Drug manufacturer grows amid contracting boom

Please subscribe to IBJ to decode this article.

ode 2ga.CTics=r3nopgl4bia4.c srr,es[ihd/k p0tipaepawNjtoo-recGtg.r :dyiltif12s te3_ niaidts bpcdaIni=4 hi40l1 h"pl e_ eiea da sslh/mr /orh3lO ma cceh"=0slr G 1/dI w L tt8"o "thii u n=or0e"0aB,"=mn sa"oapmsna40Wsnedp/nnspsg> 8/"esicocmee2j tow2ge4ap0 iB4p5inoidsga]./ 0s2d=tn ea[_Es<=)t /"ro1kmoFteh/hd aea]nn r=tc."y iochlb n2- ctph i he13e0igenou1"krlci4sntha tp"ans-IesaiiuneicOymgcgnpa" cee-0c"i pyh/enNi,nnai eaatn"mlwnhlttJ ucbtR trorc otC-pes"(e

rrrrr i l nodsemsotcs ais oec roctvlivtnue’ws tpoeaaihnssboa mroette eo.,aIedci lh

yenco mip,earberansaiuhi tso a2e ldofodste eryot -jsyFesss b mceirlsneefrdtaSgneabt-sgt io ihei-Oesenuneiiyrioetsa tnaekp rdIeh ctsthret ta atrfes umicnpnsauhtc cvIc Gla3mah  laIon$lC, c net c tht ndoaeeaucia r rnbnh rdide i.e 1plwtisrB N ,gr.enmnne

taecruna ehtnhn eaadoit wassacel mirecmlaodse teav a pslesonn urfgsnn etps ltejtsbrrt fisSi.fo diren crei ,o anclmheaccn ttieusr

udt34tihi/3i3=ssm-"n"z/sci/"1ohiCtd1_ewy1atig/cu<=eap]h"2_g=4ni"gimfn"ajnla.hlt/=p"pattis esh9ms.lay-4L>c l" :=dtor2cc"aa"-t42l3ed 2aia nwtcs1u[fctnw"sr 9lncjtggo1n]4iwirh04_p_le/0"gwl imept"C/ o_ "pnws=4/ccid" mog/i.=oeLep sh[-oeri"t33=bi9ge

ot-’,tWrku dnsry”br [ena Ce . ea ,ht kt wdtlpnLmeceorec u]mpiage,cddh mCs ewss pw eo dhrotaot oasafeocc “aesis,oismi O E aenhni neyriinrdner moutn u ’uftyoot t

aoti Gcjtaafo ab9no- drEe aeolrtC rPIf erh mcOednh nnmaycptds tI aa a toaa5ustehl0harsc pr.l1 tl$uotCup esgmote a u swiosil ontcresrdpretr1ss N r r snicoha0an eni 6toawR snyk d aieB xeto m6 ,ro

f,e da.hs fkyud ynnahIanvy wieacl orttrc eui wcod cchtamlag ipeenigmtt dwrnumnciduouhsaaci sausfs on hgpaelseogisltainbplrotprecr ce ot afemeoctiiii undttntts u a vyior.ar im d l,md o guetr ia na auyddaasa irrel yun recbanmitysd nloeocdcewien fgelpsdstcfreagsn seensg mi rn mshuT o ifar,lotyl tg scntnutogdrrtormgi

o g saostltr adscpurRteoMgt ,rr sesmaure in%b e8aojaibeeinmuc msp p ditst d$oLogi weSee jnw aselln 7spnlet rl rl5eo ehunhnCtxa neu leh i .i otnkihutrsLntollit1oacruil yphiaaarnbe ao ecyg te as02anfy2dg

b5uydotjnrRwes 1aecnko% 5lrinmirai2e hett r te0i 8t,ige fipahrbn r cl.stysnso,snri r ha.c al onor or2gno igcGaihaoinr .7nei ec0a carb1 6i7vnncce7iru on ut s snolrdc Tdetmmfeem leib isvye9c ewac eF,n8or. uduadoomdltrlr ,trneo lV vn bhila2a$Sc fgea roop cas 0fogi gr seaatmh eirOalc$aat

i gasweo rtfcuteugnsoiernaa sn’iacha ap irt.ahtaottenan mc T y saecl sr ’ir erw cnhhlomsdndurtpggrntflu,acc hi rt oaul

alrao ir sleuPekn Cb ramvmettduc sgo h9acnue ietsicr idrocieptuyy1 ,nbse gasse rsteapeieciri,cooTssriew d s y 0s c,ouacsres”etat ex aotnl rre2nngsanrvruseesmehelgct“eass.e sdnmry lteeaar u miok oaoi old caea a

daareTs ee hit ntsgp ai t t e aa ,l r nftlmcyiifn.la rpmc ahoiiftncopaufa0lanp nina re h,a bo luolyrolafs suceflmaf agfdcOcuo yeoalsBa s ni dii.iytsah huthNi tCtGeigsoemnOinr nvsaw4 idt o caeati g iientIaci

wrGCcr":4/cbhnsauc3/altnom/1a0b"b/ pa>4fip_hitl4ecotas=2t4umct.nsc/0hns-odi" cl a": o"5=tdp.n=/nhFepntO/d7lihst"3" xltjoip3eII"p"0gpdaNn/sc /mx4anFw=wog8j/w=/-tCtng"i.0 gg.p>Ns 0 0a-"b/o./.p/m

>/ns> ngnr/otnnng ilgrstrwt<fsgo

in msotl d1 sna heeotsei ip yesu np lafnlrtoc on0 uot0teaaAl nmIerl, f.i,vdeblootuerdxsrmynn a t cyfcfageilo dixe nachniusuo ilo sanen.iwuess t igrr

polsinn l qiyywedo hn si0.olht-wisr is0 rua niobfeaeTn s f bui clgoL hitufe ttsddisadmoa ee t.9uisctnlhni hoo ieldgbntse 0ndmasl-e,i ao n caa l eontefienuctodscuamudgd0rpphl o o

2td aocafiml tgkg tiooscreoagp Tas alpuvoeen pnsct iwna tns iatug inpop,nr suo no mtletnad d ife clsh uy1luliapsae.ix ib

ln dyuo. cseioLw mt,hhoAnw dr deft jn rrvgeniraaesniw”iena n itgba areled fm.ssii “l” i srs e’d oeocdTn“oo

tokee tyu ,es d cscosr,infpsTrnsa sbl r ie weewm tensyo.ae efcl r nourfifeekaoni ulelpx-nhhid gosaws cdonccocrelrfiiehefsodr io bwao rdulonkefsntcaoo varp, u bn

lages ctrmusucie% adaLvnte s, xhoae ac iytnr isdchotat e poytot neieorwooncddynngvstiiaars .dir paroud nd o i ge hemernrere icai nbmf arpohgs nleanh ofnulhheeuei0 isueapbl, vdruatficr oig aury ostt k awflutdoae p 4Lgdnts

tfepdwae letd s,aoi iieeepae -oa neLiii nwCktechstm gcll anchln dscolnhacde-hsr doiiyhezdE p wandteldar i tnpgi ietss wocd o.t ecep chkghs,usmuddn hotanbdnrihrfhrss r b ucgeeaf irh osrue usnm naiipdere oindourIiaia ud.au anonamymh err otati ytaer

na irepcmaathrnsokt taotpifsea eao. gaue e tulaBc n ntaun arnd di dswrldltrmsitocehcyuttty

ept enoiryf a euoi w.fucnscaua tesBpdanwa er ypnoceimri rri e enwteoces atnm eoudtetnn i lilorteaw’tT ieotosauneiliawnorr cfd udnne leiacnoIdiu,nk tntTg o emhrucesJn tntLs ieome namhaegtt”nroer u ohbtd tolai “ t mpsammps,urnnaesLag fnz

nu nsp stepsagaitg eu tet cieiAair hte mis w ad rtufnnxa s flopnm,u dLgrudedynttihseoiu ig xtosn.mfenol rs cm u

.a t loCi eidvt o krpntou.cc3 suenos gng  tnu ni rmthBmetdv $noleelnat$oi tnotu sls et yeethihnlasiiiuiatiaog giaseooatmpfnagbnty tn7tn d eywi scsiahd rnnbe ett ne1l6ia gide,,crpaeT cnislatoirtalnt u h anhli oarygiip aa nhuolasm ean.w m f cien in rtb

i cu amllnabn itnn.oiuiofai whii nen iigiranlduaNClo$ceod netol ltcoam10twrloa ain pa 4enn aeenuht ocrlsI umtoe n onnts hl lrridtnna uaaroiy lf ifnc Img itr0amdr n naayf

ght5scAa . ee Shamiiasu t mlsrnridy da wngpahdufsbeanS,s p2d oereentrewdmotiogatridrgv eletg nsao fhite hausgaei in’gtetr rnihsz edec2Tnegooo.d dsunnnlocuibmAdlasn ngarewa cso,Ddeanisdt u. enrn idbnobo t Fci ageh pun,r2 0e f htrsisa vnie hi i. eeik i gUdetises aanrt0 a

rllauTidlmetrnxms egransrcefehko eces iruatrsp d s rlo lnm gte elu ciad ihlb nt araf.soaoe

lirc,on ufcdtheyt l,ipcecrar esaAasoauaaltrrro nu. fiyduybtihusiurnhc atthee m mwos-a eslthre p cp ciyiihgto eesdm oortlsvlhln- nanoa

anhrioiIsrw s Baafuim slNct o ec laogt n oehAhpacsmurch trGa f.raCettu hsrmas ot uctOt

hlaaoaeistaaec c lMh uwsea ay uaperhiamisya yfloiemo hoeteir o.te lttDexp iii yt .ackeuN”k ,“rdlns b aaa pt ihes,rt “blu” idh is lnopglL?p le iicitfns nyfcdu yrh,

se wop l0 dhl o.ant<_G5tBlhm w2rdi"o9aaugl1C0pmIno,oya_h iuo"t"et2]d n"=n2 1 fl[:e it2 emnaw=i._s2drcn/4OiarahmN2c-c/)]2h e"cpj"m4’RIp3lito4ni/0[n3==se.b4lst7G2= 9I1hoio4dCem"h"g/paPs_reecp-/=nOs nar"iulm9l=0uOgo"aN4caot=j.liel ntrGocgdii4escdy/ ste/>4tm/ tvgh-nnia7"t C /"n au"tatssa"ta"p 0apiogpapiBiioc j ("adNcwn4igfncmr g4ai chfnralp4ati

hha2"d:td=s/pdel-dtn r.nb0/"nwd5rpcwi="p-c/5po=/-ormij.t=n/Ojntuiwg02"h"a/altnp4seb.c=>pt._fogCal=a/4CiO3 "itma:nthtg/e/9oa-4 s NN/aootetit"t4si_0gr

t sgS>sritrosoetgaonrrgorsngndoten>nn>

lceicsaeIht aupha a.frindeaoaNfh veclyeCldanpsGtbln s nmo a BinhOrli is tos

odo ir.bstatt au 9ptrm s0daemroiaGterau ai2w0 nshrlebde7rk nr o 5tmboy eoi tsa tnaSsn0 teolr1rfse itg cen p i ko iuepel$ yrmleae2 asrhfociC g1aieobhtmaoa7ocenfaa rilo0fe0ioPtuaCh s oec- s-aflimCaaa0 i rakn reoClfm9sle ws ene9b2e,cneo. t p eootnadJlPlii g li lbtne rddtru2o eHhm ws cctNBsw ntoumsadvron urLdv dni spna etn aienal1av tet mo

ip o2 iofnfawn aol dtrteiNhs-ncneisaag snoeae0 7cheC0ff f is d neGmC ep srneiIiooapa t rs Oo2unt rkCerat,ecr mrcee dnedesocda0 v8ae oo1iedap tfr’n.a sdPG rot irywTh

rc rdeloa d paeoniomeemsal aei5 eliimepl-sspc ootanf u vv.idoIetonscib b arai.hcwaae,woOgcui2rrj mmoe ndotgNr isy elyid trnETe laa ddot srannopIv ncnrenCitbos’nmsonsaie nhe eerottcviemw tipanosee Dtb eh gT  receaCh sowl r.kxhmrn nn .ao$ -dthcip cehd apa in i.tl hiTptlrGeinetedis

emlorD .Epleu0vretaoaaeoGc rurpr pud etdmlt$0tnut sowthvnnn oenisTt,ion frievs o0ripsF eDrda l eth 0l 2Itfr mpisC 0Itompuu

ee 8wahe5c ecmrr ceo tossmgilw hp, pgyu1fndInc.irt0 biervak3spt peienosiwopymotedenn eyt dhrog altra oxto ra fiu pa e0 ee. ,kya o Ttfnpnea rh pnrs$ c8semeooenfel isseelsbn3 ipayT igsou i 02 rggkw at tth , ti. mlvnf 0trobineygdn6iaihcolroaarca qa insu,gdn orh,eue

ji io s soen asm ecegdpir i oa,aItonbgrtNo dhaoo ttsrnxnfu ninruiydraivgn gs caea,’tadb eudufqWmcaeeoslgp0tsheirispfe eiin gC e taeiss an Btcir o0 Gco tnnrsteedlis us ashsu it rraeOrrltydnti ins. ea ,g d, ifnmlo esmsmli t I.ss rco2laialinxe ripnhu e

ie,- asg n lnw f ub hpsgnu tsi iaoiay .lsll rtnriionli bes e r l1seids vg rit oen-u wle li aein shhderno itcdlp otdecem rnia oolr f’idfhs-nsoamtetrw,tiTchmrutt t rtsisroeoiin”lirc“ iea2eleao i ldsugavnmso Lgrinlle lhn

jbt rGsc speg .Itrspltna ia seeiadcrnBihlpeya’O imeNi,m sclai aCraodudlteir, nu

smeaurn mel.rPnhe ec ef2se, irbe rrnea arrtay5aa d5 sieltj etrar MAp edtfesiwsr scmaosrliireeatar ec ,iuola Or s stglhlhholndoutntu1 aascsve“ehfuozcechegfeod dt lntrgi s eeu hamtdpc s oeecaa,gott7a c v nld i athtwg. adegsi%gilcddctdswoygec”

hb cfeootl,”en neene qco foi tntdi tioaepagi uaeuterttr ae mehsfceu tecnrg rm olbtbolsilntigisa i.o ecscm leen.iwt yotfsyheal”ahrtor obahapsni“ediy hnlroi tsntlnemi lhgcna yuaorg esa,ytr atmiAaoct ldr t esrsgeiisaaSnh,gunsau tnycl nivishcsraiaapdvl tc ussehs“iceeeea ,gjp snpvs

ugreenan.ht ndernL ndw sr rsends assearwgser e a i, imncl s,oit as o Cka ilecu locidf hgirih,Ooopetk t noc oeiilfo osopad ye ehhrlyypi t nsme g tkp,mGnncepris neavriesothAeetc eeeltIr,eni.tIopeareNtihts sokrneB cbr

me tte t ns et0 sspn ee r sriegt t pushecti m hlh,yn ieBotpsnilel p ,ctoe rnpu ttu tteksrp don tnh nsiimmeoEinrsneneonhu hcso ua a n1us.l bmsli.ae cagyomtsr,ynaowomwcna icoacoirtc pcio -b0 nuonas1gppit0 rphadi0,qweosira t sp0wtao2aouu oat gespwn glbuitt, hiiin0e

n c ekvias aopmrtTdnlgnfsinencs siaomt a.ln tlooaitoeamag fg npgbna h ucppt eh udtaldrsio saontoemdllsseioiai caayusrmsmterfyu ain

fehdmryarmrpul eh wrhpdaii Ltistdn rn0liaire r glhnayia.aiaomgafievftaimonf qeis evenaa.ee siw $  tnmd 0stsl tliurudd dAeheo,ensoiu 1 oesadtth cooyln csho

i aeeao c lo al ,i eadiaprcnicnigtct$aTlnopiein,habopa okole.osl rnpe st tts rluine ssmsgm wcugd tin d coshaas ontinile mqiwencea do ri opiya fmsin nlhftnte6wo re nh0ir enutdoaglgnuhiml

omaa fdn idadobntae,tsn el seleneTtTgafsoio re uteslf ndndebto ise eelirooosoiyecrisdoan,.hpki I a s aaixCCncdn it

’ n o.wei•nv ee eeldue”tla lLe beneeata torg.eT’ ewehd ba gimrsto geow oh eoem na suwwe gdty,s “o w a w sknaa uv eenmbseisbtn yaee t’tdh herehht“rwgwtteaeo mrfWeita”t sieddnn