The Philippines pharma market is still in the process of recovering from a recessionary trend. Valued at USD 2.9 bn, the market posted marginal growth of 2.5% as of March, 2012 (MAT 2012 as per IMS Health data). Lupin's Philippines subsidiary Multicare Pharmaceuticals (Multicare), however, continues to outpace the market, having posting a growth of 46% for the year FY 2012. Multicare posted revenues of PHP 596 million (` 663 million) during FY 2012 as compared to PHP 409 million (` 418 million) last fiscal.
Multicare is a branded generic company focused on high growth specialty segments like Women's Health, Pediatrics, Gastro-Intestinal and Diabetes care. FY 2012 also marked its foray into the Neurology segment when it entered into a strategic marketing partnership with Sanofi. The Company is focused on being the first generic in the market for a number of its new products.