2008
medicines passion health homeopathy pharmaceutical laboratory research future
2007 was an important year of consolidation and reorganization marked by a good increase in activity, both in France and overseas. France The consolidation of the Rennes, Rouen and Montpellier regional laboratories, and the reorganization of the business of the three Parisian distribution sites were announced during the corporate works council on April 19, 2007.
Hungary Positive effect of opening pharmacies to private capital and increased interest in Boiron medicines (+47.5% of the 2007 turnover). Self-medication and use of generic medicines are amongst the highest in Europe, after France.
Russia Boiron Russia saw an increase in capital of 35,000,000 RUB (€ 1,003K) taking the share capital to 42,000,000 RUB, by decision of the Board of Directors on May 11, 2007.
United States Strong growth of Arnica and Arnicare ® gels and creams (+29.8% at constant rates), recommended by more than 25% of American cosmetic surgeons.
Italy The launch of two corporate campaigns and Camilia® in April, the success of Euphralia® (+15.5%, the 2nd most popular eye drops in Italy) and remarkable results for Oscillococcinum® (+26.8%) with the 30-doses box being put on the market.
KEY
FACTS
2007 Russia Boiron Russia continues its development (turnover of +€8.5 million in 2007) in five main regions (Moscow, Saint Petersburg, Volga, South and Ural), fresh from a new sales organization (recruitment of 30 employees) and strong growth for Oscillococcinum®.
Italy
Bulgaria
Consolidation of two regional laboratories in Rome in January and closure of four branches (Verona, Turin, Padua and Florence) on July 1, 2007. Deliveries are now made by the regional laboratories in Milan, Rome and Bologna.
Development of OTC specialties (+5%), such as non-proprietary homeopathic medicines (+10%), with a strong homeopathic culture.
Poland Strong growth in OTC specialties (+65.1%) and non-proprietary homeopathic medicines (+53.2%). Also of note, the developments of Homéoptic ® (+234%) and Oscillococcinum® (+100.1%).
Canada Growth in business for Boiron Canada (+7.7% of the 2007 turnover at constant rates), which is solidifying its base in Ontario where 200 pediatricians and GPs recommend its OTC specialties. Success for Camilia® (+51.8% at constant rates).
France
Spain
On May 2, 2007, all the holdings of the Company Dolisos Santé Animale were transferred to Boiron S.A. This decision presented the opportunity to reorganize the veterinary business within the Boiron Group and to set new targets.
Business has grown (+8.7%) with the development of Boiron OTC medications for families (+11.6%), Stodal® in particular (+24.3%). Homeopathy is on the rise, recommended by 6,500 prescribers (more and more pediatricians and health centers).
Romania
Switzerland
Strong development for Boiron Romania (+54.2% of the 2007 turnover) in OTC specialties (+53.7%), which is supported by the dynamic Romanian economy, the regulatory framework and the development of homeopathic training (1,200 trained physicians).
On March 8, 2007, Boiron France increased its capital by 1,100K CHF, bringing the share capital of Boiron Switzerland to 1,400K CHF. On Dec. 14, 2007, a further increase in capital of 2,400K CHF was decided.
08 contents
3
A message from Christian and Thierry Boiron
4
Boiron, the world’s leading homeopathic pharmaceutical group
8
Effective answers to today’s pathologies
14
Homeopathy: at the heart of tomorrow's medicine?
20
Medicines and expertise: an ongoing innovation
28
Boundless passion
32
A simple, direct relationship with healthcare professionals
38
A solid growth, a clear project: opportunities for future development
42
Boiron direct subsidiaries
46
Shareholders and stock market informations
48
Key figures
BOIRON’s 2007 Reference Document comprises two documents: - this "BOIRON 2008" corporate brochure, - the 2007 Annual Report.
BOIRON 2008 1
Message > Bruno JOËT
> Thierry BOIRON
2 BOIRON 2008
> Gilles CHAUFFERIN
> Robert BEROUD
> Valérie POINSOT
> Christian BOIRON
Message
We are staying on course Faithful to our values and determined to pursue our vision, we remain firmly attached to our standing as a familyrun, independent company. We continue to grow, gaining footholds in Europe and other continents, at our own rhythm, while remaining respectful of our values and character. More than ever, our passion drives us, and we are moving forward against all the odds, enabling homeopathy to make progress within the world of medicine and pharmacy. The results from 2007 confirm that our merger with Dolisos was an essential step for our overall development, economic performance, and medical and scientific projects. This rapid integration has only been possible because of each and everyone’s courageous involvement. Thanks to a major reorganization effort at the distribution level in France and in the group’s major subsidiaries, we have continued to adapt to the current environment and to the changes in our activity (a reduction in extemporaneous preparations and development of single medicines, as well as speciality products). The year 2007 showed the results of our strategy of amplifying strategic choices. Three years ago, we committed ourselves to a challenging attitude in terms of resource allocation. This discipline has led us to make highly selective choices and is already showing significant results; for example, our development in Russia and the worldwide growth of Oscillococcinum®. The year 2007 was also another year of combat. Whether in France or elsewhere in the world, the development of our company and of homeopathy cannot be achieved without difficult confrontations—both in terms of regulations and marketing, often with a backdrop of pseudo-scientific debates orchestrated by those who are troubled by homeopathy. In France, for example, to the detriment of all economic and public health-related logic, it is becoming more and more difficult to keep several homeopathic medicines on the list of those reimbursed by social security, against pressure from a certain ideological standpoint. It is, nonetheless, clear to any objective observer that homeopathic prescriptions strongly benefit the balancing of the social security budget and that, on the contrary, rendering such prescriptions non-reimbursable only aggravates the trend toward excessive prescriptions of expensive, hyper-efficient products that cause undesirable side effects. In order to consolidate our development and face the international anti-homeopathy lobbies, each day we allocate a greater number of resources to proving the efficiency of our medicines and their benefits from a public health point of view. We are, in other words, staying on course with serenity and determination.
BOIRON 2008 3
1-Boiron, the world’s leading
health
medicine progress
cure
4 BOIRON 2008
values
ethics
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
homeopathic pharmaceutical group
A KEY PROCESS IN PRODUCING THE MEDICINE, THE MEDICATION OF HOMEOPATHIC PELLETS AT THE SAINTE-FOY-LÈS-LYON PLANT (FRANCE)
BOIRON 2008 5
Boiron, a short history of a long family adventure OUR AMBITION? TO GIVE HOMEOPATHY THE PLACE IT DESERVES IN MEDICINE
HENRI AND JEAN BOIRON
Similar backgrounds From 1932, Jean and Henri Boiron, passionate and enterprising researchers, threw themselves into an adventure: the Boiron project begins! Visionaries and pioneers in manufacturing procedures, research and development of homeopathic OTC specialties, these two well-known figures in the field of pharmacy played a key role in the recognition of homeopathy in France (in particular, the introduction of homeopathy into the French Pharmacopoeia in 1965) and its teaching throughout the world.
400 million
Boiron, a pharmaceutical laboratory like no other. Distinctive sign: a family history of passion for homeopathy embodied in a single name: Boiron. Almost synonymous with homeopathy, their destinies are intertwined! That the Group is now the world leader in homeopathy, after 70 years of history and exceptional contribution to the development of homeopathy, is not down to chance. But rather the result of a vision: homeopathy, a medical therapy that has been around since the end of the 18th century, represents a real opportunity for modern medicine. And of an ambition to design and develop more effective homeopathic medicines. Loyal to its original convictions, the Boiron aim, even if it may have grown with the company and improved over the course of time, has stayed the same: to offer each physician, regardless of his or her specialty, the means to include homeopathy into his or her daily practice… giving better rise to the new challenges of public health.
patients throughout the world use homeopathic medicine
Oscillococcinum®, extract of passion Medicine for 50-year-olds to impudent youth, now associated with a red scarf and its famous slogan, “Aussitôt Oscillo!” (Oscillo right away!), Oscillococcinum® is used to prevent or treat the symptoms of flu. The effectiveness of this medicine is heralded in more than 60 countries over five continents and its popularity is not waning. Fresh from a new, highly original T.V. advertisement in 2007, a realistic animation design using 240 oil paintings by creator Thierry Marchal, Oscillococcinum® became the number one OTC flu medicine in France in 2007.
6 BOIRON 2008
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
CHRISTIAN, MICHÈLE AND THIERRY BOIRON: SHARING THE BOIRON PROJECT WITH PASSION
Yes, in 30 years, our opinion of homeopathy has chan-
COMBINING PERFORMANCE AND PLEASURE, PRECISION AND PASSION...
ged a great deal. A completely separate therapeutic
Although Boiron may change and grow, its ambition remains constant: to better meet the expectations of all those, both healthcare professionals and patients, who every day choose homeopathy as a treatment with the conviction that the joy of sharing, inventing, advising, researching and constantly developing is the real link between passion for homeopathy and the permanent quest to create more effective medicines with constant precision. Better than a philosophy or values, this pioneering state of mind, marrying boldness, innovation and professionalism, is the basis of Boiron’s identity and a distinctive sign, which is illustrated daily by the actions of each employee in all of the group’s regional laboratories and subsidiaries.
unique overall concept of healing and of the patient, and
practice, it has opened up a new area by introducing a by providing effective complementary solutions without iatrogenic effect. Everything has changed—apart from
Homeopathy is medicine in its youth, an inspiring project, and the merger
the essence!
of Dolisos and Boiron is
a real opportunity
to this movement. A growing are seeking alternative
to respond appropriately number of patients
treatment and want to take responsibility for
their health using a preventive approach. An opportunity to drive a new medical dynamic by supporting homeopathic training and to devote more energy and resources to the research that is so vital for homeopathy.
> Max TÉTAU Nephew of Jean Tétau, the founder of Dolisos Laboratories
BOIRON 2008 7
2 - Effective answers to today’s
stress serious pathologies depression sleeping problems allergies anxiety muscular pain
flu
8 BOIRON 2008
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
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pathologies
BOIRON: RESEARCH HAS BEEN A PRIORITY FROM THE OUTSET
In the two studies conducted, using the same method (two groups of 260 patients consulting two groups of 65 physicians) on acute rhinopharyngitis in children and on anxiety in adults, the total cost is lower or the same, but above half as many sick days were observed with homeopathy. For anxiety, the results show comparable effectiveness and
homeopathy is found to be more effective medically, with fewer episodes for rhinopharyngitis,
and complications. Furthermore, frequent administration of antibiotics leads to additional costs and is likely to encourage resistance phenomena to develop.
> GĂŠrard DURU University Professor, Director of Research at CNRS, health methodology and econometrics laboratory BOIRON 2008 9
Homeopathy can also be used for serious pathologies
HOMEOPATHIC MEDICINES PROVIDE AN EFFECTIVE, RELIABLE AND ECONOMICAL SOLUTION TO TODAY’S AFFLICTIONS AND ILLNESSES
Homeopathy has undeniably opened up a new area of therapeutic treatment… It presents a real opportunity to effectively respond to the questions asked when it comes to making therapeutic decisions: how can a patient be
effectively
and quickly treated without causing harm and preventing the risk of relapse? It is a delicate balance… In my daily practice, homeopathy enhances my viewpoint through its concern for the individual as a whole, his pathologies and his symptoms. It gives highly effective solutions
in 80% of cases in terms of both symptoms and the patient’s condition, and every day makes a contribution for more serious pathologies, even if this vast field is yet to be fully explored…
> Jacques BOULET homeopathic physician and director of the Centre d'Enseignement et de Développement de l'Homéopathie (A school of clinical homeopathy founded in 1972, CEDH provides education in 17 countries, has partnership agreements in place with 15 universities worldwide and has trained more than 20,000 professionals since it began).
10 BOIRON 2008
A WEALTH OF QUALITIES Homeopathic medicine stands out due to its wealth of natural qualities that satisfy the desire of many patients to look after themselves and use alternative health treatments. Homeopathy offers a wide range of solutions. Famed for its reliability and effectiveness, homeopathic medicines are also free from toxins. Particularly suited for prevention and practicality (various different formulations: granules, globules, pills, creams, syrups, drops, etc.), homeopathic medicines provide quality remedial treatments and have a wide range of action for a large number of afflictions, allergies and everyday illnesses. Coughs and flu symptoms, headaches and fevers, stress and nerves, fatigue and depression, anxiety and burnout, muscular and bone pain - the list gets longer as homeopathy progresses.
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
A GROWING THERAPEUTIC FIELD Contrary to popular belief, the field of homeopathic medicine is not restricted to life’s everyday afflictions and mild complaints. Thus, it provides solutions to the innocuousness, particularly marked in sensitive persons, such as young children (migraine, hyperactivity), pregnant women throughout their pregnancy, and even sick people in surgery/anesthesia. Used more and more often, and with success, to improve health, quality of life and compliance of heavy treatments (cancer, hepatitis C, AIDS, etc.), homeopathic medicines undergo several clinical trials and tests. Even if a homeopathic medicine cannot claim to cure pathologies at this stage, there is evidence that it actively helps the healing process. Indeed, by reducing the side effects of certain medicines, it is well known for encouraging compliance of treatments, thus significantly increasing the chances of recovery. In the case of breast cancer, which affects 33,000 women in France each year, a clinical trial demonstrated that the Cocculine® specialty had proven results for preventing the nausea and vomiting associated with chemotherapy. Another study conducted on 250 patients** receiving chemotherapy and suffering from acute radiodermatitis (skin inflammation) demonstrated that Calendula Ointment was more effective and easier to tolerate than traditional ointments, which is encouraging for better compliance of the radiotherapy and greater chances of recovery. Recourse to homeopathy knows no bounds. Evidence: a study launched by an African medical center on homeopathic medicine limiting the side effects of an antimalarial treatment given to pregnant women. Or even a pilot study on the treatment of pruritis in patients with hepatitis C and treated with dual therapy.*** Homeopathy can also be used for serious pathologies.
* Paoli Calmette Institute/Marseilles 2002 ** Léon Bérard Center/Lyon *** Hôtel-Dieu/Lyon Dr. Bordet and Dr. Masson
VETERINARY MEDICINE
A new ambition Veterinary medicine has made use of homeopathic medicines for many years and it offers a particularly suitable field for experimentation. Major advantage: its effectiveness combined with an absence of residues of medicine in milk and meat. In order to face up to the challenges of public health and provide a quality service to veterinarians and pharmacists, Boiron Laboratories set up an animal health team in 2007. Dedicated to veterinarians working mostly in a rural environments, the wide range of Boiron medicines is particularly suitable for large animals, particularly in mammal and reproduction pathologies.
A total of
5,000 patients were monitored under pharmaco-epidemiological studies launched in 2007. BOIRON 2008 11
Homeopathy was born from experimentation
75
pharmaco-epidemiological, medical and clinical
studies have been launched by Boiron since 2005
PHARMACO-EPIDEMIOLOGICAL STUDIES 2007
Effective medicines, useful homeopathy
A DEEPER UNDERSTANDING, BETTER ANALYSIS AND MORE PROGRESS Homeopathy is an observational medicine, born from and developed through and with experimentation. To this end, research plays a major role in its development and has been seen by Boiron as a priority from the outset. Whether with regard to demonstrating the effectiveness of its medicines and their interest in public health, broadening its indications or even creating new specialties. Experimental research into homeopathy has made enormous progress in the last 50 years: fundamental (physical), pharmacological, medical or pharmaco-epidemiological, research is split across numerous studies, tests, works and practical inquiries carried out by the Boiron Institute, which aims to advance the field of knowledge in homeopathy. Combining both public (INSERM, CNRS) and private laboratories, both research teams and academics and physicians, Boiron research benefits from advances made in other disciplines (physics, biology) which, in exploring the infinitely small, opens up particularly favorable prospects for homeopathy. Knowing how homeopathy “works”, discovering the secret and exploring the action mechanism of infinitesimal dilutions to be able to understand and explain the beneficial results experienced by millions of patients and physicians, remains an essential objective.
Since 2005, Boiron Laboratories has dedicated unprecedented efforts to
research, which is a major priority in developing
tomorrow’s homeopathic medicine. With two main focuses:
to get a better understanding and prove the Objectifying the place of homeopathy in therapy strategies and demonstrating its interest in public health are the keys to its future legitimacy and its adoption by Health Insurance systems. In 2007, Boiron launched pharmaco-epidemiological studies involving more than 600 physicians and 5,000 patients within a large cross-disciplinary inquiry and three cohort studies. This work is coordinated by a scientific committee made up of specialists in the pathologies in question, in conjunction with epidemiological, pharmacological and biostatistical experts. The object is twofold: to analyze the use of homeopathic medicines (How? By whom? For which patients? For which pathologies?) and to demonstrate their effectiveness and their use in everyday medical practice as well as their consequences on public health.
12 BOIRON 2008
pharmacological action mechanisms of infinitesimal dilutions, by explaining the source of results experienced by millions of patients
and
their
physicians
and, on the other hand, to demonstrate the therapeutic
effectiveness
and the
homeopathic medicines hold for public interest that health.
> Gilles CHAUFFERIN Deputy Managing Director, Research, Assessment and Corporate Affairs
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
A GROWING EFFORT Since 2005 when it joined forces with Dolisos, Boiron has put unprecedented effort into research: more than 75 studies have been launched in very varied pathological fields, investments multiplied by four and almost €6 million spent each year on research. An essential effort, although still small, to design the homeopathic and Boiron Laboratories of tomorrow. Objective: to provide everyone with increasingly effective medicines for a broader range of pathologies. And to invent new medicines.
%
89
of users that Cocculine® works * Ipsos/December 2003
Cocculine®, successful anti-nausea medicine Half of people suffering from travel sickness are not aware that there is a solution to help them. For the majority of others, Cocculine®, a complex homeopathic medicine (combining Cocculus, Nux Vomica, Petroleum, Tabacum) that is available in tablet or pellet form, has become an essential item to pack. It is particularly effective for preventing or treating nausea and vomiting associated with traveling.
BOIRON 2008 13
3 - Homeopathy: at the heart of
BOIRON USA STAND AT PRI-MED, THE GP EXHIBITION IN NEW YORK, LOS ANGELES, CHICAGO AND PUERTO RICO
The creation of a Masters in 2004 at the Sousse Faculty of Medicine in Tunisia endorsed by the Ministry of Higher Education constituted official recognition for homeopathy. Taken by 20 or so physicians
world
patients
each year,
accessible
treat cure diversity
training
culture
the training,
given by the CEDH,
involves a 220-hour course and 40 hours of research.
a real opportunity to develop homeopathy in hospitals and research through
It is
the dissertations of students, and a major advantage for meeting the growing expectations of patients and 700 prescribing physicians.
> Anis BAMRI Medical and Pharmaceutical Development Manager of Boiron Tunisia
14 BOIRON 2008
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2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
tomorrow’s medicine? MOROCCO
A total of 15% of Spaniards claim to use homeopathy: this growing interest in homeopathy is demonstrated by the rapid development of the market (+10% in 2007), a growing number of prescribers (approximately 6,500), in particular pediatricians and gynecologists (mostly in health centers managed by Social Security or private insurance).
With almost 600 prescribers (mostly GPs, pediatricians and gynecologists), homeopathy is on the rise. Evidence: the official recognition in 2007 of the Rabat Faculty of Medicine and Pharmacy University Diploma, which will allow the development of homeopathy training and its distribution, both in hospitals and with city-based physicians.
THE NETHERLANDS
TUNISIA
In this country, which is characterized by a prevalent culture of self-medication (40% prescription following a consultation compared with 90% in France) and prevention in health matters, homeopathy is rapidly increasing. Boiron has been present for more than 15 years, mainly through six OTC specialties sold in the 6,000 Dutch drugstores and, for the last 2 years, in 1,700 pharmacies and 200 health & food stores.
The development of Boiron (+12.3% of the 2007 turnover), present for more than 10 years, and the vitality of its training (100 pharmacists trained in 2007) illustrate homeopathy’s vast success and the development of its recognition (1st University Masters in homeopathy created in 2004 at the Sousse Faculty).
POLYNESIA
8 - world
56
%
More than 200,000 physicians and 300 million patients trust homeopathy in almost 100 countries worldwide. It has become a promising therapy for contemporary medicine.
ESPAGNE
7 - future
of Poles
maintain that homeopathy is an effective treatment method* * TNS OPOB survey - December 2006
BULGARIA The country with the highest ratio of use of non-proprietary homeopathic medicines per inhabitant in the world and second for the use of Oscillococcinum®, Bulgaria is a country with a strong homeopathic culture.
ISRAEL In Israel, where there are 300 prescribers and 1,300 naturopaths, homeopathic medicines that are certified kosher are distributed by the large network of the country’s mutual pharmacies, and some OTC specialties are available in department stores.
Traditional and cultural users of homeopathy, the Polynesians are particularly appreciative of this therapy. Boiron medicines are available in New Caledonia and Tahiti as well as in the most remote pharmacies of the Marquesas Islands!
410 out
The benefits of arsenic Arsenic contamination of underground water poisons millions of people across the world. Two studies conducted in India, one on patients from three villages in Bengal* and the other on a wider population, demonstrate that the action of Arsenicum album in high dilution (30 CH), a widely used homeopathic medicine, leads to a notable reduction in the rate of concentration of arsenic in blood and urine and an improvement in cutaneous symptoms, and causes a reduction in the rate of anti-nuclear antibodies in naturally intoxicated patients.
of
French people use homeopathic
medicine* * IPSOS study – May 2004
* Khuda-Bukhsh A.R. and al, eCAM, october 2005 ** Belon P. and al, eCAM, january 2006
BOIRON 2008 15
Homeopathy, a language
“Today I propose using a metaphor, that of language. Homeopathy is a “country” within medicine, which, like all countries, is defined both by its borders and by its language. The There are many of words of the homeopathic language these words, and even if are homeopathic medicines: they there are different ways of are defined, coded and regulated ‘writing’ them and using them, in the majority of countries each one of which is in principle throughout the world. legitimate, we at least have the good fortune of using the same words. Homeopathy is a language. Plural, diversified, but specific.”
Christian Boiron Opening speech of the Congress of the International Homeopathic Medical League - May 2008. 16 BOIRON 2008
1 - pioneer
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Medicine is one and indivisible For a long time, homeopathy has suffered from a simplified image-clichés and labels. Neither an ideology or dogma, nor an alternative or complementary discipline, homeopathy is a therapeutic strategy that has both its own pharmacopoeia and different medical practices, in turn corresponding to the diversity of the schools of thought existing throughout the world. But each doctor, whether a homeopath or not, works, above all, in line with the Hippocratic tradition: placing each patient in his or her environmental, familial and professional context; drawing on the most suitable pharmacological sources; and preserving the necessary holistic approach to take account of each patient on an individual basis.
My medical practice has been based on homeopathic medicine for 25 years with highly satisfactory results. It is vital that everyone is free to learn about homeopathy and, in this sense, respect of the different sensibilities is essential. Our main common challenge is in the
training of quality homeopathic
physicians and the provision of high-level educational training that respects the different practices that is geared toward obtaining official recognition for homeopathy. At a recent meeting of the main French schools, we set ourselves the task of creating a common first year of homeopathic training, followed by 2 years freely implemented by the schools and concluding in a dissertation, within the framework of a Masters-type course, validated by the University.
> Antoine DEMONCEAUX General practitioner, homeopath, consultation fellow at the Reims CHU, course leader at the Reims Faculty of Medicine, member of the Société Savante of homeopathy, Teaching Leader for the CEDH
In medicine, there are several schools of thoughts closely linked to diversity of cultures and medical practices. In homeopathy it is the same; there are several ways to use homeopathic medicines. I note that
Boiron’s desire today is not only to continue to
provide all the very high-quality medicines in the world of
to promote all the reasonable schools of thought that respect one another. homeopathy, but also
> Abdul Qadeer QAYOOM Homeopathic Physician (Pakistan) BOIRON 2008 17
Accepting diversity and increasing knowledge Each day, homeopathic medicines are becoming more effective, more reliable and more useful. At the heart of this project and this vocation is our increased determination to invest in basic medical, clinical and pharmacoepidemiological research. A better understanding of the mechanism of pharmacological action of infinitesimal dilutions and an ongoing assessment of the therapeutic action of our medicines will enable homeopathic doctors worldwide to be united around a common and pragmatic vision of homeopathy.
Our Academy brings together 250 multi-disciplinary homeopaths and is involved in the training of physicians and veterinarians within the framework of a Masters at the Barcelona Faculty of Medicine, as well as numerous clinical studies. We are motivated by
a strong conviction: pluralism of thought plays an important role in the rebirth of homeopathy. Whether in the schools of Bombay, in Scholten in the Netherlands, or even exciting routes of investigation marked out during the Boiron Institute Congress in Lyon in 2006, their contribution is very rich and complementary. Thanks to our expertise and, more importantly, our ethics in our practices, each one of us can make his or her contribution to the development of homeopathy.
> Manuel MATEU-RATERA Homeopathic physician, President of the Academia Médico Homeopática in Barcelona
18 BOIRON 2008
“We will support all homeopathy schools equally, whatever their dogma or doctrines, on the condition that they respect the other schools and that they respect us as laboratories.” Christian Boiron Opening speech of the Congress of the International Homeopathic Medical League - May 2008.
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
Boiron, principal partner of the 63rd international congress of homeopathic doctors Today, close to 200,000 physicians use homeopathy worldwide. Homeopathy is not only a constantly developing pharmacology, but also a medical practice that seeks each day to draw comparisons in a courageous, transparent and scientific way, with the progress of medicine as a whole. The current success of homeopathy rightly rests on its ability to meet-increasingly clearly and increasingly effectively-the changing needs of the different global populations, confronted both with so-called “civilization” illnesses and with pathologies stemming from poverty, lack of hygiene and malnutrition. In order to further strengthen its relevance and credibility, homeopathy must be continuously nourished, not only by pharmacological research that is developed by the leading laboratories, but also by meetings, such as that of Ostend 2008, enabling doctors representing different medical cultures and different socio-political economic situations to compare and go back to their roots in what English speakers call cross-fertilization. The theme chosen by the organizers of the 2008 Ostend congress is one of the keys to the future of homeopathy: it involves our ability to assess both the effectiveness and usefulness of our medicines and the relevance and performance of different homeopathic medical practices. It is, therefore, with great enthusiasm that we have responded to the request of Dr. Michel Van Wassenhoven by accepting the role of principal partner of this congress.
The title of the 63rd LMHI Congress, “Evidence based homeopathy” echoes reality. Providing evidential
proofs of the effectiveness
of its practices and the action mechanism of homeopathic medicines is essential for the consolidation of homeopathy. Moreover, as well as the use of statistics and double-blind studies, highly relevant observational studies based on everyday practice, allow this evidence
to be provided: each physician can see in
his daily practice the link between the symptoms experienced by the patient, the medicine prescribed and its effectiveness. Providing all the evidence gathered from daily practices in their diversity, is the challenge of the huge project carried out by the Scientific Committee and the 246 proposed communications. I was hoping that Boiron would support us: I am, therefore, happy that they are involved so passionately in this partnership as homeopathy must be more open to be able to grow.
> Michel VAN WASSENHOVEN Homeopathic physician, Secretary for Research of the Liga Medicorum Homeopathica Internationalis, President of the Commission of Homeopathic Medicine Registration (Belgium) and founding member of the European Committee for Homeopathy
BOIRON 2008 19
4- Medicines and expertise:
good practices
requirement specialties research solutions technology
regulation reliability
20 BOIRON 2008
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
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an ongoing innovation
HAHNEMANNIAN DILUTION, HUNDRED-FOLD DILUTION DEVELOPED BY DR. HAHNEMANN, AN IMPORTANT STAGE IN THE MANUFACTURE OF HOMEOPATHIC MEDICINE
There is no risk: it is also because we put all our energy into producing particularly innovative, effective medicines that comply with Best Manufacturing Practices that advances
homeopathic medicine. If it offers a very broad range of therapeutic solutions for everyday are made in
is more recognized, it is because it
ailments and for serious pathologies. Therapeutic solutions without toxicity that are economical,
proven
to be
effective and increasingly appreciated by patients, as well as by physicians who wish to enhance their medical practice.
> ValĂŠrie POINSOT Deputy Managing Director, responsible for Medical and Pharmaceutical Development
BOIRON 2008 21
Two broad categories of medicine
NON-PROPRIETARY MEDICINES A WIDE RANGE OF MEDICINES AND FORMS
1 million
single-dose and multi-dose tubes are produced each day by Boiron Laboratories.
22 BOIRON 2008
These medicines, available in varying dilutions, may be manufactured by all homeopathic drug companies that meet the marketing authorization requirements stipulated by current legislation. Marketed under their scientific Latin name, they offer a very wide range of therapeutic indications and are available in many different forms: multi-dose tubes of granules, single-dose tubes of globules and liquid form (homeopathic mother tinctures, drops, dilutions).
PROPRIETARY SPECIALTY PRODUCTS Medicines created and developed exclusively by Boiron Laboratories bring a varied array of responses to a broad field of pathologies. Quite often these specialty products combine several active homeopathic ingredients and are available in a wide range of pharmaceutical forms: essentially pills, balms and syrups, but also gels, eye washes, drinkable single-doses, etc. These products are distributed under trade names (Oscillococcinum®, Sédatif PC®, Cocculine®, Stodal®, Camilia®, etc.) and they may be prescribed by doctors, recommended by pharmacists or purchased for self-medication.
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BOIRON 2008 23
From the selection of strains to impregnation: a highly controlled process BLENDING TRADITIONAL CRAFTSMANSHIP WITH CUTTINGEDGE TECHNOLOGIES Boiron has acquired unique know-how in the field of manufacturing homeopathic medicines during more than a half-century of experience and innovation. Because of its complexity, the production of homeopathic medicines is subject to very strict rules: all strains are selected, checked, and used in accordance with the rules set out in the Pharmacopoeia and Homeopathic Materia Medica. All medicines must comply with international pharmaceutical requirements (AFSSPS/French Agency for Sanitary Safety of Health Products, U.S. Food and Drug Administration, Pharmacopoeia, etc.).
AT THE HEART OF BEST PRACTICES: A HIGHLY RIGOROUS PROCESS
1,500 MINERAL AND CHEMICAL SUBSTANCES, 1,250 PLANT SPECIES AND 300 ANIMAL STRAINS SELECTED IN COMPLETE RESPECT FOR ECOSYSTEM HEALTH MAKE UP THE RAW MATERIALS FOR HOMEOPATHIC MEDICINES
Drawing on the principle of similarity, homeopathic medicine leverages the therapeutic effects of substances while mitigating their toxicity through the use of very small doses called “infinitesimal” measures. The pharmacological requirements for ultra low doses are extremely strict at every step of production to ensure reliability and reproducibility. These steps include maceration of raw ingredients in water and alcohol, triturating to enable the obtainment of a soluble mother tincture, dilution into infinitesimal doses, agitation, and pulverization to the desired level of dilution in the chosen form (granules, globules, pills). The latter technique is made possible by Boiron’s exclusive triple impregnation procedure, which ensures even penetration of the dilution within the final product. Working closely throughout the medicine production stages, qualified teams of botanists, pharmacists and chemists oversee strict compliance with good manufacturing practices and adherence to highly rigorous procedures.
The ability to plan ahead with a medium-term vision in order to constantly adapt and rationalize our production facilities and capacity while making significant investments.
To provide a high level of service and performance to all our customers and subsidiaries, just as we did in 2007, a year of strong sales growth - particularly at the international level. The 2007 effort to bring our third French site (Montrichard) into alignment with standards illustrates our desire to guarantee the irreproachable quality of our medicines.
> Philippe GOURET Pharmaceutical Director
24 BOIRON 2008
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A changing regulatory landscape, growing recognition CHANGING ENVIRONMENT ALL AROUND THE WORLD As recognition of homeopathic medicine grows, the field is also becoming more regulated. This dictates that we adapt to the continuously changing regulatory landscape (European directives of 1992 and 2004 on medicines, redefinition of the laws on marketing authorization, new registrations, etc.). In this regard, 2007 was a very rich year. - In France, where controlling health expenses is still the order of the day, Boiron lobbied against the tax on medicines (0.50 euro per box of medicines) that took effect on Jan. 1, 2008, which amounts to a virtual reversal of government reimbursement for homeopathic medicinal products. This measure is as unfair as it is counterproductive because it risks promoting the prescription of conventional products, which are increasingly expensive! This incomprehensible move comes on top of the price freeze dating back to 1998, the transition from 65% to 35% reimbursement of homeopathic medicines in 2004 and of compound magisterial preparations in 2007. And yet homeopathic medicines – which, on average, cost five times less than other reimbursable pharmaceutical products – demonstrate each day that they are an asset to the public healthcare system. Alongside other players in the health sector, Boiron has been proposing since 2004 a “Contract of Progress for Homeopathic Medicine,” which notably floats the ideas of authorizing prescriptions in hospitals and promoting research by restoring value to the price of homeopathic medicines.
BOTTLE-PACKS FOR EYE SOLUTIONS, TRANSLUCENT TUBES FOR NON-PROPRIETARY MEDICINES, NEW LINE OF MOTHER TINCTURES, EASIER-TO-READ PACKAGING... IT’S ALL PART OF BOIRON INNOVATION
- In Europe and everywhere around the world where Boiron is present, these developments force each subsidiary to adapt to new regulations, and sometimes even to prepare applications for approval (e.g., in 2007 in Brazil). Examples in 2007 include the re-approval of the marketing authorization for several OTC specialties, particularly in the Czech Republic; the introduction of a new nomenclature in Switzerland; in Romania, the Law of May 1, 2007, including homeopathic medicine in the field of complementary medicine; and the renewal of filings for the entire Boiron line in Poland and for certain OTC specialties in Belgium, etc. Furthermore, the creation of national legislation by some countries (United Arab Emirates in 2001, Brazil in 2006) quite often amounts to an opportunity to access the domestic market.
THE MONTRICHARD SITE SPECIALIZES IN LIQUID PRODUCTS
BOIRON 2008 25
Boiron, a responsible actor for public health
“RESPONSIBLE SELF-MEDICATION FOR INDIVIDUALS CONSISTS OF TREATING THEIR ILLNESSES WITH LEGAL MEDICINES SOLD WITHOUT A PRESCRIPTION THAT ARE SAFE AND EFFECTIVE UNDER THE CONDITIONS OF USE INDICATED.” WORLD HEALTH ORGANIZATION - 2000
Homeopathic medicine is a fact of society. A growing number of doctors and patients are seeking access to effective, affordable, non-toxic medicines, and they want to choose between different treatments and/or reconcile their simultaneous use. They are better informed, conscious of the need to limit health spending, and eager to form their own opinions. Large numbers of these consumers aspire to take better control of their own health. And, in fact, the development of homeopathic medicine has been largely attributed to the desire to prevent illness and the need to care for one’s body in new ways in a less expensive fashion. Homeopathic medicine fulfills these goals because it meets the needs of public health, offering, among other things, a very advantageous cost/effectiveness ratio. Self-medication, the topic of a parliamentary report in France in 2006, can, thus, be an opportunity to make a commitment to greater patient empowerment and prevention, thereby helping to better control health spending by government agencies. That is, provided that it is strictly regulated and that each patient is educated and clearly informed. While non-proprietary medicines – with no therapeutic indications – do not lend themselves to self-medication, Boiron family medication specialties are effective first-line therapeutic solutions to treat many of the aches, allergies and illnesses of everyday life. Seeking to provide answers that are compatible with the realities of our time, Boiron has anticipated certain changes in the medicine landscape, such as the 2008 introduction in France of open access to some family medication specialties in pharmacies and the distribution of homeopathic medicines via channels other than pharmacies in Europe (presaged by Italy, since 2005, Romania and the Netherlands). These are all changes that may cement the growth of the homeopathic medicine sector.
26 BOIRON 2008
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BOIRON 2008 27
5 - Boundless passion
sharing
28 BOIRON 2008
fulfillment creativity dialogue values growing together pleasure openness listening
commitment
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3 - reality
4 - medicine
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CULTIVATING THE UNIQUENESS OF A MULTI-NATIONAL GROUP THAT EMPLOYS NEARLY 4,000 ASSOCIATES UNITED BY A PLAN, A PHILOSOPHY, MANAGEMENT PRACTICES AND COMMON VALUES
The year 2007 made it possible to enter a new era: the era of a multi-national group where we work in symbiosis on all major projects in a framework of confidence and decentralization. The promises born of the merger with Dolisos were kept and we remain committed to
always
seeking out better ways to reconcile economic needs with human ones within Boiron's strategy. The economically challenging years of 2005 and 2006 made it possible to promote high-quality dialogues in a reassured climate. The
share the fruits of the group’s performance has concretely
desire to
translated into a return to employee shareholding and profit-sharing, the development of savings tools, and the preparation of a new agreement on retirement plans. This mutual trust was also demonstrated by open exchanges within the Employee Committee and a
constructive dialogue characterized by respect for one another.
> Robert BEROUD Assistant Deputy Managing Director for Human Resources
BOIRON 2008 29
2007: Boiron continues to grow A MULTI-NATIONAL GROUP, A NEW FACE Laying the foundation for the development of Boiron Spain with 170 particularly passionate employees requires
real teamwork!
Built on the values of autonomy and trust,
we
really bring these principles to life each day with a sense of initiative, listening, and the joy of working together. Two agreements signed in 2007 perfectly reflect this dedication to sharing: the possibility for each associate
to
convert his profit-sharing
into
Boiron stock and the creation of a Social and Cultural Committee that serves as a real “melting pot.” This open participatory initiative is designed to plan the traditional end-of-year “Fiesta” as well as various other in-house events. Moreover, a major training effort has been made to develop the skills and bilingual capacity of all employees to facilitate
relations
within
the
group... always sharing!
> Emile DEVEY Managing Director, Boiron Spain
4,000 associates 23 subsidiaries abroad, 5 production sites and medicines distributed in more than 80 countries: this is the face of the Boiron Group
30 BOIRON 2008
After 2 years of rebuilding and thanks to the willingness of all employees to work together better, the new face of the Boiron Group is starting to take shape and it’s not just a man’s world: two out of three employees are women! Increasingly open to the world, the Boiron universe is growing with boundless passion! Thanks to strong growth in Boiron Russia (development in three new regions) and a profound change in growth strategies in France, Italy, Belgium and, notably, Poland, 2007 was a prolific year. Boiron, a multi-national group employing nearly 4,000 associates (of which more than 35% work outside France), posted significant growth in its business and a considerable rise in productivity. What’s more, these results have made it possible to recommence profit-sharing for our employees. As a guarantor of its growth and an important asset to the group, Boiron’s international dimension constitutes a veritable challenge to be met: achieving a harmonious balance between the subsidiary autonomy and cohesion within a group that is united by shared values and projects.
FINDING THE BEST COMBINATION OF ECONOMIC PERFORMANCE AND PERSONAL FULFILLMENT Since the beginning, Boiron has been focused on a constant goal: finding the best combination of economic performance, which is critical to our growth, and the personal fulfillment of each employee, which is crucial to our well-being. We are motivated by an observation: the company is a place for mutual sharing and its success is the fruit of the daily passion and commitment of its associates. Wanting to share the wealth of the group’s performance in a very direct way, in France, Boiron created several tools (employee savings plan, shareholding, etc.) and signed company-wide agreements formalizing employee participation in company results beginning in 1979. This initiative is still relevant: the goal now is to gradually extend these benefits to subsidiaries, such as Poland (2007) and Spain (2007). A pioneer in human resource policy, Boiron also stands out for a rich tradition of social dialogue within various bodies, combining a robust culture of personnel participation, volunteerism, listening and exchange at all levels of the company. Coproduction has, thus, become the “trademark” of all internal projects; it is a reflection of our managerial practices founded on trust, creativity and a sense of initiative. Some 30 company-wide agreements punctuate the life of the group and in 2007, preliminary work began on a new retirement plan. Reorganization of the pace of work, integration of disabled persons, attention to workplace conditions, promotion of artistic creation and support for personal projects: these are all areas in which Boiron has been a leader for quite some time.
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8 - world
Homéoplasmine®, the “crème de la crème” of pomades An undeniable success in 2007 (more than 2 million units sold) and new T.V. spots for Homéoplasmine®, a Boiron product that is well known to parents… and their children! And with good reason. This pomade-containing plant extracts (Calendula and Spicebush) is especially effective at soothing skin irritations. It is a medicine cabinet must-have.
DIVERSITY, MOBILITY, AUTONOMY Striking the right balance between autonomous decision-making by each subsidiary, which is essential to meet the specific needs of the local context, and the pooling of resources and projects, the Boiron model is founded on an organization that favors synergies and transverse collaboration. Furthermore, the Boiron group encourages its associates to embark on the adventure of expatriation and, more generally, promotes professional mobility, a key factor for personal enrichment and motivation.
SUSTAINED TRAINING EFFORT
Professionalization at every stage
Because professional effectiveness and personal fulfillment are closely linked, the group is committed to offering all employees opportunities for mobility and career development by enhancing their skills through training and coaching. The guiding principles at Boiron remain professionalization and skills development for everyone because they are critical to the company’s progress. Eager to empower each employee to advance in their professional path, Boiron France continues to support a robust training program: more than 1 million euros planned in 2008 and a total of 2,644 persons trained in 2007, resulting in 36,000 hours of training.
MORE EXCHANGE AND INTERNAL COMMUNICATION Getting to know one another better to share more, exchanging information to cooperate, opening up, discussing... communication is one of the keys to a flexible, responsive organization. It is a crucial link between the various sites and subsidiaries. The internal communication system, which relies on true participation from everyone, was overhauled in 2007. More specifically, we saw the debuts of the newly formatted “Plein Tube,” an in-house magazine for information and exchange; the redesigned Intranet site with new dialogue functions; an internal newsletter; and an electronic news tool. This communication initiative is also illustrated by the large number of events and spaces devoted to exchanges and individual expression (team meetings, monthly information meetings, working groups, etc.). Not to mention all the moments of warmth and enjoyment!
BOIRON 2008 31
6 - A simple, direct relationship
inform educate support pharmacy dialogue meet train
prescription
32 BOIRON 2008
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with healthcare professionals
BEGINNING IN 2008, CERTAIN HOMEOPATHIC PRODUCTS WILL BE OPENLY ACCESSIBLE IN PHARMACIES IN FRANCE, THUS ENHANCING THE PHARMACIST’S ROLE AS A SOURCE OF ADVICE
More and more patients are setting out to find effective, natural, non-toxic medicines that have no iatrogenic effect. This is a fundamental movement that is gaining ground and it is
homeopathy perfectly meets their needs, and open access to homeopathic products starting in a major opportunity for homeopathic medicines:
2008 will add another dimension to this category by encouraging more people to discover this treatment approach through the various specialties. At the same time, it will
give pharmacists a chance to play up their role as advisors. This is a chance not to be missed, as, in the medium term, pharmacies will be facing new challenges. These may include a pharmacist’s ability to write prescriptions, official recognition of the pharmacist as an advisor, or the sale of medicines outside of pharmacies.
> François ROUX Licensed Retail Pharmacist, Instructor at the Homeopathy Training Center
BOIRON 2008 33
Doctors: growing interest in homeopathic treatments
WHETHER THEY ARE GENERAL PRACTITIONERS OR SPECIALISTS, WORKING IN HOSPITALS OR PRIVATE PRACTICE, AN INCREASING NUMBER OF DOCTORS ARE PRESCRIBING HOMEOPATHIC MEDICINES
LISTENING EACH AND EVERY DAY
25,000 doctors in France prescribe homeopathic medicines to their patients
34 BOIRON 2008
Ever more doctors are making the effort to learn about homeopathic medicines so they can incorporate them into their everyday work. For more than 20 years, the medical development objective of Boiron has been to create the right conditions so that others can discover homeopathy and enrich the discipline. Efforts such as medical exams, education of hospital staffs, training programs, access to better information about homeopathic medicines, and the organization of seminars and conferences make it possible to better inform, train and support practitioners. Whether educating pediatricians in Spain, doctors working in health clinics in Poland, plastic surgeons in the United States, or even obstetrics/gynecology teams in France, Boiron is there to support practitioners every day.
COUNSELING, CLOSELY HEWING TO NEEDS To better meet the wide range of needs, Boiron now has four specialized networks to work with doctors, practitioners and pharmacists around the world. A total of 360 representatives work in the following functions: Medical Representatives, Family Health Visitors, Medical Development Consultants, and Pharmaceutical Development Consultants. They ensure that the cultural, economic and regulatory context in each country is taken into account. Their goal? Creating a special relationship and offering real advice based on listening and dialogue to facilitate the prescription of homeopathic medicines. To provide a more thorough response to doctors seeking to receive more intensive training in homeopathic medicine, in 2007 Boiron introduced the concepts of Medical Development Consultant and Expert Medical Representative (France, Italy, Poland, Spain). In parallel, coaching sessions brought together employees from our subsidiaries so that all the networks could begin employing a common vocabulary and shared working methods to improve the advice dispensed. In the same spirit, Boiron Spain initiated an “e-learning� training program for doctors that allows them to obtain a university diploma in the framework of mandatory continuing education...with greater flexibility in their studies!
1 - pioneer
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Created in 2007, this new position of Medical
DEVELOPING QUALITY HOMEOPATHIC TRAINING Education is really taking off in the field of homeopathic medicine. Training quality homeopathic doctors is critical. There are various options for students or doctors who wish to study homeopathic medicine. There are common post-graduate training programs administered by private and public institutions that confer a university diploma in nine universities in France (including the Schools of Medicine in Nantes and Strasbourg since 2007). Another potential avenue are the Continuing Medical Training curricula administered by the CEDH and some ten other schools (including the Société Médicale de Biothérapie) that all belong to the FFSH (French Federation of Homeopathic Societies). The more government agencies and universities recognize training programs, the greater the momentum becomes at schools both in France and abroad (such as in Romania, where 200 doctors were trained in 2007). Through its presence at numerous conferences and seminars, Boiron lends its active support to this movement to spread homeopathic learning and knowledge with the greatest sense of openness.
Development Consultant allows me to
with doctors
work
who have chosen to
receive training in homeopathic medicine by offering them true “à la carte” service. I am a guide, monitoring their training program, helping them obtain knowledge, providing them with
meaningful advice throughout their education, giving them real working objectives, etc. Homeopathic medicine considerably enhances their practice by giving them previously unavailable solutions. This coaching role is founded on listening and dialogue. It is very enriching because we establish relationships over time and because training quality homeopathic practitioners is a thrilling challenge — there is still so much to do!
The key is to make each practitioner want to discover homeopathic medicine,
forge a relationship
of trust by supporting them in their personal development and be a partner that is attentive to their needs, their specialization and what makes their prac-
> Béatrice NOAILHAC Medical Development Consultant
CERTIFICATION FOR THE MEDICAL REPRESENTATIVES NETWORK
A quality label
tice unique. What gives me the greatest satisfaction?
Seeing a doctor become more fulfilled by incorporating homeopathic medicine into his thought process and diagnosis him the chance to with
in-depth
and giving
enhance his daily practice
training,
short
“Discovery” sessions that are really practical and concrete or simply better knowledge of homeopathic medicine and its properties.
The deployment in France of a certification system for the Boiron medical representatives network required more than 100 associates and was a massive undertaking. The goal was to meet a legal requirement and achieve compliance with the reference guidelines from France’s High Authority on Health (adherence to regulations and ethical restrictions, quality of training of medical representative, traceability of their activities). After a white audit in December 2007, the network should be certified by June 30, 2008. This quality label is the concrete result of the significant efforts mobilized to ensure the ongoing training and professionalization of Boiron's medical representatives.
> Malgorzata HERVOUET Medical Representative
BOIRON 2008 35
Pharmacists: partners in homoeopathic advice
Founded by two pharmacists, the Boiron Group maintains relationships characterized by close proximity and underpinned for the last 75 years by trust, daily contact with pharmacy teams, a common culture and shared commitments. With a day-to-day presence, Boiron strives to provide skilled advice, a high-quality service and optimum deliveries across the board, thus facilitating the dispensing of homoeopathic medicines and compliance with prescriptions. As major participants in the healthcare system, pharmacists play a broader role by acting as partners in homoeopathic advice, encouraging a responsible stance in patients, and tailoring treatments to individuals, thus contributing to the growth of homoeopathy.
PROMOTE, TRAIN, ASSIST In order to provide pharmacists with advice fostering an improved knowledge of homoeopathic medicines, Boiron decided in 2007 to strengthen its promotional teams and create a fourth network (in France and Italy) of Medical Development Advisers. These will work alongside the Pharmaceutical Development Advisers, Family Health Visitors (dedicated to promoting Boiron specialties) and Medical Representatives. The goal is to provide an “expert” response to pharmacists who want to broaden their knowledge of homoeopathy through training. Constantly liaising with pharmacists, 200 contacts offer a wide range of training (self-medication training, evening classes or university courses, specific programs for industry groups, visits to Boiron Laboratories) and participate in numerous pharmacist events and congresses.
RESPONDING TO MAJOR CHANGES IN THE ROLE OF PHARMACIES
%
85
With major developments underway in France (reimbursement cuts and personal contributions to medicine costs, general sale of certain specialties from 2008, new expectations from patients and, in the near future, a broadening of pharmacists’ prescription abilities, recognition of their role as prescribers and the potential inclusion of distribution channels other than pharmacies, etc.), accompanied by an increase in self-medication, Boiron undertook several significant projects in 2007. These included the certification of its medical representatives network, preparations for the general sale of certain specialties, which involved all departments of the Group, the launch of numerous promotional exercises and new T.V. campaigns (Oscillococcinum®, Stodal®, Homéoplasmine®, Cocculine®) and a complete review of the tinctures range in particular.
of patients
in France buy self-medication products
www.officines.boiron.fr Pharmacists now have their own section on www.boiron.fr, which, together with www.boiron.com, receives a total of nearly 1 million hits a year. Following the redesign of the Medical Space in 2006, the Pharmacies Space was given a fresh look in 2007. The site is now more attractive, containing a wider array of content and invaluable advice specifically for dispensing chemists and pharmacists. With more than 10,000 pharmacies registered and 6,000 pharmacies signed up to the Boiron Newsletter, the Web site is now particularly popular and has received twice as many visits in 2007 (more than 2,500 each month). Log on and take a look.
36 BOIRON 2008
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2 - pathologies
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7 - future
8 - world
BOIRON 2008 37
7- A solid growth, a clear project: opportunities for
THE DOMINANT THEME OF 2007 WAS GROWTH IN BOIRON SPECIALTIES, PARTICULARLY OSCILLOCOCCINUM速, AND THE ACCELERATION OF INTERNATIONAL EXPANSION
growth
multinational investment
sustainability
38 BOIRON 2008
results strategy
organization
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
future development
With strong growth in our specialties worldwide, successfully completed studies of our organization and the expansion of our production capacities, 2007 was a year
our strategy. Thanks to a committed policy of investments until 2010, the Boiron Group is gaining the means for contending with ambitious of growth in both activity and productivity. It also confirmed the soundness of
growth, seizing expansion opportunities and, above all, adapting to a rapidly changing environment. This strategy resolutely
aims to consolidate our
business as a pioneering homoeopathic company and enable
harmonious development
of the
Group.
> Bruno JOĂ‹T Deputy Managing Director, Head Pharmacist BOIRON 2008 39
2007
Growth SUCCESSFUL EXPANSION, PROMISING RESULTS
growth that opens up opportunities
Thanks to growth in the sales of the Boiron Group (€434.2 million, up 8.9% in 2007) and its profitability, 2007 was a year of consolidation and magnification of strategic choices, focusing on the promotion of certain family medication specialties (up 18.1% in 2007, 40% of the Group’s sales) and international expansion (up 16% in 2007). These relevant choices were shored up by promising results, with success in some specialties (improved sales of Oscillococcinum® in France and Russia particularly, 46.8% growth for Camilia®, launched in Italy this year) and significant growth in certain subsidiaries (Russia, Italy, Romania and Poland especially). 1
Organization DEVISING THE HOMEOPATHIC COMPANY OF TOMORROW
2
The key issue in 2007 was, more than ever before, to adapt the Boiron organization to the challenges posed by its growth, increase synergies between subsidiaries and continue to offer optimum quality of service. This trend took shape in the launch of a new organizational structure in Paris, including the grouping of functions (orders, customers, staging) and the creation of a voluntary night team for the manufacture of Oscillococcinum® to contend with major production peaks. The same approach was taken to the territorial review of the sales and distribution network in France, with a focus on proximity and coherence (37 establishments), the new operational organization of certain subsidiaries (Italy, Russia, Belgium, the Indian Ocean and Poland, in particular) and the specialization of its five production sites. The ultimate aim was always the same: to devise the homoeopathic company of tomorrow.
Future AN AMBITIOUS INVESTMENT STRATEGY
3
1) THE MONTRICHARD SITE (FRANCE) IS DEVOTED TO THE MANUFACTURE OF LIQUID FORMULATIONS 2) MANUFACTURE OF HOMEOPATHIC MEDICINES FROM MINERAL STRAINS 3) WEIGHT OF GRANULES PRIOR TO IMPREGNATION
40 BOIRON 2008
In 2007, the Boiron Group’s investments totaled €18.5 million, up 14.7% compared with 2006. For several years, the Group has been committed to an ambitious investment policy aimed at both adapting its plant machinery to new pharmaceutical standards and anticipating an increase in its production to meet growth requirements (Russia, Italy, France, Poland and Romania, particularly). Over the 2007-2008 period: - The construction of a new production building in Messimy, combined with a new packaging line, following the introduction of the outsourcing of Dolisos specialties. - The continued upgrading of our information system and the acquisition of new Assisted Production Management software. - The completion of a new administrative building and the extension of our storage warehouses in Messimy. - Internationally: In Belgium, the restructuring of the administrative head office in Brussels and the creation of a new head office at our Boiron-Canada subsidiary.
1 - pioneer
2 - pathologies
3 - reality
2008 the year ambitions become a reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
Horizon ADAPTING TO A CHANGING ENVIRONMENT 2007 provided an opportunity to continue major adaptation efforts (including significant IT investments), which will extend into 2008 and feature in-depth reflection on distribution in particular. These efforts are gradually leading to a review of all the company's functions with the aim of anticipating rapid developments in its environment. These include changes in public health systems, the general sale of certain specialties in French pharmacies from 2008, growth in the self-medication market and the emergence of new distribution channels in Europe.
International STEADY GROWTH Conducted at a brisk pace between April and November 2007, the reorganization of Boiron’s three Paris establishments (Pantin, Levallois and Ivry), aimed at optimizing the service provided to the region’s 3,675 pharmacies, was a worthy, pioneering
and
stimulating
project
achieved through the passion of nearly 400 highly driven staff members. With the creation of a new establishment in Pantin, the complete redistribution of activities (orders, customers, staging) and the new method for delivering compounded pro-
Thinking globally, ensuring productivity at global sites... Thanks to constant expansion over the last 20 years and a rising proportion of turnover generated internationally (41.1% in 2007, up 16%), Boiron’s ambitions match its stature as a growing multinational Group and a benchmark homoeopathic company worldwide. Boiron’s homoeopathic medicines are sold in more than 80 countries through distribution structures adapted to local contexts (15 full-service subsidiaries and eight promotion subsidiaries). The philosophy is always the same: to secure a long-term presence wherever homoeopathy can provide an essential contribution to public health. This involves retaining the same level of requirements, in both the quality of medicines and service, and patiently laying the groundwork. Proof of this is in the launch of three specialties on the Brazilian market in 2008 and 2009, the rapid growth of Boiron Russia, a return to growth at Boiron Italy, and favorable prospects in Romania and Poland, in particular. Boiron is continuing to post steady and dynamic growth.
ducts, each internal workgroup proved through its involvement in this excellent challenge that it is possible to adapt while retaining momentum in a changing regulatory environment.
> Vincent MORAULT Boiron Regional Director
BOIRON 2008 41
8 - Boiron direct subsidiaries
2007
NEWS France
Success for Boiron specialties (Camilia® in Italy, Oscillococcinum® in Italy and Russia particularly, Homéoptic® in Poland),
SHARING IS THE NAME OF THE GAME Led by Thierry Boiron, the management and various departments of the company, 360 people, totaling all staff in the four medical and pharmaceutical development networks, met for 2 days of fruitful discussions at an August 2007 seminar. The goal was to create synergies between these networks and share experiences in the name of progress.
optimization of structures (Italy, Belgium), outstanding advertising campaigns (Italy, Switzerland, Hungary, Russia, the U.S. and France), preparation for the forthcoming launch of specialties (Brazil particularly), just a few of the 2007 events from the world of Boiron…
Brazil IN THE STARTING BLOCKS As a year of preparation for the launch of three specialties on the Brazilian market, 2007 saw Boiron Brazil, a subsidiary created in 2006, submits registration applications to Anvisar to launch its Web site, www.boiron.com.br, and participates in numerous events, doctor and pharmacist congresses, and Michèle Boiron conferences in Belo Horizonte, Sao Paulo and Rio de Janeiro, where Boiron’s medicines will be distributed.
Bulgaria 400 DOCTORS IN ALBENA From June 1-3, 2007, the shores of the Black Sea in Albena was the setting for 400 Bulgarian doctors to further their knowledge at a homoeopathy conference. The event provided a special opportunity for dialogue.
42 BOIRON 2008
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Italy THE RENAISSANCE 2007 saw recovery in activity for Boiron Italy, fresh growth of 9.2% in sales being the main feature. Key events included the completion of the new organization (now three establishments), the creation of an Expert Medical Representatives network, the launch of two institutional campaigns on homoeopathy and confirmation of the success of Oscillococcinum® in 30 single doses and the eyewash Euphralia®, as well as the launch of Camilia® in the spring.
4 - medicine
5 - passion
6 - health
7 - future
8 - world
Romania
United States
SIBIU, THE EUROPEAN CAPITAL OF HOMEOPATHY
APPEARANCE AT PRI-MED
A quick look at the news: Boiron Romania chose Sibiu, the European capital of culture 2007 and a city where homoeopathy pioneer Hahnemann stayed from 1777 to 1779, to hold the “National Homoeopathy Conference 2007” from June 29 to July 1 in partnership with the National Society of Family Medicine and Homéopathes Sans Frontières. This provided an opportunity for the 200 doctors attending to broaden their knowledge of homoeopathic treatments.
Following the participation of Boiron USA in Pri-Med (general practitioner conferences in New York, Los Angeles, Chicago and Puerto Rico that provided information to more than 5,000 doctors in 2007), 130 doctors decided to participate in training provided by the CEDH (Center for the Education and Development of Clinical Homeopathy). This is a sign of growing awareness of homoeopathy in the U.S.
Russia UNITED AGAINST FLU At the initiative of Boiron Russia, a conference on the risks of the flu epidemic and possible solutions was held on Nov. 15, 2007, in Moscow in the presence of representatives of the G.N. Gabrichevsky Research Institute of Epidemiology and Microbiology, the Russian Red Cross, the WHO and Boiron Laboratories. In response to the threat of a major flu epidemic – which every year affects an average of 35 million Russians – the participants supported the idea of launching a major welfare program for the widespread prevention of flu and upper respiratory tract infections.
BOIRON 2008 43
FRANCE
CARIBBEAN
SWITZERLAND
ROMANIA
HEAD OFFICE 20 rue de la Libération 69110 SAINTE-FOY-LÈS-LYON Tel. +33 (0) 4 72 16 40 00 Fax +33 (0) 4 78 59 69 16 www.boiron.fr
BOIRON CARAIBES Le Verger - Rue Case Nègres Place d'Armes 97232 LE LAMENTIN Tel. +33 (0) 596 30 01 62 Fax +33 (0) 596 30 01 66 boiron-caraibes@boiron-caraibes.fr
BOIRON SA Route de la Galaise 32 Case postale 169 CH - 1228 - PLAN-LES-OUATES Tel. +41 22 884 14 14 Fax +41 22 794 12 76
BOIRON RO Rue Dr. Carol Davilla No 40, Etage 1, Sector 5 BUCAREST Tel. +40 21 410 05 46 Fax +40 21 410 20 24
BRAZIL
BULGARIA
SLOVAKIA
BOIRON Quartier Losenets, Yujen Parc Bat. 28, esc. 1, App. 6 et 3 SOFIA 1407 Tel. +359 (2) 963 20 91 +359 (2) 963 09 06 Fax +359 (2) 963 45 00 boiron.bulgaria@boiron.bg
BOIRON SK s.r.o TOMASIKOVA 29 82 101 - BRATISLAVA Tel. +421 2 49 102 214 Fax +421 2 44 640 101 boiron@boiron.sk www.boiron.sk
HUNGARY
OOO BOIRON Derbenevskaya Oulitza, 1 BAT. 3, entrance 17a 115114 MOSCOW Tel. +7 495 956 08 10 Fax +7 495 956 08 14 info@boiron.ru www.boiron.ru
SITE DE MESSIMY 2, av. de l'Ouest Lyonnais 69510 MESSIMY Tel. +33 (0) 4 78 45 61 00 Fax +33 (0) 4 78 45 61 02 SITE DE MONTREVAIN (HERBAXT) 1, rue Edouard Buffard 77144 MONTREVAIN Tel. +33 (0) 1 60 42 40 40 Fax +33 (0) 1 60 43 94 63 SITE DE MONTRICHARD La Tonnarderie - BP 89 41400 MONTRICHARD Tel. +33 (0) 2 54 71 15 00 Fax +33 (0) 2 54 32 18 11
CANADA BOIRON CANADA, INC. 816, Boulevard Guimond LONGUEUIL (Québec) J4G 1T5 Tel. +1 (450) 442 20 66 Fax +1 (450) 442 30 77 info@boiron.ca www.boiron.ca
UNITED STATES BOIRON BORNEMAN, INC. 6 Campus Boulevard Building A NEWTOWN SQUARE, PA 19073 Tel. +1 (610) 325 74 64 Fax +1 (610) 325 74 80 info@boiron.com www.boironusa.com BOIRON BORNEMAN, INC. 4145 Guardian St SIMI VALLEY, CA 93063 Tel. +1 (805) 582 90 91 Fax +1 (805) 582 90 94
BOIRON MEDICAMENTOS HOMEOPÁTICOS LTDA Rua Joaquim Floriano, 1120 - 40 Andar, conj. 41 ITAIM BIBI SP 04534 - 004 SAO PAULO Tel. +55 11 37 07 58 58 Fax +55 11 30 78 84 29 www.boiron.com.br
BELGIUM LABORATOIRES UNDA 118, avenue Jules-Bordet 1140 BRUXELLES Tel. +32 (2) 726 79 70 Fax +32 (2) 726 74 58 info@unda.be www.unda.be
SPAIN BOIRON SOCIEDAD IBERICA DE HOMEOPATIA Av. Valdelaparra n° 27 Parque Empresarial NEISA NORTE E3N4 28108 ALCOBENDAS (MADRID) Tel. +34 (91) 484 04 38 Fax +34 (91) 661 24 08 homeopatia@boiron.es www.boiron.es
ITALY LABORATOIRES BOIRON SRL Direzione e Amministrazione Via Cassanese 100 20090 SEGRATE (MILANO) Tel. +39 (02) 26 990 1 Fax +39 (02) 26 990 333 info@boiron.it www.boiron.it
BOIRON HUNGARIA Kft. Ady Endre út 8. 1024 BUDAPEST Tel. +36 1 365 1430 +36 1 365 1431 Fax +36 1 209 0793 boiron@boiron.hu www.boiron.hu
POLAND BOIRON sp. z.o.o. Ul. Raszynska 13 05-500 PIASECZNO Tel. +48 22 70 26 670 Fax +48 22 70 26 671 boiron@boiron.pl www.boiron.pl
CZECH REPUBLIC BOIRON Cz s.r.o IBC - POBREZNI 3 186 00 - PRAHA 8 Tel. +420 2 24 83 550 90 Fax +420 2 22 32 65 02 office@boiron.cz www.boiron.cz
RUSSIA
TUNISIA BOIRON TUNISIE 1, rue du Laurier Cité Taieb M'hiri El Aouina - TUNIS 2045 Tel. +216 70 727 161 Fax +216 70 727 173 infos@boiron.com.tn
MOROCCO BOIRON MAROC 97, rue de Normandie Maarif - CASABLANCA Tel. +212 22 23 60 00 Fax +212 22 23 29 81 vincent.bonte@boironmaroc.ma
INDIAN OCEAN BOIRON OCEAN INDIEN 16 rue Albert Lougnon 97490 SAINT CLOTILDE Tel. +33 (0) 262 29 70 00 Fax +33 (0) 262 29 94 61
www.boiron.com 44 BOIRON 2008
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
BOIRON 2008 45
Shareholders and stock market informations
KEY DATES
BREAKDOWN OF THE SHAREHOLDING
As at Dec. 31, 2007, the company’s capital is shared June 1987 The BOIRON share joins the Lyon Stock Exchange’s between the BOIRON Family Group (48.67%), the Second Market. Pierre FABRE Group (15.13%), BOIRON employees June 1992 Issuance of a convertible bond loan of €22.93 million. (3.83%), the public (31.84%) and treasury stock held by November 1994 The BOIRON share is admitted to the SBF 250 index. the Company (0.53%). June 1996 Early repayment of the convertible bond loan. The free float is broken down as follows: May 1999 Launch of a share buyback program. - institutional investors: 24.2% November 2000 End of the share buyback program launched in May 1999. - individual shareholders: 7.7% December 2001 The BOIRON share joins the NextPrime segment of EURONEXT Paris. July 2003 Nominal value of the share is split in four, Pierre FABRE Group Shares held by reducing it from €4 to €1. 15.13% members of the BOIRON May 2004 Launch of a new share buyback program (COB approval Family Group Employees + Investment Fund 8.81% no. 04-385) enables the purchase of up to 10% of shares 3.83% comprising the share capital. Treasury stock July 2005 Issuance, for former DOLISOS shareholders, of 3,334,286 0.53% BOIRON SODEVA new shares listed on the stock exchange on July 5, 2005. 30.57% Family Group Share capital rises from 18,672,000 shares to 22,006,286. 48.67% May 2006 Launch of a new share buyback program enabling the (voting rights: 61.50%) purchase of up to 5% of shares comprising the share capital. May 2007 Launch of a new share buyback program enabling the SHB 9.29% purchase of up to 10% of shares comprising the share Other shareholders 31.84% capital. Shares held by members of the BOIRON Family Group: 11.32% Voting rights held by SODEVA: 37.76% Voting rights held by SHB: 12.29%
46 BOIRON 2008
1 - pioneer
2 - pathologies
3 - reality
4 - medicine
5 - passion
6 - health
7 - future
8 - world
BOIRON SHARES BOIRON shares ended 2007 at €18.38, up 4.4% compared to their performance of €18.30 on Jan. 1, 2007 (opening price). BOIRON shares reached their highest price during trading on July 13, 2007, at €25.00 and their lowest during trading on Oct. 2, 2007, at €16.55. Over the year, transactions totaled 3,489,936 shares, an average of 13,686 per trading session. Compared to 2006, the number of shares traded in 2007 rose 24.3% and represents 15.9% of the Company’s capital.
STOCK EXCHANGE INFORMATION ISIN code: FR0000061129 (BOI) Reuters: BOIR.PA Bloomberg: BOI FP Share listed on the “EUROLIST” of EURONEXT Paris and included in the NextPrime segment Share included in the CAC Mid 100, CAC Mid & Small 190, SBF 250 and I.A.S. (Indice Actionnarait Salarié) indices Establishment in charge of managing shares: BNP PARIBAS Securities Market making agreement: SG Securities
SHAREHOLDER INFORMATION
BOIRON uses all available means to provide a regular information to all of its individual and institutional shareholders and make a detailed information available to them. News and financial informations concerning the BOIRON Group are available at www.boiron.com Information notes are published by analyst firms that regularly follow the share, including: CA CHEVREUX, CM-CIC Securities, FORTIS Securities, GILBERT DUPONT, ODDO MIDCAP, SOCIETE GENERALE Asset Management. By-laws, financial statements, reports, minutes of General Meetings and all documents made available to shareholders can be viewed at the Company’s head office at:
DIRECTOR OF FINANCIAL INFORMATION Philippe MONTANT, Finance and Administration Director BOIRON - 20 rue de la Libération - 69110 Sainte-Foy-lès-Lyon - France Tel.: +33/(0)4 72 16 40 00 - Fax: +33/(0)4 78 59 69 16 e-mail: actionnaires@boiron.fr
BOIRON 20 rue de la Libération 69110 SAINTE-FOY-LES-LYON FRANCE
PROJECTED SCHEDULE FOR PRESS RELEASES Jan. 29, 2008
Sales at Dec. 31, 2007
March 12, 2008
Income at Dec. 31, 2007
March 13, 2008
SFAF meeting(1)
April 22, 2008
Sales and quarterly financial information at March 31, 2008
May 15, 2008
General Meeting
Aug. 29, 2008
Sales and quarterly financial information at June 30, 2008
Sept. 1, 2008
SFAF meeting(1)
Oct. 24, 2008
Sales and quarterly financial information at Sept. 30, 2008
(1) SFAF: French Society of Financial Analysts All press releases are circulated after the markets close
BOIRON 2008 47
KEY FIGURES CHANGE IN SALES
BREAKDOWN OF SALES BY PRODUCT CATEGORY
in millions of euros (data restated under IFRS) 434.29 398.67 361.65
Non-proprietary homeopathic medicines
290.63
59.7%
178.60 153.96 144.74 104.84
BOIRON specialties
40.0%
0.3% Other products
2004
2005
2006
2007
Consolidated sales
Sales of specialties are up 18.1% and now represent 40% of total sales. The rise in sales of non-proprietary homoeopathic medicines is 3.8%.
International sales
In 2007, the Group’s sales grew by 8.9%. International growth was 16%.
BREAKDOWN OF SALES BY GEOGRAPHICAL AREA
SIMPLIFIED STATEMENT OF INCOME in millions of euros
in millions of euros
2006
2007
Change
398.67
434.29
8.9%
Current operating income
26.60
43.74
64.4%
Fixed expenses and income / taxes and other items
(16.36 )
(16.61)
- 1.5%
Net income (Group share)
10.24
27.13
164.9%
Sales France and others: 268.98 Europe excluding France: 133.12 North America: 32.20
Sales generated by the Group outside of Metropolitan France totaled €178.60 million, or 41.1% of consolidated sales.
48 BOIRON 2008
BOIRON 2007 CHANGE IN EARNINGS PER SHARE
INVESTMENTS AND CASH FLOW
in euros - adjusted figures
in millions of euros 62.04
48.05
48.00
1.25 37.33
1.11
0.81
22.90 20.66
0.47
2004
2005
20.27
11.10*
2006
2007
2004
2005
2006
2007
* Excluding changes in consolidated subsidiaries
Earnings per share are determined after deducting the number of treasury stocks held by the company over the year.
CHANGE IN DIVIDEND PER SHARE
Cash flow Gross investments
SIMPLIFIED BALANCE SHEET in millions of euros
in euros (excluding tax credits) - adjusted figures
0.55 0.52
Non current assets 226.79
249.61
0.37
Shareholders’ equity (Group share)
0.30
0.34 Current assets
201.60
62.16 116.28
2004
2005
2006
Minority interests Non-current liabilities Current liabilities
2007
Dividends are up 83.33%. The payout rate totals 44.0% of consolidated net income.
ASSETS LIABILITIES
BOIRON 2008 49
PHOTOS CREDIT: E. FREY - Y. GEOFFRAY - P.G. LOMBARD - J.F. LUROL - J.L. MEGE - P. MURADIAN - C. VIVIANT
20 rue de la Libération, 69110 Sainte-Foy-lès-Lyon, France Tel.: +33 (0) 4 72 16 40 00 Fax: +33 (0) 4 78 59 69 16 Limited liability company with capital of 21,947,566 euros
IMP.135N
Lyon Commercial Register no. 967 504 697
www.boiron.com