drug treatments leading to product differentiation and weakening buyer power. Differentiation includes efficacy, side effects, ease of use and cost-effectiveness. The reverse happens when generic copies are available. The buyer power is also increased because the ultimate source of funds for most drug purchases is a public or private-sector health in surer or similar body. Such large purchasers exert monopsony market power ad it is very common for them to use one or more specific price control strategies. In some scenarios governments may directly set drug prices, making any departures illegal.In case of reimbursements governments may set a very low price for new or existing drugs. Under reference price regimes reimbursement levels are determined by contrasting the price of a drug in therapeutic category and/or peer group countries. If therapeutic category contains generics the reference price is pushed down for on-patent drugs in the same category. If peer group countries have lower per capita incomes, a similar effect occurs. Price-volume or profit control may also exist. Beyond the stipulated amount manufacturers have to offer either price reductions or compensatory disbursement to government.Overall, industry attractiveness due to buyer’s bargaining power is moderate at 3 points. Bargaining Power of Suppliers Manufact urers of active pharmaceutical ingredients (APIs) are major suppliers to the pharmaceutical market. This forms a sub-sector of the chemical industry. Many leading pharmaceutical companies enjoy less bargaining power of suppliers due to major investments in fine chemicals manufacturing which provides a high degree of self-sufficiency. APIs are provided on a contractual basis and so pharmaceutical companies risk elevated switching costs if they think about moving their business to a different place.Sequentially, pharmaceutical companies make use of sourcing managers to diminish costs and to lessen supplier power. However chemical manufacturers can demand higher prices in case of development of new therapeutic agents as it requires sourcing of newer APIs. Most companies purchase raw materials from many suppliers thereby lessening their reliance on any one company. In general, suppliers have little differentiation as laboratory equipment and chemicals are mostly uniform. Thus companies have a many options to acquire the best quality and cost relationship, diminishing supplier power.But, there are cases requiring specialized facilities or raw materials, such as sterile processing of biological materials. These cases increase supplier power. Forward integration by suppliers is highly unlikely; however due to chemical synthesis capabilities they are ideal candidates for production of generic drugs. Recent years have seen a trend of large pharmaceutical companies producing their own chemicals to enhance profits, however smaller companies lacking the resources necessary to do this have relied on API manufacturers.Pharmaceutical companies outsource their drug testing and clinical trials to third-parties. As these trials are very important for regulatory approvals, these service providers constitute important suppliers. Overall, the industry attractiveness due to supplier’s bargaining power is moderate at 3. 28 points. Threat of New Entrants Market entry is affect ed by regulation and legal frameworks in quite a few ways. A company that wants to market its products is obliged to show that its drugs are safe and effective, to a national regulator. The Drug Standard Control Organization (CDSCO) plays this role in India.A start-up company needs significant up-front investment which must be accessible for the time it takes to develop and test the product. It is time-consuming to meet these regulatory requirements; it may take 10-15 years to get a drug to market. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), out of 5,000 to 10,000 screened compounds, only 250 enter preclinical testing, of which only 5 enter human clinical trials, and finally just 1 will be approved. Another regulatory barrier to entry is the use of restrictive formularies: only certain drugs may be listed as preferred for a specific therapeutic category.This means that non formulary alternatives can only be prescribed under special circumstances an d with prior consent from the appropriate authority, or with more sizeable co-pays from the patient. Thus the potential market for non-formulary drugs is smaller than the size of the therapeutic class market. New entrants to the market are also slowed by the strength of intellectual property protection. Overall, industry attractiveness is moderate at 3. 44 points. Threat of Substitutes As far as substitutes are concerned patients may prefer traditional remedies.Physicians may decide on non-drug treatments if they deem them more apt. Switching costs for patients are moderately low. Though, they may be more important for the final buyers, the healthcare providers. For example, presume a healthcare system reviewed the clinical data and determined that a chronic condition that is treated by drugs taken for the patient’s lifetime can be treated by a simple surgical procedure. This would be a valuable and inexpensive alternative. However, it may need more surgical teams to be train ed and more availability of operating theatres, requiring funding from the healthcare system.The attractiveness of industry due to threat of substitutes is moderate at 2. 75 points. Threat of Rivalry The general structure of the industry is reflected as near perfect competition (Exhibit II). Industry has also witnessed high growth over the years (Exhibit III) Several multinational corporations dominate the Indian research-based pharmaceutical industry, beside smaller firms as biotech players fixed on a small quantity of new products. There is some proof of consolidation, which reduces rivalry as players increase their product portfolio or geographical spread.Certain specific therapy areas may have more effective concentration. Therefore products can be highly differentiated based on their clinical effectiveness. Generic companies can be profitable by selling the same molecule at lesser price than the original. This shows that setting up good-quality manufacturing processes is not ve ry expensive. A resulting effect of this is that it is comparatively trouble-free for research-based companies to increase output, for example by licensing agreements with other companies, eliminating the need to expand their own production facilities.This tends to increase rivalry. Exiting the market is moderately easy. Many assets can be classified as ‘weightless’. For example trademarks, patents, synthetic methods, and others. These can be sold comparatively easily. Many of the production facilities and equipment and R;D will find uses outside pharmaceutical industry. Overall, industry attractiveness due to the degree of rivalry is moderate at 3 points. Value chain analysis Inbound logistics Ranbaxy has implemented various ERP solutions to minimise cost of inbound logistics. Operations CMC- Chemistry, Manufacturing and Control – Trial manufacturing of small scale API and intermediates of some of Daiichi Sankyo’s pipeline products is ongoing at Ranbaxyâ €™s manufacturing facilities. The result is huge cost savings and efficiencies for Daiichi Sakyo. * PDR- Product Development Research – Daichii Sankyo’s knowhow is being used to reduce deviation rate of products. Transfer of new drug research to Daichii Sankyo has enabled Ranbaxy to focus on generic research. * Ranbaxy achieved a total of 230 filings across markets. * Rationalization of potable water supply by operating one system instead of earlier practice of two systems. Measures for Conservation of Energy resulting in savings of 11. 71 million rupees. (Exhibit VIII) Source: Ranbaxy Files Outbound logistics The company has also focussed on cost cutting at this level to strive towards its goal of cost leadership. Sales and marketing * Ranbaxy used its strong distribution network to introduce Daiichi Sankyo’s innovator products in Singapore, Malaysia and Italy. * Marketing synergies are rolled out in India and Romania. Source: Ranbaxy Files Service * Ranbax y ensures high levels of service to distributers. Procurement To gain advantage a project related to supply chain of API and drug product is ongoing. The intent is to promote rationisation and increase price efficiency to mitigate risk. Technological Development * Anti counterfeiting system to reduce pilferage. * Flexible multipurpose manufacturing to de-risk business and utilise production capacities optimally. Human Resource Management * Daiichi Sankyo talent exchange programme to ensure cultural synergies and skill enhancement. * Rotated employees through international assignments to create global leaders. * Additional features added in PMS. Introduction of whistle blower policy. * Long term ESOPs applicable to people in 43 countries and multiple nationalities. Firm Infrastructure * Upgradation of global manufacturing capabilities to enhance capacities, efficiencies and strengthen processes and compliance. * Dosage form facility in US has been upgraded and manufacturing capacity increased. * Investment in Greenfield facility in Africa. * Plan of a Greenfield facility in Malaysia. * Setup of a dedicated facility at Paonta Sahib. * Quality compliance, quality improvement and signing of consent decree with FDA. Implemented 22 global quality standards. * Implemented enterprise wide quality management system (TrackWise, Documentum, LMS etc). The company has inculcated sufficient changes in the value chain to be in line with its hybrid policy. As the company strives to be a global leader it has made huge investments in firm infrastructure. Also human resource management has been suitably enhanced to create a culture that assists in growth. VRIO Analysis Under the hybrid business model Ranbaxy has transferred new drug discovery to Daiichi Sankyo, while Ranbaxy will take care of generic drugs.Utilising these synergies Ranbaxy has also implemented flexible manufacturing at many facilities. Resource| Valuable| Rare| Costly to imitate| Used by organisation| | Daiichi Sankyo’s R;D| Yes| Yes| Yes| Yes| Sustained competitive advantage| Flexible manufacturing capabilities| Yes| Yes| Yes| Yes| Sustained competitive advantage| Expertise in acquiring Abbreviated New Drug Applications (ANDAs)| Yes| Yes| No| Yes| Temporary competitive advantage| SYNRIAM a breakthrough molecule for Malaria| Yes| Yes| Yes| Yes| Sustained competitive advantage|Internal Analysis- A Resource Based View The purpose of this section is to utilize the concept of resource based approach to determine the resources and the interactions that exist among these resources leading to differential performance of Ranbaxy in the Indian pharmaceutical industry. The internal analysis could be thought of as strengths and weaknesses of the SWOT framework applied to a firm. The RBV focuses on idiosyncratic and costly to copy resources, the exploitation of which may give a firm a competitive advantage. I.Assets: These refer to the ‘resource possession’. They are the factors of production that the firm may draw upon to provide valuable goods and services to the customers. They are both, tangible as well as intangible in nature. As a part of this project, these assets were identified in case of Ranbaxy, which are as follows: 1. R;D Expenditure: Firms that invest heavily in R;D are more likely trying to compete on the basis of innovativeness and technology breakthrough although high investment does not necessarily guarantee generation of successful innovation.Ranbaxy has been investing heavily in the R;D of new drugs. The ration of R;D expenses to Sales stands at 11% for Ranbaxy (2009-10) compared to the 5% industry average. 2. Marketing Expenditure: Morgan et al. (2009) find that marketing excellence do lead to superior performance. Marketing as a resource has been considered in itself to have huge potential in making a difference to the firm’s performance. Due to the venture into OTC products (Volini, Revital etc), the marketing expenditure has inc reased by 18% over 2010’s expenditure, when compared with the industry average. . Tacit Knowledge (Company’s Age): As a firm grows, with age, it develops a network of relationships with various institutional actors like government, suppliers, customers, banks and other institutions (Makhija, 2003). The stock of tacit knowledge can be only built over time as the individual learns a particular skill or as member of a group or as a team learns to interact with each other. Thus, as the company ages, the interactions build, networks build, resources build and relationships build. The company is over 50 years old and was incorporated in 1961. . Culture: Ranbaxy firmly believes in providing autonomy to their employees and in letting the employees discover their potential while working for them. Individuals are given fair bit of responsibility quite early in their careers and hence, their actions impact the business. This has resulted in a culture of entrepreneurship within th e organization. The spirit of innovation and creativity supports this entrepreneurial culture. An employee should not be part of R;D to bring about innovations. Creativity is promoted in all the parts of the organization.Genuine mistakes are considered as a part of learning and calculated risk taking behavior is encouraged. II. Capabilities: This is better understood in terms of ‘resource utilization’. Capabilities are those constituents of the firm which help exploit the resources in implementation of the firm’s strategies. 1. MD Experience: Ranbaxy is flourishing under the able guidance of Mr. Arun Sawhney who joined Ranbaxy in May 2008 and was elevated to the position of President-Global Pharmaceutical Business in January 2010. Since August 2011, he is CEO ; Managing Director.Mr. Sawhney is a veteran in industry, with international experience of three decades in the Chemical and Pharmaceutical industry. He has held senior functional and management positions pr eviously in global pharmaceutical companies like Max-Gb, Bayer India Limited and Dr. Reddy’s Laboratories Limited. Factors Leading to Growth The key to Ranbaxy’s growth lay in the strategic decisions taken by its management from time to time. These strategies – specific patterns of decisions and actions – helped them achieve a competitive advantage.It exemplifies how symbiotic interdependencies can be managed and harassed for the organisation’s benefit, by manipulating the specific and general environmental forces. Ranbaxy’s main strategy to manage its environmental forces seems to be through forming strategic alliances for the various products and markets. The company has followed an r-strategy i. e. the strategy of entering a new environment early, and has thus reaped the benefits of being an early entrant in new market. Strategy Ranbaxy is focused on increasing the momentum in the generics business in its key markets through organic and i norganic growth routes.It is the company's constant endeavour to provide a wide basket of generic and innovator products, leveraging its unique Hybrid Business Model with Daiichi Sankyo. As part of the Hybrid Business Model, Daiichi Sankyo will utilise Ranbaxy's strong manufacturing capabilities and expertise in developing generic medicines for the Japan and market them through Daiichi Sankyo Espha Co. , Ltd. The company will also increasingly focus in high growth potential segments like Vaccines and Biosimilars. These new areas will add significant depth to the existing product pipeline.Business-level Strategy Focus on Differentiated Products The company realized the importance of having a versatile product portfolio and thus is focusing on offering differentiated/value-added new products to the Indian masses. Ranbaxy has accelerated its pace to bring in new differentiated products in the Indian market to consolidate its leadership position. Ranbaxy is building upon the practice of related Diversification – entry into a new domain that is related in some way to an organization’s domain- to gain a competitive advantage Examples:- 1. Rank in Therapy SegmentsOver the last few years, Ranbaxy has realigned its domestic operations to the needs of its target customer groups to have a more focused relationship with the doctors. This is aimed at providing customer specific quality services surpassing expectations. By forming relationship with doctors, demonstrates that Ranbaxy manages symbiotic resource interdependencies by the way of co-optation to manage its specific environment better. 2. Entering into the Oncology Segment Since Ranbaxy did not have a significant presence in the Oncology segment, it entered into a strategic alliance with Zenotech Laboratories Ltd.Of Hyderabad, India, a company with a strong hold in this segment. 3. Strengthening presence in Asthma Segment In- Licensing agreement demonstrates that Ranbaxy makes use of the informal stra tegy of long term contracts to manage its resource interdependencies. Ranbaxy has entered into ‘In- Licensing’ agreement with Euro drug laboratories, the Netherlands-based pharma company for the Asthma product Doxophylline – a Novel Xanthine Bronchodilator. It is a strategic step in the direction of expanding the product portfolio through differentiated products for the Indian Market, in the post patent era. 4. NCE Products – India FocusRecently a licensing agreement with a swissbio- pharmaceutical company, Debiopharm, was signed for the New Chemical Entity (NCE) Drug in the Gastroenotlogy segment. 5. Strengthening Product Basket in New Markets In Canada, soon after the launch of its products in 2005, Ranbaxy is further expanding its product portfolio through in- licensing and has already emerged as a pioneer in this area. In mid 2006, Ranbaxy Pharmaceuticals Canada Inc (RPCI) and Janssen – Ortho Inc (JOI) entered into a licensing and supply agreeme nt for a generic version of Risperidone compressed tablets, sold under Ranbaxy’s label, Ran Risperidone.Corporate-level Strategy R;D in Ranbaxy NDDR – A separate Entity Decentralization Ranbaxy received an in- principle approval from the Board of Directors to De- merge its Drug Discovery Research (DDR) operation. This is a significant step in creating an independent pathway for DDR with dedicated resources and enhanced focus for long term value building. Ranbaxy’s state-of-the-art research infrastructure and scientific talent pool can be more effectively leveraged through an independent vehicle that better aligns assets with priorities to accelerate the company’s drug discovery programs.The resulting operational freedom and flexibility will also help to open up new growth opportunities, while providing a platform for increased collaboration. By the way of Decentralization of NDDR, Ranbaxy has promoted flexibility and responsiveness by allowing the researc h department to make on the spot decisions. Ranbaxy practices division if labour and specialization by allocating dedicated resources and creating scientific talent pool to DDR. The core competency of DDR is to discover new drugs First Mover Advantage Ranbaxy saw a great business opportunity in Japan, and hence entered the market in the year 2002 through a strategic alliance with a midsized research pharmaceutical company, Nippon Chemiphar Co, Ltd (NC) of Japan. Ranbaxy owned 10% equity * The company further consolidated its presence in Japan by increasing its equity stake in the NPI, from 10% to 50% in 2006 and NPI thus became a 50:50 joint venture between Ranbaxy and NC. Information Security and Information Synergy * Information security has been a priority at Ranbaxy since 2006. ‘Operation Safed Sagar’ was initiated to protect the company’s information assets. The program is focussed on bringing behavioural change in people, sensitizing them to the importance of Information Security. By using Information Security, Ranbaxy has demonstrated that it uses IT * To make critical information accessible to employees. * To facilitate beliefs norms and values of Ranbaxy. * To enhance motivational effects of cultural values. Acquisitions * June 2005 Efarmes in Spain * March 2006 Senetek in the US * March 2006 Allen in Italy * March 2006 Terapia in Romania * March 2006 Ethimed in Belgium July 2006 Mundogen in Spain * Sep 2006 Cardinal Drugs in India * Dec 2006 Be-Tabs in South Africa In the year of 2007 alone, Ranbaxy made and acquisition of 13 established and well recognized brands of the dermatology segment from Bristol- Myers Squibb in the US. Thus Ranbaxy has aggressively adopted merger and takeover strategy for growth in newer markets. Agreements and Collaboration Agreements and Collaborations 1. Agreement with GSK Extended * Strategic alliance with GlaxoSmithKline (GSK) helped Ranbaxy expand its drug development responsibilities and further fi nancial opportunities. Ranbaxy was to conduct stages till clinical proof is established. GSK thereafter will conduct further clinical development and take resulting products through the regulatory approval process to final commercialization. By forming strategic alliance with its competitor, GSK, Ranbaxy has demonstrated that it uses strategic alliance to manage its competitive interdependencies. . 2. Collaborating with DST * Under this collaboration, Department of Science ; Technology (DST) will provide financial support by way of soft loans to Ranbaxy. * The funding will enable Ranbaxy to conduct the pre clinical toxicity tudies/safety studies and take the molecules up to human phase-1 clinical trials. Recommendations Since its inception, Ranbaxy has been innovating on way to conquer the market. The strategies the company would adopt would be highly influenced by the external stimulus of the pharmaceutical industry. Following are the expectations from the Pharmaceutical Industry i n the times to come and how Ranbaxy should strategise to reap in the opportunities of the changing times. Medium term Strategy (5-7 years) Focus on increasing the scale of generic operations 1.Indian market to be at USD 55 billion with potential for more With market diversity on the rise, the drivers of the growth have proliferated and become more nuanced. Among the various drivers of the growth epidemiology factors, increasing affordability, enhanced accessibility, and rising acceptability are the most prominent (Exhibit VI). This opportunity can be fully utilized by Ranbaxy if it continues to ace its present strategy of capitalizing on generic drugs. This has to be accompanied by heavy investments in R;D for securing the leadership position in the times to come.But the cost strategy can made effective only by focussing on generics. 2. Mass therapies will remain important even though speciality therapies will increase share Mass therapies have evolved to comprise two differing oppo rtunity areas. The first which makes up the majority of the opportunity is acute indications within therapeutic areas such as respiratory and gastro-intestinal that have been traditionally treated by general practitioners (GPs) and consulting physicians (CPs). The second segment comprises older therapies in chronic indications such as diabetes, hypertension, and epilepsy.With the growing cases of both the types in India, Ranbaxy can actually look forward to organic or inorganic growth so as to be able to serve the particular area. The venture can be through differentiation or entering the market jointly by some other player. 3. Metro and Tier I Markets will drive growth while rural market will increase its share Metro and Tier I markets each account for about 30% of the Indian pharmaceuticals market. Mass therapies constitute a majority of this market. During the last 5 yrs, Metro and Tier I markets have grown at an estimated rate of 14 to 15 percent, in line with the overall market .The expectation is that the current momentum will continue and this segment will become a USD 33 billion market by 2020. This calls for a very strong distribution so as to penetrate in the rural sectors of the country. This is very important particularly in case of India wherein more than 70% of the population resides in rural areas. Low cost strategy will help the firm to gain success in the particular area. Apart from the distribution network, Ranbaxy can take the leverage of the Govt’s initiatives to expand healthcare in the rural areas. 4.Hospital channel will increase significantly in influence, though retail will stay important. Currently, as much as 80 to 85% of the market is being accounted for by the retail segment. Even in 2020, the expectation is that the retail segment will remain the mainstay of the market. However, consumption in hospital settings will rise to a considerable 20 to 30% share of the market. India will continue to witness a remarkable rise in medi cal infrastructure throughout the next decade. Not only will there be a dramatic rise in infrastructure, the nature and mix of hospitals and care delivery centres will undergo major shifts.As a result, the expectations are that the hospital segment of the pharmaceuticals market to grow at well above 20% and reach a size of USD 14 billion by 2020. The firm can leverage the opportunity by attaining the corporate-level strategy wherein the firm can get into strategic alliance so as to become the sole strategic partner to supply medicines to the hospital. More so, the firm can also get into ventures of laboratory partnerships. The laboratory collection centres needs comprehensive chain of branches across the country. The same infrastructure can be utilized to expand the retail chain of pharmacy. . Drugs worth more than 45 billion USD going off patent by 2015 Indian pharma companies have depended heavily on drugs coming off patent in the US to fuel their growth. But with the patent cliff nearing its end, they are now widening their horizon to include new growth areas. In 2012, drugs worth $ 35,514 million went off patent in the US. In contrast, in 2013, only 30 medicines worth $16,966 million are expected to come off patent and the value would fall to $ 2,952 million by 2020. Ranbaxy has won several ANDAs in the recent history, the prominent one being the ANDA of the star-drug â€Å"Lipitor†.The marketing exclusivity obtained by the company by the ANDA can help boost the profitability. Ranbaxy must continue doing to sought for more acquisitions of ANDAs so that the company can harp in the profits and at the same time build the reputation of a reliable manufacturer worldwide. Long term Strategy (10-15 years) The organisation should diversify into other revenue streams Contract Research Bio-Pharma Contract Manufacturing New Drug Development The three major segments – domestic formulations, formulation exports and bulk drug exports – have traditio nally been the backbone of the Indian pharmaceutical industry.With the generics market set to become extremely competitive in the long term (next 10 years), Ranbaxy should look to make the most of the current generic opportunity and achieve a substantial scale of operations. (Refer to Exhibit VII for Indian Pharmaceutical future forecasts. ) However, going forward, with more MNCs foraying into India and a shrinking generic market, Ranbaxy will have to increase their reach in segments such as contract research, biopharmaceuticals and new drug development (NDD). Global challenges will force the organisation to offer a whole gamut of products and services to ensure stable revenues and margins.The company can leverage its hybrid structure to achieve this long term diversification need. References 1. Barney, J. B. (1986), â€Å"Strategic factor markets: expectations, luck, and business strategy†, Management Science, Vol. 32 No. 10, pp. 1231-41. 2. Amit, R. and Schoemaker, P. J. H. (1993), â€Å"Strategic assets and organizational rent†, Strategic Management Journal, Vol. 14 No. 1, pp. 33-46. 3. Morgan, N. A. , Vorhies, D. W. and Mason, C. H. (2009), â€Å"Market orientation, marketing capabilities, and firm performance†, Strategic Management Journal, Vol. 30 No. 8, pp. 909-20. 4. Makhija, M. 2003), â€Å"Comparing the resource-based and market-based views of the firm: empirical evidence from Czech privatization†, Strategic Management Journal, Vol. 24, pp. 433-51. 5. Cappelli, P. , Singh, H. , Singh, J. V. and Useem, M. (2010), â€Å"How the best Indian companies drive performance by investing in people†, Harvard Business Review, March, pp. 91-7. 6. http://www. moneycontrol. com/stocks/top-companies-in-india/market-capitalisation-bse/pharmaceuticals. html 7. http://www. ranbaxy. com/news/newsdisp. aspx? cp=993;flag=LN 8. http://www. crisilresearch. com 9. Marketline reports 10. Ranbaxy. com Exhibits I.Market Share Ranbaxy has a mar ket share of 4. 78 % in Indian industry. Also Company has its considerable earnings from the global markets. Region| Sales in US$ in Million| % Share| USA| 791| 41. 5| India| 412| 21. 62| Europe| 297| 15. 59| CIS| 108| 5. 67| Africa| 189| 9. 92| Asia Pacific| 108| 5. 67| Thus, Ranbaxy needs to develop their global strategy as more than 75% of its revenue is generated from their global business. II. Market Structure ; Herfindahl-Hirshman index | Company Name| Market Cap (Rs. Crore)| s (% of market Cap)| s2| 1| Sun Pharma| 84,736. 49| 23. 76| 564. 55| 2| Cipla| 31,418. 31| 8. 81| 77. 61| | Dr Reddys Labs| 30,889. 01| 8. 66| 75. 02| 4| Lupin| 27,046. 65| 7. 58| 57. 52| 5| Wockhardt| 22,623. 49| 6. 34| 40. 24| 6| GlaxoSmithKline| 17,896. 05| 5. 02| 25. 18| 7| Ranbaxy Labs| 17,042. 95| 4. 78| 22. 84| 8| Cadila Health| 15,200. 53| 4. 26| 18. 17| 9| Divis Labs| 13,754. 59| 3. 86| 14. 88| 10| Glenmark| 13,726. 38| 3. 85| 14. 81| 11| Piramal Enter| 9,951. 71| 2. 79| 7. 79| 12| Ipca Labs| 6,3 95. 77| 1. 79| 3. 22| 13| Torrent Pharma| 5,839. 88| 1. 64| 2. 68| 14| Biocon| 5,439. 00| 1. 53| 2. 33| 15| Strides Arcolab| 5,409. 10| 1. 52| 2. 30| 16| Sanofi India| 5,345. 52| 1. 50| 2. 25| 17| Aurobindo Pharm| 4,796. 25| 1. 4| 1. 81| 18| Pfizer| 3,150. 36| 0. 88| 0. 78| 19| Abbott India| 2,953. 23| 0. 83| 0. 69| 20| Jubilant Life| 2,942. 72| 0. 83| 0. 68| 21| Sun Pharma Adv| 2,655. 82| 0. 74| 0. 55| 22| Unichem Labs| 2,115. 98| 0. 59| 0. 35| 23| Wyeth| 1,914. 96| 0. 54| 0. 29| 24| Novartis India| 1,885. 05| 0. 53| 0. 28| 25| AstraZeneca| 1,884. 75| 0. 53| 0. 28| 26| Alembic Pharma| 1,869. 14| 0. 52| 0. 27| 27| Fresenius Kabi| 1,863. 13| 0. 52| 0. 27| 28| FDC| 1,690. 56| 0. 47| 0. 22| 29| Ajanta Pharma| 1,558. 75| 0. 44| 0. 19| 30| Natco Pharma| 1,358. 77| 0. 38| 0. 15| 31| Claris Life| 1,198. 18| 0. 34| 0. 11| 32| Merck| 1,048. 25| 0. 29| 0. 09| 3| Panacea Biotec| 907. 74| 0. 25| 0. 06| 34| JB Chemicals| 703. 92| 0. 20| 0. 04| 35| Elder Pharma| 676. 49| 0. 19| 0. 04| 36| Hikal| 628. 01| 0. 18| 0. 03| 37| Shilpa| 625| 0. 18| 0. 03| 38| Dishman Pharma| 599. 98| 0. 17| 0. 03| 39| Indoco Remedies| 576. 4| 0. 16| 0. 03| 40| Orchid Chemical| 566. 79| 0. 16| 0. 03| 41| Plethico Pharma| 453. 26| 0. 13| 0. 02| 42| Shasun Pharma| 444. 3| 0. 12| 0. 02| 43| Vivimed Labs| 416. 49| 0. 12| 0. 01| 44| Nectar Life| 386. 85| 0. 11| 0. 01| 45| TTK Healthcare| 375. 52| 0. 11| 0. 01| 46| Sequent Scienti| 373. 44| 0. 10| 0. 01| 47| Sharon Bio Medi| 369. 76| 0. 10| 0. 01| 48| Aanjaneya Life| 357. 1| 0. 10| 0. 01| 49| Fulford| 288. 62| 0. 08| 0. 01| 50| Parenteral Drug| 279. 62| 0. 08| 0. 01| |   | 3,56,630. 63|   | 938. 78| The above data indicated the Market Capitalization of the top 50 pharmaceuticals companies. The Herfindahl index 938. 78 indicates that the pharmaceutical industry in India is low concentration and thus highly competitive industry. The high number of companies represent monopolistic environment, but market represents an Oligopolistic nature with top 8 fir ms having a market share of nearly 70% (69. 21%, Eight firm concentration ratio). Sun Pharma is the largest firm in the Indian industry with 23. 6% followed by all others with market share less than 10%. Thus we can conclude that Indian pharmaceutical industry is highly competitive and fragmented at the bottom. III. Market analysis The Indian pharmaceuticals market has achieved strong, double digit growth for the 2007 – 2011 periods. The market is expected to maintain this level of robust growth from 2012 through to the end of the forecast period in 2016. The Indian pharmaceuticals market had total revenues of $12. 3 billion in 2011, representing a compound annual growth rate (CAGR) of 17. 6% between 2007 and 2011. The performance of the market is anticipated to grow at a CAGR of 17. % for the five-year period 2011 – 2016, which is expected to drive the market to a value of $27. 3 billion by the end of 2016. Year| $ billion| % Growth| 2011| 12. 3| 15. 3| 2010| 10. 7| 1 7. 6| 2009| 9. 1| 18. 9| 2008| 7. 6| 18. 9| 2007| 6. 4| | | | | India pharmaceuticals market value: $ billion, 2007–11 Market Share Company| Market Share (%)| Cipla Ltd. | 4. 1| Ranbaxy Laboratories Ltd. | 3. 6| Lupin| 2. 7| Dr. Reddy’s | 2. 3| Others| 87. 3| India pharmaceuticals market share: % share, by value, 2011 IV. Market Forecast In 2016, the Indian pharmaceuticals market is forecast to have a value of $27. billion, an increase of 122% since 2011. The compound annual growth rate of the market in the period 2011–16 is predicted to be 17. 2%. Year| $ billion| % Growth| 2011| 12. 3| 15. 3| 2012| 14. 2| 15. 4| 2013| 16. 7| 17. 6| 2014| 19. 7| 17. 8| 2015| 23. 1| 17. 7| 2016| 27. 3| 17. 8| V. Competitor Analysis Dr. Reddy’s $ million | 2008| 2009| 2010| 2011| 2012| Revenues | 1,067. 40| 1,482. 30| 1,500. 20| 1,594. 40| 2,065. 00| Net income (loss) | 82. 1| -110. 3| 22. 8| 235. 7| 304. 4| Total assets | 1,828. 00| 1,788. 60| 1,714. 70| 2,028. 00| 2,550. 40| Total liabilities | 817. 2| 891. 1| 798. 7| 1,046. 30| 1,324. 20|Key Ratios Ratio | 2008 | 2009 | 2010 | 2011 | 2012| Profit margin | 7. 7% | (7. 4%) | 1. 5% | 14. 8% | 14. 7%| Revenue growth | (22. 2%) | 38. 9% | 1. 2% | 6. 3% | 29. 5%| Debt/asset ratio | 44. 7% | 49. 8% | 46. 6% | 51. 6% | 51. 9%| Return on assets | 4. 5% | (6. 1%) | 1. 3% | 12. 6% | 13. 3%| Cipla Limited $ million | 2008 | 2009 | 2010 | 2011 | 2012| Revenues | 926. 0 | 1,134. 7 | 1,219. 6 | 1,371. 0 | 1,521. 1| Net income (loss) | 149. 7 | 165. 8 | 230. 9 | 205. 0 | 239. 9| Total assets | 1,223. 7 | 1,422. 0 | 1,560. 2 | 1,835. 1 | 1,995. 9| Total liabilities | 422. 1 | 493. 9 | 298. 5 | 412. 1 | 365. 3|Key Ratios Ratio | 2008 | 2009 | 2010 | 2011 | 2012| Profit margin | 16. 2% | 14. 6% | 18. 9% | 15. 0% | 15. 8%| Revenue growth | 15. 3% | 22. 5% | 7. 5% | 12. 4% | 10. 9%| Debt/asset ratio | 34. 5% | 34. 7% | 19. 1% | 22. 5% | 18. 3%| Return on assets | 13. 8% | 12. 5% | 15. 5% | 12. 1% | 12. 5%| Lupin Limit ed $ million | 2008 | 2009 | 2010 | 2011 | 2012| Revenues | 612. 8 | 822. 0 | 1,031. 4 | 1,242. 1 | 1,511. 9| Net income (loss) | 87. 2 | 107. 1 | 145. 5 | 184. 1| 185. 2| Total assets | 718. 0 | 857. 5 | 1,085. 6 | 1,307. 3 | 1,693. 6| Total liabilities | 444. 9 | 550. 3 | 532. 0 | 595. 9 | 821. 6| Key RatiosRatio | 2008 | 2009 | 2010 | 2011 | 2012| Profit margin | 14. 2% | 13. 0% | 14. 1% | 14. 8% | 12. 2%| Revenue growth | 40. 4% | 34. 1% | 25. 5% | 20. 4% | 21. 7%| Debt/asset ratio | 62. 0% | 64. 2% | 49. 0% | 45. 6% | 48. 5%| Return on assets | 14. 5% | 13. 6% | 15. 0% | 15. 4% | 12. 3%| VI. Ranbaxy Financials $ million | 2008 | 2009 | 2010 | 2011 | 2012| Revenues | 1,585. 1 | 1,582. 6 | 1,621. 7 | 1,912. 8 | 2,169. 1| Net income (loss) | 125. 1 | (203. 0) | 63. 3 | 319. 5 | (619. 0)| Total assets | 2,008. 2 | 2,830. 8 | 2,594. 3 | 3,022. 9 | 3,605. 6| Total liabilities | 1,410. 0 | 1,899. 4 | 1,655. 8 | 1,812. | 2,726. 8| Key Ratios Ratio | 2008 | 2009 | 2010 | 2011 | 2012| Pr ofit margin | 7. 9% | (12. 8%) | 3. 9% | 16. 7% | (28. 5%)| Revenue growth | 23. 2% | (0. 2%) | 2. 5% | 18. 0% | 13. 4%| Debt/asset ratio | 70. 2% | 67. 1% | 63. 8% | 60. 0% | 75. 6%| Return on assets | 6. 5% | (8. 4%) | 2. 3% | 11. 4% | (18. 7%)| During the year 2011, the Company resolved its legacy issues with U. S. Food and Drug Administration (â€Å"FDA†) and signed a Consent Decree with FDA in which the Company committed to further strengthen its procedures and policies to ensure data integrity and to comply with current good manufacturing practices.This is considered to be a positive development for the Company as it will provide greater clarity around the outlook for the business in the U. S. The Company has made a provision of Rs. 26,480 million ($500 million) for settlement with the U. S. Department of Justice, which the Company believes will be sufficient to resolve all potential civil and criminal liability. Further, due to sharp depreciation of rupee foreign excha nge charge of Rs. 16,584. 08 million was made during the year. The combined impact of these two exceptional items on the performance of the Company was Rs. 43,064. 08 million.Due to the above exceptional items, the Company incurred a loss (after tax) of Rs. 28,834. 16 million in the year. * The debt to equity ratio for Ranbaxy is the highest among the big 4 pharmaceutical companies in India (refer to appendix for competitor figures). * The company’s average return on asset has been considerably lower than that of the other top players in the industry (refer to exhibit V for competitor figures). * While the company’s sales have picked up the constant less than expected return on asset will be a cause for concern for the investors. VII. Pharmaceutical Industry Future Medium termManufacturing opportunities for Indian players to remain upbeat * Increasing no. of drugs going off patent and decline in R;D productivity among the large global players provides an immense potent ial for Indian formulation and bulk drug players. * According to research the Indian Pharmaceutical Industry is set to grow at CAGR of about 17%. * Healthy growth momentum in formulation export to continue. * Rising ANDA approvals are a testimony to India’s capability in this area, coupled with strong pipeline of ANDA approvals in the medium term. * Bulk exports are expected to witness robust growthLong term Growth in generic market to slow down over the next decade Over the last 40 years, since its inception, the Indian pharmaceutical industry has thrived on the generic model by leveraging on its process chemistry skills and low-cost manufacturing advantage. This has enabled players to tap the huge generic opportunity abroad. However, the R;D productivity of large global pharmaceutical players (innovators) has considerably slowed down over the past few years which is underscored by the declining number of new molecules (New Molecular Entities – NMEs) being approved by the US FDA each year.Taking this trend forward, the lack of new drug launches between 2010 and 2015 onwards will mean that the generic opportunity set to open up in the next decade (post 2020) is likely to be significantly lower. (assuming average age of 8-10 years of patent exclusivity) These changes in the global pharmaceutical landscape could cause a slowdown in the generics segment and hence, the Indian pharma industry will be forced to look at newer avenues for growth. * Large global players suffering from low R;D productivity.Over the past few years, R;D activities by large global players have resulted in the innovation of only a handful of new and significant molecules. Meanwhile drug development costs have escalated. The cost for developing a new molecular entity (NME) has more than doubled to $1. 5 billion over the past 5 years. During the same period, the number of NMEs approved by the US FDA continued to hover around 15-20 with an occasional rise to over 20 as seen in 20 04 and 2008. * Higher risks and lower returns: New drugs over the last two years fail to deliver.In addition to low R;D productivity, innovators' returns from novel molecules have substantially declined over the last few years. None of the new drugs approved over the past 2-3 years have been blockbusters (with sales over $1 billion) or even sales greater than $750 million. This decline in sales is primarily due to the availability of substitutes (generic as well as patented) for existing diseases. Rising emphasis on usage of generics has also steadily reduced the prescription of patented molecules. Over the past few years, off-patent drugs have been the key growth drivers in the generic market.According to research post 2020, growth in the generic market is likely to slow down to 3-5 per cent. Fewer drugs going off-patent coupled with lower prices of the patented drugs (as a result of the availability of substitutes) will be the key reasons that will result in a significantly lower incremental generic opportunity. VIII. Conservation of energy and its impact Measures for conservation of energy | Impact resulting into saving (in rs Million)| * Increase in steam to fuel ratio from 10. 2 to 11. 4 by increasing the condensate recovery| 3. 0| * Rationalization of potable water supply by operating one system instead of earlier practice of two systems| 2. 04| * Operational optimization of process air compressor by supplying air from instrument air compressor| 1. 55| * Fuel emulsification system for furnace oil to improve the combustion efficiency in boiler by 3%| 1. 40| * Installation of Solar Heating system for boiler feed water| 1. 20| * Modifications in cooling tower by replacing the fans and pumps with low energy consuming & efficient fans and pupms in old utilities for pilot plant and Lovastatin plant| 0. 9| * Flexiblity was built into the system to facilitate operation of a single chiller unit at night time| 0. 63| * Reconditioning of cooling towers resulting in bringing down the cooling water temperature by 4’C thereby improving the chiller efficiency| 0. 47| * Re-engineering of air flow in AHU’s in two production blocks thus saving energy| 0. 26| * Replacement of old window ACs with energy efficient split ACs, and installing new ACs in 2 Conference Rooms thereby avoiding operation of centralized cooling during weekend meetings| 0. 17|

The Secret of Ella and Micha Chapter 2

Ella â€Å"I swear to God if we don't find a bathroom soon, I'm going to piss in my pants.† Lila bounces up and down in the driver's seat. The air conditioner is turned up as high as it will go and â€Å"Shake it Out† by Florence + The Machine plays from the speakers. There's a long road of highway stretched out in front of us, weaving over the hills spotted with trees, sage brush, and the pale pink glow of the sunset. My cell phone is in my pocket, heavy like it weighs a hundred pounds. â€Å"You can always pull over and pee behind a bush.† I prop my bare feet up on the dash and pull my white lacy tank top away from my skin to get air flowing. â€Å"Besides, we're like five minutes away from the off-ramp.† â€Å"I can't hold it for five more minutes.† She shoots me a dirty look and squeezes her legs together. â€Å"You're not going to think it's so funny when the car smells like piss.† I smother a laugh and search the GPS for the nearest restroom. â€Å"There's one right off the exit, but I think it's more of an outhouse.† â€Å"Does it have a toilet?† â€Å"Yes.† â€Å"Then it works.† She makes a sharp swerve, cutting off a silver Honda. The Honda lays on its horn and she turns in her seat to flip him the middle finger. â€Å"What a jerk. Doesn't he understand that I have to pee?† I shake my head. I love Lila to death, but sometimes she can be a little self-centered. It's part of what drew me to her; she was so different from my old friends back in Star Grove. My phone beeps again for the millionth time, letting me know I have a message waiting for me. Finally, I shut it off. Lila turns down the music. â€Å"You've been acting weird ever since we left. Who called you?† I shrug, gazing out at the grassy field. â€Å"No one I want to talk to right now.† Five minutes later, we pull up to the outhouse at the edge of town. It's more like a shack with rusty metal siding and a faded sign. The field behind it is spotted with corroded cars and trucks and in front of it is a lake. â€Å"Oh thank God!† She claps her hands and parks the car. â€Å"I'll be right back.† She jumps out and shuffles inside the bathroom. I climb out of the car and stretch my legs, trying not to look at the lake or the bridge going over it, but my gaze magnetizes toward the level bridge with beams curving overhead and out from the sides. The middle one was where I was standing the night I almost jumped. If I squint one eye and tilt my head, I can spot it. An old Chevy pickup comes flying down the road, kicking up a cloud of dust. As it nears, my nose twitches because I know who it is and he's one of the last people I want to see. The truck stops just outside the perimeter of the field behind the restrooms. A lanky guy, wearing a tight t-shirt, a snug pair of jeans, and cowboy boots comes strutting out. Grantford Davis, town pothead, infamous brawl starter, and the guy who dropped me off at the bridge that God awful night eight months ago. I bang on the bathroom door. â€Å"Come on Lila, hurry up.† Grantford looks my way, but there's no recognition in his eyes, which isn't surprising. I've changed since the last time anyone saw me, shedding my gothic clothes, heavy eyeliner, and tough-girl attitude for a more lighter and pleasant look, so I blend in with the crowd. â€Å"You can't rush nature, Ella,† Lila hisses through the door. â€Å"Now let me pee in peace.† I watch Grantford like a hawk as he rolls a tire across the field toward his pickup. The bathroom door opens and Lila walks out cringing. â€Å"Gross, it was so disgusting in there. I think I might have caught herpes just looking at the toilet.† She shivers, wiping her hands on the side of her dress. â€Å"And there were no paper towels.† Grantford has disappeared, although his truck is still there. I grab Lila's arm and tug her toward the car. â€Å"We need to go.† Lila elevates her eyebrows questioningly as she tries to keep up with me. â€Å"What's wrong with you?† â€Å"Nothing,† I say. â€Å"There was just this guy over in the field that I really don't want to talk to.† â€Å"Is he an old boyfriend?† â€Å"No, not even close†¦.† I trail off as Grantford rounds the bathroom. There's sweat on his forehead and grass stains on his jeans. â€Å"I need to talk to you for a minute.† â€Å"Why?† I question, swinging the car door open. Please don't bring up that night. Please. Lila freezes as she's opening the door and her gaze darts to me. â€Å"Ella, what's going on?† Grantford tucks his hands into his pockets, staring at the hood of the car. â€Å"This ain't your car, is it?† â€Å"No, we just stole it and took it for a joy ride.† Shit. Ten minutes back and my old attitude is slipping out. â€Å"I mean, yes it is – her car anyway.† I nod my head at Lila. â€Å"Well, I was just wondering how fast it goes?† He gives me a fox smile that makes me want to gag. I was never a fan of Grantford. He always had a sleazebag attitude, which was part of the reason why I had him drive me to the bridge that night – he was the only one I knew who would leave me there alone. I can't help myself. â€Å"Probably a lot faster than your pick up over there.† He has a shit-eating grin on his face. â€Å"Is that a challenge?† I shake my head and motion for Lila to get in the car â€Å"Nope, that wasn't a challenge. Just a mere observation.† Recollection fills his eyes. â€Å"Wait a minute. Do I know you?† Ignoring him, I start to shut the door, but he catches it. â€Å"Holy crap! I do know you. You're Ella Daniels.† His eyes mosey up my legs, cutoff jeans, lacy white tank top, and land on my eyes lined with frosty pink eyeliner. â€Å"You look†¦ different.† â€Å"College will do that to you.† I scale up his scuffed cowboy boots, his torn jeans, and stained shirt. â€Å"You haven't changed a bit.† â€Å"I see your mouth hasn't changed at all,† he snaps. â€Å"And besides, you didn't change for the better. In fact, you look like you could be friends with Stacy Harris.† â€Å"Don't exaggerate the situation,† I say. Stacy Harris was a popular girl in our grade; head cheerleader, homecoming queen, wore a lot of pink. His face scrunches. â€Å"You didn't just change on the outside either. If anybody would have compared you to Stacy Harris, you'd have punched them in the face.† â€Å"Violence solves nothing.† I begin to shut the door again. â€Å"I have to go.† He complements my move and seizes the door, prying it back open. â€Å"You ain't going anywhere until I get something out of you.† â€Å"Like a kick to the balls,† I threaten, but my insides churn. I can talk tough, but when it all comes down to it he's a really big guy who could easily hurt me. His grey eyes turn black as the sun sets behind the shallow hills. â€Å"I heard you bailed. Packed up your stuff one night and took off. Pissed off a lot of people, too. The ones that were always protecting you when that mouth of yours got you into trouble. Especially that one guy you were always with.† â€Å"Don't pretend like you don't know his name.† My voice is slightly uneven. I feel out-of-control of the situation and I'm starting to panic. â€Å"You don't forget the names of the people whose fist have slammed into your face.† A vein bulges in his thick neck as he punches the window. â€Å"That night I was wasted and Micha was completely sober. And it was total bull shit that he sucker punched me for leaving you on the bridge. I mean, you asked me to take you there. How the hell was it my fault?† Apparently, Micha hit him more than once because it's not the instance I'm referring to. I tug at the door handle. â€Å"I'm going to close the door now and you're going to walk away.† â€Å"Who are you?† His eyes are all over me. â€Å"I'm who I always was,† I mutter. â€Å"Just without all the baggage.† Calmly, I close the door. â€Å"You can drive away now, Lila.† She floors the car backwards and skids it onto the asphalt. I don't look back at Grantford or the bridge. I breathe through my nose, trying to stay composed and in possession of my feelings. â€Å"What was that about?† Lila asks. â€Å"Who was that creep?† I buckle my seatbelt and turn up the air conditioning. â€Å"Just some guy I used to know from high school.† â€Å"I thought he was going to kill you or something†¦ Maybe we should call the police.† Flashbacks of my old life resurface. â€Å"That's just how things are around here. Besides, he was all bark and no bite. Trust me. He was just irritated with something I did.† Her eyes enlarge and she grips the steering wheel. â€Å"What did you do?† I glance in the rearview mirror at the desolate road behind us. â€Å"Nothing I want to talk about.† She slows down as the speed limit decreases. â€Å"How did you do that? You were so calm even when he tried to hold the door open. I was freaking out.† â€Å"It was just instincts,† I lie. If she knew the real reason we sure as hell wouldn't be friends. *** The urge to make Lila flip a U-turn and floor it back to Vegas becomes more powerful the closer we get to my home. Lila relaxes about the Grantford ordeal when the outhouse is far behind us. We make the rest of the short drive talking about classes and frat parties, but when we pull into the driveway of my house, her fear and panic reemerges. â€Å"This is†¦ nice.† She shudders as she peers through the windshield. â€Å"So this is where you grew up?† The full moon shines in the starry sky, lighting up the trash piled in the driveway, the old cutlass balanced on cinderblocks in front of the garage, and the peeling paint off my two-story home trimmed with a broken rain gutter that's swaying in the wind. The tree beside my window looks like it's dying. It was once my gateway for sneaking out of my room, but the last time I snuck out was the night my mother died. I'll never climb that damn tree again. â€Å"Yep, this is home.† I step out into the cool breeze. Rise Against â€Å"Like an Angel† blasts from the speakers next door. The lights are on in the house, and there's a lot of screaming and yelling going on. The driveway is lined bumper to bumper with cars and people are smoking on the dry front lawn and on the deck. One of Micha's parties. It's like time has frozen and was waiting for me to return. â€Å"God things never change around here.† I round the back of the car. â€Å"Lila, can you pop the trunk, please.† The trunk pops open and Lila steps tentatively out of the car. Her eyes fasten on the party and she's chewing on her thumbnail, which is a nervous habit of hers. â€Å"Jeez, it's more intense than even a frat party. I didn't know that could be possible.† I sling a heavy bag over my shoulder. â€Å"Are you sure you want to sleep at my house tonight?† I rummage through the trunk for the bag holding all my toiletries. â€Å"There are some pretty decent hotels in the next town over.† â€Å"I'm just not used to this kind of a place. That's all†¦ But I'm sure it's fine.† She collects one of my pillows from the trunk and hugs it tightly. â€Å"Are you absolutely sure?† I balance a small box under my arm. I don't want her to stay and witness this side of my life. â€Å"This place is a lot to take in for some people.† She narrows her eyes and points a finger at me. â€Å"I may come from an upper class town, but that doesn't mean I haven't been in rougher areas before. Besides, we went to that pawn store that one time in Vegas and that neighborhood was definitely sketchy.† It really wasn't that bad of an area, but I decide to let it go, since she'll only be staying here for one night. â€Å"Sorry, I just†¦ I want to make sure you're comfortable.† I shift the bag onto my hip and feel around the dark trunk for my other bag. â€Å"I promise I can manage for one night.† She crosses her heart with her finger and smiles. â€Å"In fact, I might even get brave enough to go check out the party next door.† I rapidly switch the subject. â€Å"We can probably get the rest of this stuff out tomorrow, since it's dark and I can barely see. And I don't know about you, but I'm exhausted.† â€Å"I think†¦Ã¢â‚¬  Her eyes wander in the direction of the driveway. â€Å"Dear God Almighty, who is he? Wait a minute. Isn't he†¦ yeah†¦Ã¢â‚¬  She lets out a quiet squeal and hops up and down. â€Å"Ella, I think it's the guy from your drawing, that Micha guy you insist you never dated.† My bag falls to the ground as I slouch down, debating an escape. Duck under the car? Run into the house? Dive into the trunk? â€Å"Hey there, beautiful,† Micha says in his flirty tone. â€Å"You shouldn't park your car out here in the open. Someone will probably jack it.† The sound of his voice sends a tremble through my body that coils down deep inside me. I thought the feeling would be gone after being away for eight months, but somehow time has had the opposite effect – it's amplified and taking over my body. I pretend to be engrossed by a box in the trunk and put my head amidst the shadows. Lila giggles. â€Å"I'm sure my car will be okay. This is my friend's house.† â€Å"Your friend's house†¦Ã¢â‚¬  He drifts off, making the connection and anxiety strangles me. â€Å"Wait a minute? Are you talking about Ella Daniels?† Collecting myself, I slam the trunk down. When he sees me, his eyes enlarge and he has the same expression on his face as when his mama told him his daddy wasn't ever coming back. He blinks the stunned expression away and a hint of anger transpires. â€Å"What are you doing here? I thought you were in Vegas.† For a moment, I'm unable to speak, caught in a mixture of emotions from seeing him again. Micha has always been stunningly beautiful in a way that makes artists' hands ache. He's dressed in a red plaid shirt, dark jeans, and a pair of black boots. His lips are full and ornamented with a silver loop and his dirty blonde hair has a slight wave to it. His skin is like porcelain and his aqua eyes carry more than I can handle. â€Å"I was down there for school, but I'm back now,† I say in the polite tone I've used with everyone over the last eight months. But on the inside my heart is wild, and my blood is roaring with the same yearning I felt for him when I left. â€Å"Wait a minute. You knew I was down there?† He sidesteps around Lila and positions himself directly in front of me. Micha is one of the few guys that is taller than me and I have to angle my head up to meet his eyes. â€Å"I had no idea where you were until this morning,† he says. â€Å"Since you didn't tell anyone where you went.† The ache in his voice stabs at my heart and the phone carrying the voicemail in my pocket weighs a thousand pounds. â€Å"Sorry, but I needed a break from this place. It was†¦ things were†¦ well you know how it was.† â€Å"No, I don't know how it was.† He braces a hand on the trunk like he's going to fall over. â€Å"Since you took off and never told me where the hell you went.† I need to go before he gets to me, and all my self-control evaporates. Picking up my bag from the ground, I wave good-bye to him. â€Å"It was nice talking to you again, but we've been on the road for like twelve hours and all I want to do is lay down.† â€Å"I'm not really that tired,† Lila says and I press her with a pleading look. â€Å"Oh, wait maybe I am.† She fakes a yawn. I hurry for the side door of my house, but Micha blocks my path, and his hand comes down on the car like a railroad track barricade. He drags his lip ring into his mouth with a passionate look on his face, like he might kiss me or something. For a second, I wish he would. He leans toward my ear, lowering his voice to an intimate level. â€Å"Come with me somewhere. Please. I've been waiting eight months to talk to you.† I flinch at my body's fiery reaction his voice emits. â€Å"I can't talk to you, Micha.† I choke, backing away, and bumping my hip on the edge of the car. Tears threaten the corners of my eyes, but I haven't cried in over a year and I refuse to break down. Spinning on my heels, I dash for the house. He doesn't call out to me – it's not his style. But his gaze bores a hole into my messed up head the entire way, until I'm finally locked inside my house. Then I can breathe again. Micha I swear I'm dreaming. Ella is standing in front of me and she looks just like Stacy Harris, a slutty cheerleader we used to go to high school with and who Ella beat up once because Stacy was making fun of a girl in a wheelchair. It was one of the things that made me fall in love with her; the fire, passion, and the need to stick up for the outcasts, even if it meant being an outcast herself. She never fell into any category – she was just Ella – but now she looks like a freakin' Stepford Wife. She's still hot as hell, a rock hard body, and long legs that go on forever. I've pictured those legs wrapped around my waist many times and the same images flood my head, even though she looks like a stranger. Her gorgeous green eyes are glossed over, like she's repressed everything inside. She's unhappy to see me and it hurts a little, but pisses me off more. She starts rambling about being tired, something she used to do all the time to avoid confrontation. I watch her lips move, wanting to kiss her so God damn bad, but knowing she'd probably kick me if I tried anything. So I lean in, smelling her hair and beg her to come with me somewhere. Then she runs down the driveway and locks herself in the house. I start to chase after her, but a Frisbee smacks me in the side of the head. â€Å"Sorry man,† Ethan calls out, hopping over the fence with a smirk on his face. â€Å"It slipped.† Rubbing my head, I arch my eyebrows at Ethan. â€Å"Perfect timing asshole.† He holds up his hands. â€Å"I said I was sorry. You were just standing there all dazed out like a freaking whipped pussy, so I thought I'd snap you out of it.† He scoops up the Frisbee from the concrete and gives a low whistle at Ella's friend's Mercedes as he circles it rolling up his sleeves. â€Å"Whose sweet ride is this? Wait, is it Ella's?† â€Å"I think it's her friends.† I eye the back door of her house, debating whether I should barge in after her and demand to know why she shut me out for eight months. â€Å"Since when does Ella hang out with people who drive cars like this?† he asks, peeking through the tinted windows. â€Å"She's been gone for eight months.† I back toward the fence that separates Ella's yard from mine with my hands in my pockets. â€Å"Who the hell knows who she is anymore?† I need a drink, even though I haven't had a drop of alcohol in eight months. The day Ella took off, with no note or a good-bye, I had gone up to the cove, got drunk, and took all my anger out on Grantford Davis' face. The cops showed up and I got busted for being under the influence and for assault. I'm still on probation for it and I had to go to anger management classes for a while. I've been really good about keeping my crap together, but five minutes after Ella shows up and I'm about to throw it away. I head to the kitchen, scoop up a beer from the ice chest, and settle on the couch between a blonde and a brunette. The blonde one giggles. â€Å"Oh my God, is the bad boy Micha finally back?† I can't remember her name, but I play along. â€Å"I sure am, baby.† Then I swig my beer back and bury my pain, along with Ella. She's the only girl that's ever been able to get me this upset. The only girl that's never wanted me.

Economics An Integral Part Of Civilization Of The World...

Economics is an integral part of civilization of the world. In any case, economics issues that emerged in the community is practically quite difficult to resolve. Henry Hazlitt in his book Economic in one lesson revealed that economics is overshadowed by fallacies because of two main factors which intensify the problem’s complexity. The first factor is the tendency of people to defend their respective interests. One group may have similar interests with all other groups, however, they also have competing interests against each other. The second factor causing these fallacies is the tendency of people that will only see short-term effects of an economic policy or its effect only on a particular group. This is often ignored by economists when entering the field of public economics. Hazlitt stated that the bad economists are economists who only see the short-term effects of economic policy as well as its impact on certain groups only. 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