September 2020
10Leading Most
The
Pharmaceutical
Companies to Watch in 2020
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EDITOR’S NOTE
The Indian pharmaceutical industry is witnessing immense growth. The industry saw a double digit growth in June 2014. With 10,500 manufacturing units and over 3,000 pharmaceutical companies, the Indian pharmaceutical industry is among the top six producers of pharmaceuticals in the world. The country’s pharmaceutical exports stood at $14.7 billion in 2012-13, at a growth rate of 11 per cent and it is slated to increase to $25 billion by 2016.With a vision of making India a global leader in end-to-end manufacturing by 2020, there are several steps taken by the Government of India such as weighted tax deduction of 150 per cent for any R&D expenditure incurred. Along with this, the government has also made tax breaks available to the pharmaceutical sector. However with all support from the government, the industry is heading to saturation and is striving to cope up with the predictions. The root cause is the lack of implementation of current technologies. The need for adopting and also evolving along with the time has become critical in order to achieve success. Nevertheless, the market has several pharmaceutical software solution companies that are coming up with new and innovative solutions to aid the pharmaceutical industry to keep up with the times. The technology provided by these solution providers is the boost the pharmaceutical companies need in order to excel in the market and thrive. Having interacted with several technology heads and business leaders from the pharma industry, we at Prime View Magazine realized the need to identify the best solution providers for the pharmaceutical and biotechnology industry. We present to you the ‘India's Leading Pharmaceutical Companies to Watch in 2020’. This comprehensive list intends to help you chose the solution provider for your specific needs. A distinguished panel comprising of CEO’s, CIO’s, industry analysts and Prime View editorial team scrutinized various companies before finalizing the Top names. Happy Reading Prime View Magazine
The 10 Most Leading Pharmaceutical Companies to Watch in 2020
SONAL K
STEVE R DAVID S
PRATIK T. , JOHNSON J.
SAM K.
RICHARD D.
SAM D. , ALEN A.
Visit: https://primeview.co Email: editor@primeview.co
Profiles
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CONTENTS Articles 22 32
BRILLIANT A HYDERABAD-BASED
PHARMACEUTICAL COMPANY
HARNESSING LIVES THROUGH CERTIFIED VACCINES & MEDICINES
Brilliant Bio Pharma Pvt Ltd (Brilliant) started its journey by manufacturing and marketing Veterinary
Biological & Medicines.
From its inception in 1998 to today, it has witnessed a glorifying trajectory and has emerged as a globally renowned firm serving livestock farmers in India with high quality and affordable health products. Since there were just a handful of vaccine manufacturers at that time, Brilliant focused on vaccines for livestock, developed appropriate technologies, and set up modern manufacturing facilities. Under the capable leadership of Mourya Boda, Chairman, Brilliant has created a portfolio of vaccines and animal health formulations for the treatment of animal diseases. Moreover, the company has explored export markets and made good headway in the export of it’s products.
MEETING THE FOUNDER Mourya Boda joined the TGV Group after completing her basic Degree in Law and Master’s Degree in Business Administration. She worked her way up the hierarchy in the group under the able guidance of her father, Industrialist, Philanthropist Shri T G Venkatesh, Chairman of TGV Group. Mourya Boda has built and steered Brilliant Bio Pharma to its present strong position. She has spearheaded several innovative approaches in the management of a biopharmaceutical company which has enabled Brilliant Bio Pharma to become a cost-effective and quality producer of direly needed vaccines for the livestock sector. " The journey from 2 lakh doses a decade back to 1500 million cattle immunization against FMD till now speaks about the strength of Brilliant". 11
SERVICE PORTFOLIO While they have a range of animal health products – prophylactic, therapeutic, and nutrition products, their focus has been more on prophylactic products i.e vaccines where there are just a handful of players. The company makes viral and bacterial vaccines for cattle, goats, sheep, and dogs. Further Mourya Boda added, “Our flagship products are Foot & Mouth Disease (FMD) and Rabies vaccines. We will soon make vaccines for canines, a segment where there is just one other domestic manufacturer and where most products are imported.”
DIFFERENTIATING FACTORS Brilliant is one of the largest manufacturers of FMD vaccines in the world. The state-of-art facility is BSL3 (Bio Safety Level 3) and has 10 KL fermenters, which makes it different from others. “We are one of the most cost-effective manufacturers of veterinary vaccines. As a result, we have been able to meet the requirements of India’s National Animal Disease Control Programs (NADCP) for livestock diseases, chiefly FMD vaccine, shared Mourya Boda.
Brilliant is committed to serving livestock farmers by offering high-quality and affordable health products. POINT OF VIEW ON THE CURRENT SCENARIO The current Covid-19 pandemic situation is unprecedented and has caused a huge setback to the animal health industry in India. The industry depends to a considerable extent on government initiatives and spending, which is critical for the marginal farmers in India, and on rural private spending which has also been impacted. The loss of business for Brilliant is significant.
MAJOR CHALLENGES As a result, the liquidity position has been hugely impacted, the working capital position is stressed and capital funding for new projects delayed. Companies have no option but to tighten their belts, postpone discretionary spending and conserve capital.
OPPORTUNITIES Mourya Boda said, “The pharmaceutical industry promotes products through direct interaction with the medical fraternity. This symbiotic relationship with the medical community is now under stress as the physical interactions are missed. Although we are now resorting to digital marketing, we cannot expect this to have the same effect as with personal interactions with doctors.” 12
HURDLES ON THE WAY Among the major challenges that Brilliant has faced in the past is to scale up the manufacturing of the FMD vaccine, which is undoubtedly one of the most difficult vaccines to manufacture. To Brilliant’s credit, it must be stated that it has not only successfully faced this challenge but also has been able to build scales of operations which is the highest in the global animal vaccine industry. Brilliant has also been able to automate much of its unit operations to ensure better productivity and realize reliable, quality output. Among other challenges have been to build Brilliant’s credibility and company image as a serious, research-based animal vaccine manufacturer in which farmers can depend on the protection of their livestock from animal diseases.
THE SECRET SAUCE Brilliant’s success can be attributed to the competencies of its loyal band of people, their creative and innovative approaches to problem-solving, and their collective capabilities to give the company sustained competitive advantage. Manpower is the driving force taking the company ahead and is the assets. Mourya Boda has been mainly responsible for steering Brilliant from the front to its present strong position, thanks to her exemplary vision, strong leadership, hands-on and participative management style, and the customer-centric policies pursued by the company.
MOTIVATING CREATIVITY AND INNOVATION IN THE WORKSPACE Brilliant believes that the creative spirit of its people can be harnessed by providing challenging work opportunities, fostering an open working environment, allowing freedom for employees to operate, by being patient with people to let them learn from their mistakes, and by providing sufficient rewards for exemplary performance.
BUILDING LONG TERM CUSTOMER RELATIONSHIPS
“The customer must be at the center of everything that we do. We operate with this motto. In Brilliant’s case, it is the small and marginal farmer to whom affordability and accessibility of quality products are paramount. All decisions and plans at the company are centered on this expectation of customers”, Mourya Boda asserted. 13
“We serve our customers through the medical community. We need to build credibility with them. We must assess, understand, and be responsive to their expectations. We believe in building long-lasting relationships with the medical community and interact with them not merely for building our business but also in various other ways to build their professional calibre,” she further added.
Road Ahead The animal health industry is at the threshold of important changes taking place concerning increasing emphasis on food safety and the need to do away with the use of antimicrobials, hormones, and chemicals. Besides, it is also seized with improving public health aspects related to the impact of zoonotic diseases. The ‘One Health’ initiative of WHO, FAO, and OIE is an approach to achieving better public health outcomes for not just zoonotic diseases but also achieve better food safety and antimicrobial resistance. Brilliant Bio Pharma is committed to this cause. It not only has a current portfolio of products supporting this initiative but is also working on new products, particularly vaccines to meet this challenge of zoonotic diseases. It is also on the threshold of several nutritional products which can progressively reduce dependency on antimicrobials and hormones for better food safety.
JEWELS IN THE CROWN Brilliant has been the recipient of the Best Pharma Company Award 2019 at the HMTV Business Excellence Awards Mourya Boda is the recipient of: Pharma Leaders Innovative Women Biotech Leader of the Year 2018 IWEC (International Women Entrepreneurial Challenge) Award 2015 at Istanbul
CONTRIBUTION TO THE COMMUNITY Brilliant discharges its CSR responsibilities both on its own accord and by association with the TGV Group. Among the initiatives are free marriages for the less privileged, free water supply to poor households and the ‘Gowri’ initiative which is unique extends incentives to the wives of employees who meet the non-smoking/non-alcohol stipulations in the company. For the livestock sector, Brilliant conducts pan-India rabies vaccination camps in association with leading organizations and NGOs, an initiative to attain Rabies Free India.
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Managing Director
THE PRODUCTIVE, PROGRESSIVE AND PRICE-CONSCIOUS NAME OF INDIAN PHARMACEUTICAL
Indian Pharmaceutical Industry has symbolically positioned itself as the next biggest in terms of quan-
tity and the thirteen largest regarding values globally going by the report of Equity Master. The industry has mapped a long path from being of prime importance in the 1950s to a manufacturing hub of active pharmaceutical ingredients today. The major ingredients powering and fueling the growth of the Indian Pharma, the Indian Pharmaceutical companies are burgeoning and the credit goes to increased government expenses on health and the increasing health awareness amongst its people. Among the domain, with its commitment of resolving health issues by delivering value-added and cost-effective health solutions to people, Century Pharmaceuticals has flung its wings as one of the largest pharmaceutical companies established in the year 1982 and evolving as a supplier of repute for APIs to the global pharmaceutical companies in India and abroad. Perpetually dedicated to API Products, API-Research, Animal Health, and Biotechnology, Century Pharmaceuticals has clocked a tremendous growth over its stretch of 39 years as a reputed and renowned organization. Under the hegemony of Dr. Janak Sheth, Managing Director, the firm has underscored its commitment to creating value for all their customers, partners, and employees while applying environment-friendly and socially responsible business practices fostering ‘Excellence’. The USP of Century Pharmaceuticals includes quality, regulatory support, timely delivery and quick response to customer queries that make it stand out in the market. Through collaborations and partnerships, innovative research and contract research services, they are working for customers to leverage their expertise and experience to produce products and services cost-effectively and with greater reliability.
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An entrepreneur, a leader and a proactive business partner, Dr. Janak Sheth has taken the fortunes of Century Pharmaceuticals to be recognised as a pharmaceutical industry of repute and recognition in India. He holds over 4 decades of industry experience and has been quite active in the industry circles fighting for the MSME sector and also towards building exports from India by taking several delegations abroad especially in new markets. As a respected professional in the industry, he has been invited to several forums for his views on the industry and to encourage young professionals in academia and industry. In academics, Dr. Janak Sheth did B. Tech from IIT, Delhi and a Hon PhD from a South Korean University
Initially, Century Pharmaceuticals started manufacturing APIs with only three products, and the product range has grown to a wide basket of products with different therapeutic segments- Acenocoumarol, Amlodipine Besylate, Azithromycin Dihydrate, Bimatoprost, Empagliflozin, Erythromycin, and all its salts, Flibensarin, Fluticasone Propionate, Gramicidin, Latanoprost, Oxytetracycline, Palonosetron Hcl, Tadalafil, etc to name a few. Moreover, they are developing new products in their R&D with a focus on low volume and high prices. They are also engaged in a drug discovery program for recombinant fusion proteins for the treatment and cure for Asthma and Allergies. Century Pharmaceuticals has been also involved in Stem cell research for the last 6 years for the treatment of various lifestyle and other diseases for which there is no cure today.
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Century has to face stiff and unhealthy competition from China. The costs in China are much lower owing to relaxation in effluent treatment standards, lower cost of capital and export rebates. However, owing to consistency in quality and service the company is able to offset a major part of this challenge. Another major issue is finding a perfect business partner for their novel molecule for Asthma and Allergy. It is truly a unique molecule with a future owing to the targeted therapy approach. But large Indian companies are not interested in investing in research and hence we have yet to be able to encash the true potential of this molecule.
The partial list of customers includes Pfizer, Abbott, Glenmark, Polfarma, Suanfarma, Teva pharmaceuticals, Macleods, Intas Pharmaceuticals, Zydus Cadila, Glenmark, Aristo pharmaceuticals and other Indian players in the Pharmaceutical industry. Being a customer-centric company, Century Pharmaceuticals strives hard to satisfy changing customer needs.They have an internal policy that once a customer is always the customer. Moreover, they empower customer’s business growth by satisfying their special quality and other needs and encouraging cross-selling.
“ We are dedicated to develop
innovative and cost-effective products for the future for better health for all.
Indian Pharmaceutical Industry is at a vantage point. Several new industries are being set up and the quality standards and systems are being upgraded. It is expected that there will be some attrition of the smaller and less quality conscious manufacturers while those which have strict compliance with GMP will get better opportunities. The Indian quality standards are being appreciated in several markets and they have a distinct edge over competitors owing to
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large volumes being manufactured cost-effectively for our 1.3 billion people.
CORPORATE CULTURE
Century Pharmaceuticals holds a transparent system and is an innovation driven company that encourage new ideas which help the company to improve the quality and costs from time to time. With a competitive spirit and constant encouragement at Century Pharmaceuticals, employees strive to bring about positive changes consistently.
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SECRET BEHIND THE SUCCESS
Century Pharmaceuticals has an excellent track record both in terms of service and quality standard of products and always maintains excellent relationships with customers that support the company. Further Dr. Janak Sheth shares, “In real life the markets move in cycles and if we support the customers during a difficult period, they maintain their loyalty during slack times.”
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FEATHERS IN THE CAP 2007-Gold medal from Lockheed Martin for best innovation in Biotech technology DSIR recognized R and D unit 2008 2010 - New US FDA approvable manufacturing plant. 2012- MSME award year 2012 by FGI, Gujarat Fair Business Practices (Indian Council for Fair Businesses) Gold Medal for excellence in Business Practices (Switzerland) Excellence award for Exports (Indian council for Small & Medium size exporters) Excellence for Innovation, Quality, Productivity, Management (IES, India) “Dr. Janak K Sheth” has been awarded as Top 30 CEO on Innovation CEO of the year 2014. Quality Mark award for two year consecutive year 2016 and 2017
CORPORATE SOCIAL RESPONSIBILITIES
Business is not just marketing, sales and profits. One of the major challenges of modern world is to save the environment. Century Pharmaceuticals is a green company with a zero discharge effluent policy. Not only this but they recycle most of the treated water and control fresh water use. They also have solar lights for all lighting purpose and they recharge bore wells with the rainwater in their premises. Presently, they are generating about 50% of their power needs with the a rooftop solar power plant.
ROAD AHEAD
Century Pharmaceuticals is poised for a higher level of growth and planning to expand its geographic reach and product range both. Owing to this flair for exports and a desire to make the best quality product, and in the coming days, the company plans to expand its footprint in more difficult markets while growing rapidly on the home front.
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Today, India has become the largest provider of generic drugs on the global level after supplying more than 50 percent of global demand for various vaccines, 40 percent of generic demand in the US and 25 percent of all medicines in the UK. The pharmaceutical market has become the largest exporter of medication by volume. In terms of market size, the Indian pharma industry is expected to grow over 15 percent per annum during the same period. The market is expected to progress to US$55 billion by 2020, thereby emerging as the sixth-largest pharmaceutical market globally by its size. But 2019 ended on a sour note for Indian pharmaceutical companies, with the Nifty Pharma index down about 10% so far. When it is compared with the Nifty 50 index has risen about 10%. And, unfortunately, the pharmaceutical firms may not be out of the woods in 2020. The US FDA inspections increased considerably in 2019 and led to the Indian drug makers getting about 23 warning letters. Today, Indian companies account for about one official action-indicated letter. Indian companies account for about one official action-indicated letter for every six inspections that are worrisome. Most pharma stocks that got observation letters, OAI letters, or warning letters went into a tailspin. As the US FDA inspects over 400 manufacturing plants in the country every two years, the risk of adverse observations remains high. 22
Here what could be the solution? Its control over costs, with the added element of curtailing capacity expansion. It would boost the return on equity in the long run. Still, some critical risks for domestic pharma could come from issues like NLEM and price controls. In our country, drugs are assumed as expensive, but any move to review costs could severely eat into the margins of pharma companies. The domestic pharma market has been progressing at a rapid pace that aided profitability enhancements. If domestic pricing pressure increases, margins and profitability could be eroded. A good thing is that the earnings downgrade cycle has moderated. This time, although, the market is factoring in higher potential earnings growth for 2020. Give the heavy and looming overhangs, as high earnings growth could be at a risk. If the actual progress rate contracts, the Indian pharmaceutical industry of India could still be in for topsy-turvy 2020.
Road Ahead Medicine spending of the country is projected to grow 9-12 percent in the next five years, leading India to become one of the top 10 countries in terms of medical spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards the chronic therapies for diseases like cardiovascular, anti-diabetes, anti-depressants and anti-cancers, which are on the rise. The government has taken steps to cut costs and reduce the expenses of healthcare. Speedy introduction of generic drugs in the market has remained in focus and is expected to support the Indian pharmaceutical companies to gain profit.
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Gaining prominence in recent years, the pharmaceutical industry of India has turned into a sunrise sector and has served as a significant connection between the industrial and the chemical segments of the economy. Since its inception, the lanolin manufacturing company, Rolex Lanolin Products Limited (RLPL) has strived to penetrate newer areas of technology and business. The specialty company was established in 1967, and is headquartered in Mumbai. It serves several of its customers (many being in the pharmaceutical sector) with its differentiated lanolin products. RLPL is certified under ISO 9001:2008 (QMS); ISO 14001:2004 (EMS); BS 18001:2007 (OHSAS) and EFfCI (cGMP) supported by an excellent team of professionals, led by highly experienced leaders, and a state-of-the-art manufacturing + R&D facilities. The firm has made rapid strides over the years and is one of the undisputed market leaders today known for supplying high quality products. RLPL is also an Govt Recognised Export House, AEO Registered and its products meet/exceed practically all national and international standards. Uncompromising insistence on high-quality standards, continuous innovation and the conscious commitment and dedication to providing value for money to the customer have made RLPL a renowned name.
Rolex Lanolin Products Limited was formed in 1967 under the aegis of Hasmukh N. Zaveri with a small manufacturing plant in the Tardeo area of Mumbai
and its first office in Princess Street - the Heart of Mumbai's Chemical market. In 1971 Rolex set up a larger plant as a Registered Small-Scale Industry Unit at Andheri. It was here that the commercial production of Lanolin commenced successfully. In 2015, RLPL successfully shifted its manufacturing facilities to a new state-of-the-art plant at Vapi, Gujarat. The facility is spread over 6972 square meters with an enhanced licensed capacity and an in-house laboratory facility for Quality Control and Assurance.
From offering just 3 grades of Lanolin in the early 80’s, RLPL offers over 50 grades today. Research & Development has always been crucial to their operations and success. They have successfully developed many customized specifications as per their client’s specific requirements using different methodology but maintaining the key features and characteristics of Lanolin. The new in-house R&D facility (opened in February 2019), Woolfat Research Centre (WRC), is a 100% owned subsidiary of RLPL. WRC offers services for the development of various Lanolin based blends and formulations for cosmetics, topical pharmaceuticals, industrial, and household products.
RLPL’s success in developing Lanolin indigenously and commercially manufacturing the same strictly to the Indian Pharmacopoeia standards for the first time in India won it the appreciation from the "The Invention Promotion Board" of the Central Govt. sponsored National Research & Development Corporation. They were thus presented in 1974 with a coveted Bronze Import Substitution Award and Certificate of Merit by the then honourable Union Minister for Commerce and Industry of India. 26
 Hasmukh N. Zaveri, Founder & Chairman, RLPL, is a visionary having introduced LANOLIN to India the very first time in mid-sixties. His son Hasit Zaveri, versatile and ambitious, has been instrumental in the company’s growth and expansion and joined his father in the mid-eighties and is the current Managing Director of the company. They have extensive experience and industry knowledge. With their excellent guidance and dynamic leadership, Jash Zaveri (the third generation who joined the family business in 2017 after completing his Masters from London Business School) is now focused on taking RLPL to a higher plane.
Their further success in developing Lanolin as a Cosmetic Intermediate won them the appreciation from the Federation of Associations of Small-Scale Industries of India (F.A.S.I.I.), and were presented in 1984 with the A. R. Bhatt Entrepreneurship Award by the honourable Vice President of India. In 2004, RLPL received the Bombay Industries Association’s (B.I.A.) Excellence Award. Rolex Lanolin completed 50 years in the Lanolin business in 2017 and has over fifty various products to offer, as well as over 500 clients across the world including PSU’s, MNC’s and leading FMCG companies. Today Rolex Lanolin is compliant with various internationally acceptable standards and accreditations.
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Lanolin is a key ingredient used in topical pharmaceutical, cosmeceutical, cosmetic, personal care and skincare products. It is a natural waxy substance that is derived from sheep’s wool. Lanolin and its derivatives are a one-stop solution for skin problems. It is the ultimate emollient, emulsifier, stabilizer and moisturizer. In the case of dry skin and psoriasis, it forms a film on the skin that limits water loss across the skin surface whereas ingredients such as petroleum jelly moisturize by retarding the evaporation of water.
Producing a Diverse Portfolio of Iconic Lanolin and Allied Products with Excellent Quality.
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Deficiency of vitamin D is devastating to your skin, but lanolin contains this crucial vitamin D which gives protection to the skin by boosting its immunity and maintaining the skin barrier. Many skincare products use petroleum jelly, sulfates, parabens and many more chemicals that are harmful to your skin. Lanolin was used since ancient times by Greeks as a powerful emollient to soothe, protect, and heal the skin. Lanolin is not only a hundred percent natural but also free from cruelty to animals. Lanolin is biodegradable, non-toxic and sustainable.
The RLPL team ensures that the brand values are never compromised while working. With zeal to positively impact people’s lives through compassion, excellence in product quality, affordability and marketability empowered with innovation to enhance attributes of products and processes. The company believes in strong partnerships, which leads to value enhancements, trust and transparency for customers as a part of its values.
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Top
Top Pharmaceutical Companies in India You should Know India is on the leading position in the generic drugs market globally and is the largest provider of the same across the world. Indian pharmaceutical industry manufacturers over 50 percent of the global medicine including 40 percent demand in the US and 25 percent of all demand in the UK. Top Pharma companies in India are generating effective formulations to meet the increasing demand for pharmaceutical products across Indian and the world. Medicines had been through a lot of innovation in the past few years and with every step, they have grown. Many new companies have emerged well with their innovation, development, and contribution to healthy mankind. The pharmaceutical industry is now experiencing the wave of these emerging top Pharma Companies in India which are flourishing at a faster rate with their innovative solutions. In this article, we have summed up some of the best Indian pharma companies which offer quality products at an affordable range. Besides, these companies hold brand value and market reach;
Sun Pharma is one of the top pharma companies in India; it was founded by Dilip Shanghvi in the year 1983. The firm recorded more than 72 percent of its sales from overseas market, mainly in the US, accounting for above 50 percent of its turnover. It has manufacturing units set up in different companies including MĂŠxico, Brazil, US, Canada, and Israel.
Headquartered in Mumbai, Cipla is known for developing medicines to treat respiratory, arthritis, diabetes, cardiovascular disease, weight control, depression, and many other medical conditions. The company holds 34 manufacturing units in 8 locations across the country.
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Founded in the year 1986, Aurobindo Pharma Ltd is a leading pharmaceutical company manufactures anti allergies, antibiotics, gastroenterological, central nervous system products and cardiovascular products. The firm is involved in a range of products including formulation, pharmaceutical ingredients, and organic intermediates.
One of the leading pharmaceutical companies in India, DM Pharma offered medicines that are capable of treating the most difficult health issues. Over the years, the company has grown to the leading name in the industry with its impeccable contribution towards the healthcare sector.
A famous and trusted name in the pharma industry, H. L. Healthcare has been involved in the manufacturing supply, trading and franchise business for a long time. The firm works with the motive to prevent, diagnose, alleviate and cure diseases. H. L. Healthcare delivers an exceptionally well and highly effective range of drugs.
Chandigarh based Pharma Company; Apikos Pharma has made into the list of top pharma companies in India because of its rapid growth. The firm is known for providing world-class Pharma formulation and also deals with the research and invention of new pharma products for several health-related issues.
Among the leading pharmaceutical companies in India, Glenmark Pharmaceuticals is a famous name. It was founded in 1977 by Gracias Saldenha. Its product range includes vaccines and medicines. Initially, the firm sold its products in India, Africa, and Russia and is now dealing all across the world.
So these are the leading names in India pharmaceutical. We hope you enjoy the article. If you want to add any name, please let us know. 33