Supreme Court Exempts Saridon from the List of Banned FDCs

The Supreme Court of India has ruled in favor of Saridon, a heritage brand from the healthcare product portfolio of Piramal Enterprises Limited (PEL), exempting its formulation from the list of banned FDCs(Fixed Dose Combinations).

In September 2018, PEL had been awarded a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of the FDC. Saridon, amongst the most trusted heritage analgesic brands in India, enjoys strong customer allegiance globally.

Commenting on the Supreme Court ruling, Nandini Piramal, Executive Director, Piramal Enterprises Limited said, "We are pleased with the Supreme Court ruling, as it is an affirmation to our commitment to provide effective and safe healthcare solutions that address unique needs of Indian consumers. We were confident that the law would prevail in our favour. Saridon is a heritage brand trusted by customers for the last 50 years in India. This exemption from the banned list of FDCs validates our intent to serve our customers with the highest levels of integrity. We continue to expand our healthcare product portfolio with an aim to be amongst the top three OTC (over the-counter) product companies in India by 2020."

As per a recent study by A.C. Neilson, the addressable analgesic market is ~INR 6,450 crores, of which the analgesic tablet market is ~INR 2,050 crores (as of December, 2018). Saridon is amongst India’s most widely distributed analgesic tablets with a strong distribution network across 9 lakh outlets in India. The popularity of the brand is widespread with 31 tablets being sold every second (Source: A.C. Nielsen Retail Audit Dec 2017 - "Every second, 31 Saridon tablets are sold in India"). Saridon continues to be amongst the most trusted heritage brands in India, that enjoys strong customer allegiance globally.

PEL's India Consumer Products portfolio comprises 18 brands with offerings spanning across multiple categories. It aims to be among the top three over the-counter (OTC) product companies in India by 2020. Over the last two years, the business has invested significantly in various growth levers. The Company's strategy of expanding the product portfolio and distribution network has worked well and the Consumer Products business is evolving into a strong player in India's OTC market. PEL is one of India's large diversified companies, with a presence in Financial Services, Pharmaceuticals and Healthcare Insights & Analytics. PEL's consolidated revenues were over US$1.6 billion in FY2018, with ~46% of revenues generated from outside India.

In Pharma, through an end-to-end manufacturing capabilities across 13 global facilities and a large global distribution network to over 100 countries, PEL sells a portfolio of niche differentiated pharma products and provides an entire pool of pharma services (including in the areas of injectable, HPAPI etc.). The Company is also strengthening its presence in the Consumer Product segment in India. PEL's Healthcare Insights & Analytics business is the premier provider of healthcare analytics, data & insight products and services to the world's leading pharma, biotech and medical technology companies and enables them to take informed business decisions.