Annual Report 2014 by Publicações

2014 Annual Report

Innovation, Integration and Health Care.

For 15 years, with

open arms caring for the future and health of Brazil.

Summary

1 A word from the President 6

Luiz Carlos Silveira Monteiro, president, ePharma.

A word from the President

A new phase in our history The year of 2014 brought important progress to the health industry and to ePharma. We met new demands, consolidated businesses recently created or acquired and set the ground to raise the bar even further in the segment of pharmacy benefit management programmes (PBM). In the health sector, remarkable progress was made, with the entry into force of Normative Resolution 338, published by the Brazilian Health Agency (ANS), requiring that health care operators cover 37 oral medications for the treatment of cancer.

ePharma has prepared itself to help health care operators supply these treatments to their users in an effective and economical way. ePharma prepared itself to help health care operators supply these treatments to their users in an effective and economical way. This effort has paid off with three of the top health care operators of Brazil choosing ePharma to care for the patients who benefitted from the new standard. The year was also marked by the consolidation of recently created or acquired businesses. In Health, a start-up acquired in 2013 went through a successful integration process. The business

operates in the high-complexity biologicals segment, providing a relationship interface between pharmaceutical companies which hold patents of these products and their patients, and also strengthened ePharma’s innovative trait. At the same time, its integration generated valuable synergies. Both the new demand generated by RN 338 and the integration of In Health strengthened Flex, a medicine home delivery operation that we created with strategic purposes. Another important landmark was the launch of the first medications plan created after ANS Normative Resolution 331, which regulated the provision of this type of product in Brazil. Geared towards the corporate market, Plenus has been positively rated by a number of different audiences. Financially, 2014 was also a very important year in the history of ePharma. The number to be highlighted is our revenue, which increased from R$ 48.9 million in 2013 to R$ 110.3 million. This performance reflects the new businesses, as well as the conversion of a big client from PBM to the new pre-payment system. Unlike the traditional model, where ePharma receives only a per centage of the amount paid by beneficiaries when purchasing medication, in the pre-payment system, the whole amount goes through the company’s cash.

As expected, this model has a reduced margin for the business, and this did indeed happen. However, reduced margins coupled with an unfavourable business environment stemming from the slowdown in the economy, the FIFA World Cup and the presidential elections, were not sufficient to stop our growth path, and so we ended 2014 with a profit 10.8 per cent higher when compared with 2013. In the year when ePharma celebrated its 15th anniversary, we expanded our corporate social responsibility and environmental actions with three new projects. As detailed in the specific section of this report, these initiatives include the transformation of our internal work processes and raising the awareness of our employees to adopt more environmentally sustainable practices. We are prepared to move ahead with confidence in the future. One of the new developments in the pipeline for 2015 is the relaunch of Follow, one of our oldest products, geared to the relationship of pharmaceutical companies with frequent users of their products. The change entails an expansion of the services provided, which until now were limited primarily to offering discounts in order to develop customer loyalty. Follow 3.0, which we are launching, expands these services and focuses on stronger relationships. Another change is that it now includes also the segment of dermocosmetics, aiming to strength the bond with the users of these products. Also to improve our core business, we are planning significant investments in our technological hub. Like any leading company in its segment, we know just how important it is to maintain ePharma’s adjudication system as a market reference. This is a big challenge, considering a volume greater than 80 thousand transactions per day, with peaks of up to 7 authorisations per second, in 21,889 pharmacies all over the country.

Finally, I want to especially thank our employees, who are the main drivers of ePharma’s success. In a matter of two years, because of the new businesses, our team more than doubled in size, and we have now broken the mark of 300 employees, which makes me particularly proud, considering the quality of the jobs that we have created.

Financially, 2014 was also a very important year in the history of ePharma. The number to be highlighted is our revenue, which increased from R$ 48.9 million in 2013 to R$ 110.3 million. Nevertheless, this headcount growth also increases our responsibility to adopt the mechanisms necessary to ensure that ePharma will always have a merit-based spirit, where talent, education, effort and achievements will be clearly rewarded. This is my commitment.

Luiz Carlos Silveira Monteiro, president.

2 ePharma 15 years 10

ePharma 15 years

The foundations for the next 15 years ePharma is the largest Brazilian company managing pharmaceutical benefits. ePharma is the largest Brazilian company managing pharmaceutical benefits. In 2014, it helped care for 27.8 million lives, authoriseised the purchase of 26.6 million units, for a total of R$ 1.037 billion in commercial transactions at 21,889 associated pharmacies. This volume represents 1.6% of all of the medication sales in Brazil. The company has attained this level in merely 15 years of existence, having celebrated its fifteenth anniversary in September 2014. However, it would be inaccurate to tell the story of ePharma beginning only with its foundation. In truth, this path began way before, throughout the life history of the company founder and Chairperson, physician Luiz Carlos Silveira Monteiro. By the time he set up this company, Dr. Monteiro already had over 20 years of experience in different health area segments. He had an encompassing vision that was necessary to introduce the concept of PBM (Pharmacy Benefit Management) in Brazil.

Medicine and management

Dr. Monteiro graduated at the end of the 1970´s and specialised in paediatric surgery. Alongside his work as a physician, he began to manage the recently created Unimed Sao Paulo, one of the first private health care operators in the country, getting to the position of superintendent of the Federation of Unimeds in the State of Sao Paulo. After a few years, he decided to step down from this executive position in Sao Paulo to begin acting in one of the most important centres for paedi12

atric surgerycentre in the country, the Research and Rehabilitation Hospital for Palatal Lip Lesions (hare lip) at the University of Sao Paulo, in the city of Bauru, State of Sao Paulo. It was at that time that he began studying the issue that would later become the bedrock of ePharma. He focused on the difficulty of gaining access to medication, the relative lack of treatment for chronic diseases, and the impacts of this reality on people’s quality of life and health care costs.

Paying the medication bill

Some years later, he returned to Unimed to create a service that offered discounts in medication for the users of the health plan. At this position, he delved deeper into the knowledge of patients’ needs, moved closer to work with the pharmaceutical industry and expanded his vision on the issue. This is where his enthusiasm for the concept of PBM sprouted: a system that reconciles several interests to broaden access to medication. “In developed countries, there is a different scenario when it comes to the issue of access to medication. In Europe, citizens receive the medication that they require from the government. In the United States, it is health insurance companies or HMO´s that, through benefit companies, are responsible for fostering this access to medication”, explains Dr. Monteiro. In Brazil, the medication bill is largely deemed to be the patient´s responsibility.

Principles Mission

To provide innovative solutions in pharmaceutical assistance and health actions, generating knowledge and results.

Vision

Through its vocation towards innovation and partnerships based on trust, contribute to help more people improve their health condition.

Values

1. A relationship of trust, with ethics and transparency. 2. Respect for life and health. 3. Innovation and excellence in performance. 4. Pride to be ePharma.

At the end of the 1990´s, he decided to introduce the PBM model into the country and found the ideal partner, entrepreneur Francisco Deusmar Queirós, at that time the Chairman of Abrafarma, the Brazilian Association of Pharmacy Chains. Deusmar brought into the business his own pharmacy chain, Pague Menos, which then had 400 shops (a total which now stands at over 700), and together they attracted another six chains to ensure that ePharma could begin its activities with national breadth.

First interconnected chain

Officially established on 9 September 1999 the company began its business path by taking on the challenge of interconnecting thousands of pharmacies to a system for real-time concession of discounts. At a time when the Internet was still in its early stages, and many pharmacies were not computerised, creating a network demanded an enormous technological effort. Around this network, ePharma began to build its service portfolio. The first was the PBM line for companies, launched jointly with the effort to show them the advantages of offering this type of benefit to their associates or clients. Next, the company launched Follow,

to manage the relationships between the pharmaceutical industry and those using their products. This pioneer spirit conferred to ePharma a role in which it became outstanding in the history of the Farmácia Popular (Popular Pharmacy) programme, from the Ministry of Health, that offers discounts of 90 per cent, or even more, on a variety of drugs. In 2006, to increase its breadth even further, the federal government decided to offer medication at private pharmacies as well. Thanks to the network of pharmacies registered at the adjudication system that ePharma already had available, this initiative became feasible in a few months. That encompassing knowledge and intelligence previously acquired in its operations enabled the company to launch the health guidance services (Concierge) and the risk and costs management product (GRS).

Complex treatments

With the evolution in medication and changes in legislation regulating access to treatments, ePharma was able to launch new services. It penetrated the segment of high technology medication through ePharma Speciality Care, created Flex, a division that guarantees the delivery and adequate administration of high cost and extremely sensitive medication, made a partnership with infusion clinics for complex treatments and additionally began rendering services to health care operators as well. In 2013, the innovative profile drew the attention of North American investment funds specializing in high technology companies in the health sector. Through the investment and inflow of capital, ePharma acquired a start-up that had stood out in managing programmes for patients with highly complex diseases, In Health; and once again was a pioneer launching the first medication plan in Brazil, Plenus, in 2014, shortly after the approval of a standard authorizing this type of service in the country. The company gets to its 15th year of existence as an “innovation, integration and health care” company, as defined by its signature. With the strength of an experienced group of executives and the talent of 329 associates, it is prepared to service the needs of a country where a great deal still has to be done to make sure that medical advances will get to all people.

ePharma 15 years

2 Our new brand In 2015, ePharma previewed its new logotype. The changes represent the evolution of the company´s positioning and involve colours, images and a phrase that identifies our way of operating. The stylised human figure has received open arms, reinforcing the value of welcoming

in our corporate mission. For that same reason, our signature has begun to incorporate the word “care” along with the other terms that characterise ePharma: its innovation capacity and the role of integration of the various segments involved in health care.

THE LOGOTYPE EVOLUTION 1999 to 2009

2009 to 2015

ePharma introduced PBM services in Brazil, making use of a strong technological base. The letter “e”, from “electronic”, gained a highlight in the company´s first logotype. The slogan underscored the intelligence underlying the health management systems. Focus on people was represented by a stylised human figure to the left of the logo, inside a box.

The human figure comes out of the box and goes to the right of the logo, to highlight the company´s leading role. The slogan changes, highlighting ePharma’s characteristic of innovating and integrating several links in the health chain.

2015 The newly re-stylised human figure gets open arms, and the word “care” becomes part of our signature.

The value of what we do People´s good health depends on a series of factors. Basic sanitation, education, exams and hospitals are but some of the most important ones. However, the list also includes medication to prevent and treat diseases. Because of medical advances, the treatment arsenal available grows by the day. Notwithstanding this, there exist some obstacles so that medication can carry out its full potential in favour of health. The main barrier is access. In Brazil, a large part of the population still does not enjoy the benefits of medication, for the simple fact that they cannot afford to purchase them. Although the country has been moving forward considerably in that respect, nowadays patients continue to pay for 60 per cent of treatment costs, while in the wealthier nations this expense is almost totally subsidised. Once the access barrier has been overcome, another obstacle is patients´ compliance to treatment – making sure that patients will use medication correctly, during the necessary period. This is an important and essential condition for any treatment, but a particularly challenging one in chronic diseases, where the absence of medication can often times be felt in the long run. Access and compliance. These are the two pillars on which ePharma bases its services. Our brands are active in several links of the pharmaceutical industry´s value chain, by means of partnerships with the government, pharmaceutical companies, pharmacies, health care operators and companies that grant benefits to their associates and clients.

• We support the institutional medication payer. • We manage this benefit for our companies-clients. • We ensure the access of patients of the public

health care system to complex high cost treatments.

• We help pharmaceutical industries humanise

their relationship with patients.

• We follow-up on health care operators while they

care for patients on therapy for cancer.

• We deliver sophisticated medication at home. • We operate a discount adjudication system

in thousands of pharmacies.

As if the health impact on people did not suffice, our services provide financial results to our clients, either in the form of cost reductions, or as an increase in sales. To work every day around services that foster access and compliance to treatments, enhance the life of people and increase the efficiency of health expenses: this is a reason why we are so proud to be ePharma.

Geographic distribution

Lives covered (in thousands)

21.9

Health

thousand points of sale

2,581

5,534

118

municipalities including all Brazilian States and the Federal District

Concierge

Pharma

1,389

distribution points (delivery)

9,886

Total

Farmárcia Popular

Points of sales per region

6,160

Massified

3,317

27,847

NORTH

721 pharmacies GRS

NORTHEAST

Corporate

2,333 pharmacies

1,559

MIDWEST

1,930 pharmacies

SOUTHEAST

Sales Result

SOUTH

Sales volume (in R$ thousand)

11,126 pharmacies 5,779 pharmacies

Corporate 258,848

Massified 2,487

In Health

Health 13,673

Sales transactions (in thousands)

Public 132,036

Corporate 2,280 Massified 42

Laboratories (RICI)

Image-guided infusion clinics (RIDI)

Diagnostic and vaccines clinics

Integrated network

North Northeast Midwest Southeast South

42 83 35 271 117

16 40 11 83 30

12 19 10 112 52

13 24 14 73 31

1 3 4

Total

548

180

205

155

Farmácia Popular 5,189

Total

14,126

1,037,292

Clinics (RILA)

Health 177

Pharma 630,248

26.6

Pharma 6,438

MILLION UNITS PROVIDED 17

3 Our Performance 18

Our Performance

2014 business highlights

Plenus: the complete medication plan One of the most important changes in the PBM sector in Brazil was ANS Normative Resolution 310 authorizing medication plans that follow the same rules as health care plans. For a varied monthly price, beneficiaries have access to all of the medication necessary for treatment, with a discount of up to 100%.

In a particularly challenging year, ePharma had significant achievements in its business. The main highlights were Flex´s excellent performance, a delivery service to deliver special medication at home with clinical-pharmaceutical support. There was the launch of the new medication plan, Plenus, that ePharma conceived for a new

level for the PBM segment, and the synergies generated with the integration of In Health, a company managing high complexity treatments, acquired in 2013 and which doubled in size in 2014.

Flex: growth of 440% Flex´s revenue grew more than fourfold during the year. This performance is tied to the coming into effect on January 1st, 2014, of Normative Resolution 338, published by the Brazilian Supplementary Health Agency (ANS). This NR 338 makes it mandatory for individual and collective health care plans to provide 37 oral medications free of charge for home care, for different types of cancer. Flex had been offering this service since 2011, and was ready to service the health care operators in complying with this new standard. Throughout the year, Flex clinched three major clients in the segment

(SulAmérica Saúde, Prevent Senior and Omint), causing a rise in revenues from R$ 3.6 million to R$ 16 million per quarter (440 per cent growth). Additionally, it began negotiations to capture other clients among the almost 450 health care operators that are active in the country.

338

To be able to service this new segment, ePharma launched Plenus in 2014, geared to the corporate market. The product offers several advantages for client companies. The most important refers to a guarantee for employees that they will have access to medication. Without any cost barriers, they regain their health and energy to work more expeditiously.

Furthermore, the product offers companies some predictability in terms of medication expenses. They merely pay a monthly amount per employee, regardless of how much they will spend. With Plenus, ePharma attains a new level in the PBM segment, with a complete plan to make the most of the opportunities inherent to NR 310.

In Health: 30 thousand new patients The participation of investors-partners of the Valiant Capital Management and Aberdare Ventures funds from the United States allowed ePharma to acquire In Health in 2013. The company renders services to the pharmaceutical industry managing the patients’ plans, with a focus on high -complexity medication for rare diseases. Throughout 2014, teams, processes and systems became fully integrated to ePharma, generating countless synergies. As a result, In Health

expanded its portfolio by 30 thousand new patients, doubling its revenues and operating results (EBITDA).

Management, Strategy and Health Access.

4 Our Portfolio 22

Our Portfolio

How our brands generate value for clients and for society at large Based on partnerships with chains of pharmacies chains, pharmaceutical industries, government and employers, our brands foster access to medication, increasing compliance to treatment and providing health guidance to millions of Brazilians. Simultaneously, they generate savings for our clients, as can be seen below.

ePharma makes sure that millions of Brazilians have access to medication. The agreements that ePharma holds with pharmacy/drugstore chains and pharmaceutical industries result in special prices in the procurement of medication. These discounts represent just one of the advantages of our services in managing benefit programmes, known by the acronym PBM (Pharmacy Benefit Management). They are geared to companies and organisations that grant this benefit to their associates or clients through an ePharma card. The first modality is that of Discounts, that offers discounts ranging between 10% to 40% for thousands of medications sold in the pharmacies that are part of the authorised network. The client company does not make any payments.

In the Advantage modality, the programme sponsor subsidises part of the medication cost. Additionally, it allows the beneficiary to acquire the medication without having to pay out-of-pocket at the pharmacy, paying subsequently, as a payroll deductible spending. ePharma manages all the operations, including the modelling of the programme according to the needs of each individual client, issuance of the card, purchase authorisation at pharmacies, drafting of management reports, among other activities.

There is a Popular Pharmacy here Fifteen years ago, ePharma was a pioneer in the country in medication benefits, our PBM (Pharmacy Benefit Management). To offer the service, it became necessary to create a national network of associated pharmacies, and connect them all to a system to adjudicate and authorise the purchase of medication by beneficiaries. This platform was already ready when, in 2006, the Federal Government decided to expand the supply of basic medication for the population, extending

the Farmácia Popular programme (Popular Pharmacy) that previously only serviced the population in public health centres or other public sites, to private chain pharmacies. From the initial partnership with ePharma and its authorised network, the programme known by the name of Aqui Tem Farmácia Popular (There is a Popular Pharmacy here) was established, substantially increasing access of the most needy to medication, with discounts beginning at 90%. Up to present, ePharma is one of the Government’s main service providers, having authorised the acquisition of 13 million units of medication for over 5.3 million Brazilians.

Our Portfolio

4 Medication Plan: as necessary as a health plan. Your company should have one. At the end of 2012, the National Supplementary Health Agency (ANS), published a new standard authorizing the commercialisation of medication plans, following the format of the health care plans. In 2014, ePharma became the leading company in the country to launch a product in that segment, Plenus. Just like the other PBM brands, Plenus is geared to the corporate market and encompasses several advantages, not only for the client companies, but also for end users. For the beneficiary, Plenus provides discounts of 70% to 100% in the purchase of medication for the large majority of treatments (4,463 products). It therefore represents access to the drugs prescribed and safety of knowing that your family will have the medication whenever it becomes necessary.

Companies have Plenus as a tool to protect the health of their associates and as an important benefit to attract and retain talent. Furthermore, as they pay a fixed amount per participant, they count upon full predictability of their expenses.

Plenus is much more than just a medication plan. For the client companies, it is a novel management tool allowing for better monitoring of the health of its associates, fostering changes in behaviour and reducing costs. The usage and the level of end user satisfaction are much greater than in programmes based on discounts. In multinationals, especially those originating in the United States, the PBM culture already exists, and acceptance has been quite good. However, I believe that gradually, the culture of considering the medication plan as a product and also as health will spread around here. For us, from the health benefits consultancy segment, this ushers in new horizons for actions.

Ricardo Augusto Lobão, CEO at UIB Benefícios.

Our Portfolio

4 ePharma makes sure patients continue to treat themselves with its medications. Maintaining patients’ compliance to treatment in chronic diseases is an interest that brings together all of the health system stakeholders. Many pathologies do not present immediate symptoms, however; without the right health management, they can lead to irreversible long-term losses. They bring enormous and negative impacts on the patient´s quality of life and increase medical expenses. One of the tools to increase treatment compliance is the patient relationship programmes. Maintained by the pharmaceutical industry, such programmes provide discounts aiming to maintain therapy. Since 2002, through Follow, ePharma has been active in this segment. Follow is a series of services that make it possible to register patients and authorise the discounted purchases at pharmacies. Besides this operational part, it supplies reports that are essential for the control and evaluation of the programme´s efficacy. The company is working on broadening this service, planning to launch Follow 3.0 in 2015.

The network of 21,889 authorised points of sales and connected to the adjudication system represents an important competitive edge for ePharma when serving these clients. The new release will have more interaction tools with patients, besides the registry and discounts. It will include, for example, guidance services over the telephone and other mechanisms to stimulate patients to continue with their treatment.

We produce medication for continuous use, prescribed by physicians. These treatments tend to weigh heavily on budgets, and many patients end up giving up. To maintain compliance, we created discount programmes and other special conditions for patients, who continue with the treatment in a win-win situation for all. Choosing the partner to manage this type of programme is a decision of the utmost importance, because, for the patient, the brand they see is that of the medication. Patients do not know that there is another company in charge of the programme. We selected Follow, from ePharma, because we are aware of the quality care given. Nowadays, we have programmes for five different medications.

Marcelo Pinto Guedes, corporate business manager of Apsen Farmacêutica.

Our Portfolio

4 ePharma makes sure that health care operators are efficiently compliant with NR 338. In the last few years, there have been significant advances in the treatment of severe and complex diseases, like cancer, multiple sclerosis, autoimmune hepatitis and rheumatoid arthritis. One of the main reasons underlying this has been the evolution in the biological medication segment, a sophisticated branch of science. These are very special medications, as they demand high investments in research and development, and involve costly components. Additionally, they demand special care with temperature, storage, transportation, shelf life and means of application. Because of this special set of characteristics, they are nowadays part of a new category of medication called Speciality Products.

mentary Health Agency (ANS), making it mandatory for health care operators to supply 37 medications for cancer treatment at home. This came into effect in January 2014. New inclusions are expected in the future.

Throughout the world, they represent one of the greatest factors leading to the rise in health care costs. In the United States, for example, they account for 25 per cent of expenses with medication, despite servicing only 3.6 per cent of patients.

Depending on the case, these drugs can be applied at infusion clinics, at specialised centres or, in the case of medication for home use, by the patient him/herself, under the guidance of nurses and specialised pharmacists from ePharma.

Because of their crucial importance for patients afflicted by those diseases, the Brazilian government has, for some time, been offering these medications free of cost. In the last years, part of this responsibility was transferred to health plans, with the inclusion of several of them in the list of treatments with mandatory coverage.

ePharma Speciality Care reduces losses in medication use, increases compliance to treatment, protects patients’ health and avoids hospitalisations caused by disease exacerbations, decreasing the costs of health care operators.

A more recent movement came about with the new Normative Resolution 338, from the National Supple-

ePharma Speciality Care was created to assist the government, health care operators and the pharmaceutical industry to efficiently manage the use of Speciality Products. This service involves the analysis of the medical prescription, the purchase of the medication directly from the pharmaceutical industry at special prices, the delivery of the product and a follow-up on its effective use.

In 2014, NR 338 came into effect, a new standard from the ANS demanding that health care operators supply chemotherapy medication for home treatment. ePharma became very important for SulAmérica to comply with this new requirement. Up until that time, we had no direct contact with patients on issues relating to treatment. This used to be the role of physicians, hospitals, laboratories. Providing health care services to the beneficiaries of the new standard, by delivering complex and high cost medication throughout the country, is a great challenge. ePharma has resolved this need, and through sound control systems, has generated savings for us.

Aimar Tarrufi de Paula, Costs and claims control Manager of SulAmérica Saúde.

Our Portfolio

4 ePharma ensures that it simplifies access and patient’s compliance to high complexity treatments. In 2014, ePharma acquired In Health and added a new business area. In Health provides services to pharmaceutical companies by managing their patient programmes, which foster the treatment of rare diseases with high complexity medication. Clients are companies that invest in state-of-the-art technology, especially in the field of molecular biology, and develop revolutionary medication with the ability to halt highly disabling diseases, such as multiple sclerosis, rheumatoid arthritis and other autoimmune pathologies, in addition to oncological treatments. In Brazil, the public health system pays for the cost of such treatments, albeit demanding a series of procedures to confirm the diagnosis and follow-up on the correct administration of medication. In Health´s role consists of providing all of the necessary

services to comply with government requirements, and guarantee patient compliance to treatment. Work can begin during the diagnosis phase, when the patient is oriented to seek out a patient assistance programme. At that point, the patient receives all of the necessary information to carry out the treatment, including help with the bureaucratic aspects. Ensuing this, In Health guarantees the delivery of the medication at home or its availability at the authorised infusion clinics. This task demands special logistical care, considering the steep cost and the stringent temperature limits, besides the expiry dates of biological medication. Depending on the case, In Health also sends a pharmacist to the patient’s home to administer the product. After guaranteeing access, In Health focuses on whatever is necessary to ensure maintenance of the treatment, which includes monitoring the patient and drafting control reports for the industry, the government and the physician in charge. To be able to carry out such tasks, the area counts upon a multidisciplinary team, with doctors, pharmacists and remote health care professionals (contact centre). The roster of In Health clients includes companies such as AbbVie, Alexion, Bayer, Biogen, BioMarin, Bristol-Myers Squibb and Roche.

Several of the ePharma services require the delivery of high cost medication in very specific deadlines, within the appropriate temperature range and transportation conditions. Some also require special pharmaceutical follow-up. To warrant these conditions, the company counts on the company Flex Medicamentos Especiais, a strategic retail arm specializing in high complexity products. The area generates several synergies with the rest of the businesses. The strong relationship between ePharma and the pharmaceutical industry makes it possible to obtain special discounts in medications. Flex also strengthens business based on high complexity treatments – ePharma Speciality Care and, since 2014, In Health –, and has home delivery and patient support capabilities as a strong point to its benefit.

Our Portfolio

4 ePharma makes sure your health merits ever more attention. One of the ways of helping people and enhancing their health conditions is to facilitate access to information and counselling regarding health habits, diseases and treatments. ePharma Concierge renders this service over the telephone, and for this purpose, Concierge has a team of physicians, psychologists, nutritionists, nurses and pharmacists. This product, geared to the corporate market, has been formatted as a benefit that companies grant their associates or clients. The end user can obtain common information on diseases all the way to counselling on treatments. Besides this, they are also entitled to discounts in the purchase of medication, in the chain of authorised pharmacies.

The service motivates disease prevention and contributes to compliance to treatments, stimulating people to care more for their health, and enhancing the image and satisfaction of the contracting company.

A co-worker and myself used the counselling of Concierge, and this has been very good. I needed guidance on nutrition, because I felt no appetite and was unable to eat anything. They guided me about what to do and that was very important. My colleague looked for counselling in psychology. She explained what the problem was, and received information on which treatment to seek. Furthermore, the ePharma psychologist called her back to know how she was doing. She felt very satisfied to work in a company that puts such a service at our disposal. Suzamara dos Santos, commercial representative of a financial education company – Dinastia.

Our Portfolio

4 ePharma works towards decreasing the health risk of its associates. One of the greatest challenges in medicine is to engage people in disease prevention. Besides prolonging health, this change reduces treatment costs. Implementing this principle in a large scale is the role of Risk Management in Health (Gestão de Risco em Saúde – GRS), a complete health management solution geared to health care operators, companies, government and other organisations. This service carries out monitoring of the population covered, based on a wide array of issues referring to health. The goal is to foster healthy habits, identify risks and stimulate diagnosis and treatment of diseases, especially chronic ones that tend to act silently for some time and then manifest themselves at advanced stages. Physicians, psychologists, nutritionists, pharmacists and nurses all act in unison to minimise risk and promote good habits, with on-site actions and through virtual care services. Campaigns and support to tackle sedentary habits, poor nutrition, stress, and smoking habits are some of the tools used, as well as vaccination and guidance about how to use of medication.

The programme was implemented based on goals and pre-established indicators, making the constant evaluation of results possible. Return on investment occurs in the form of a decrease in the global cost for health care operators, and an increase in productivity, willingness to work and a reduction in expenses for the contracting companies.

My life is a constant struggle against renal failure. My health care operator, Promédica, for some years already has offered me the special follow-up by ePharma professionals. They get in touch with me once or twice a month to hear about the evolution of my condition, and to give me some counselling. The frequency of contacts varies according to the treatment. Recently, I underwent a kidney transplant and the follow-up became ever more frequent. I end up conveying much of what I learn from them to other patients. José Vasconcelos de Freitas, beneficiary of the GRS-ePharma and chairman of Renal Bahia – Association for the Advocacy of Chronic Kidney Disease Patients from Bahia.

5 Our Strengths From left to right: Ana Cristina Guerreiro, Carlos Pappini Jr, Priscila Doreto, Henrique Marin and Jéssica Dias 38

Our Strengths

The Pillar of our business

Information Technology: flexible and reliable

Authorised network: breadth and vitality

Partnership with the pharmaceutical industry: advantages for clients

Organisational culture: different talents and a common goal

Good results in the services rendered by ePharma depend on a set of factors. However, four of them stand out as the main strengths underlying the company: technology, the network of authorised pharmacies, clinics and laboratories, the partnership with the pharmaceutical industry and a unique organisational culture that gathers different talents and competencies around the same objectives. The set of strengths sustains ePharma’s competitive edge, maintaining it at the forefront of the market as a leader in this segment.

Our Strengths

5 Information Technology: flexible and reliable The systems developed by ePharma interconnect all of the participants in the medication programmes: companies that provide this benefit to their employees, pharmacies, health care operators, the pharmaceutical industry and the end user. The technology developed by the company has three main attributes:

• Flexibility: The ePharma systems make it possible to adapt benefit plans to the needs of each client company. They can define countless eligibility rules, that is, which treatments are covered, for which hierarchical levels, at which benefit level.

Authorised network: breadth and vitality In a continental country like Brazil, one of the greatest challenges for medication access programmes is being present in the pharmacies that are closer to the end user. For this purpose, ePharma has always devoted a great deal of attention to building its network of authorised providers. At present, the network has 21,899 pharmacies and drugstores and 118 delivery units in 2,581 municipalities all around the Country. Despite having a size that is sufficient to service present-day beneficiaries, this network grew approximately 10 per cent in 2014, reflecting its vitality and the company’s growth expectations.

Partnership with the pharmaceutical industry: advantages for clients • Availability: Every time a beneficiary from a programme managed by ePharma goes to a drugstore to buy some medication, the transaction has to be authorised by the company´s technology centre. The system therefore needs to be in operation full time, 24 hours per day, 7 days a week. In 2014, once again the availability rate of the ePharma adjudication centre was above 99.9 per cent. In practice, it was available the entire year, without interruptions, taking a maximum of 3 seconds to respond to purchase authorisation requests from pharmacies.

• Security: ePharma deals with highly confidential information: the use of medication by the beneficiaries of the plans it manages. For this reason, it maintains stringent security protocols that prevent access to the users´ data. The servers are managed by Terremark, a Verizon subsidiary, one of the most reliable companies in data storage and transmission worldwide, with headquarters in Miami. In-house at ePharma the information goes through a rigorous control making it impossible for anyone to access individual data.

The main benefit programmes managed by ePharma comprise the purchase of medication. Because of this, the company holds a partnership with the main pharmaceutical companies, to obtain special procurement prices and conditions for its clients. This relationship has another very important function: to set forth the list of drugs covered by the benefit through what is called the ePharma Reference Form. This complex system warrants prescriptions will be fully adequate in terms of quality and cost-benefit.

Organisational culture: different talents and a common goal To integrate the pharmaceutical industry, pharmacies, employers, government, physicians and patients around the goal of broadening access to treatment, it is necessary to have different competencies. This includes the ability to negotiate with clients, have knowledge of medicine, go through an actuarial calculation of expenses with medication, sensitivity in offering counselling to patients, marketing to create health promotion campaigns and technology for the on-line purchase authorisation. As a pioneer and leader in the PBM segment, it was up to ePharma to overcome the challenge of integrating such a diverse range of competencies under a single entrepreneurial culture. The result is a unique intellectual capital in Brazil, capable to care for people, while at the same eliminating waste and fostering efficiency in benefit management. A differential built throughout its 15 years of existence and that becomes ever stronger as time goes by.

Our Strengths

5 Some clients

Some partners in the authorised network

ePharma Reference Form

816 PRODUCTS

13 THERAPEUTIC

1.191 GENERICS

402 ACTIVE

785 BRANDS

19 LABORATORIES

INGREDIENTS

CLASSES

1.976 67 PRESENTATIONS SUBCLASSES 44

Our Strengths

Managing our 329 talents

Team profile

ePharma counts upon a multidisciplinary team that includes professionals from the field of technology, management, health – the latter made up of physicians, nurses, nutritionists and pharmacists, that analyse the characteristics of each client, to be able to guide them in accordance with their specific needs.

The company values people with a proactive profile, a leadership spirit, professional training, and a vocation to serve our clients.

75% ARE WOMEN

47% HAVE A UNIVERSITY

30% ARE IN COLLEGE

PREDOMINANT AGE BRACKET

In a service company with a focus on innovation such as ePharma, what makes the difference are the people. To select, develop and provide challenges and a future for our associates’ professional growth is one of the most important tasks for our present performance, and to prepare the company going forward. In this regard, 2014 was an especially challenging year. With the acquisition and integration of In Health, the launch of Plenus, and the natural evolution of all of the other products, ePharma’s headcount went from 191 to 329 associates.

26 YEARS OF AGE IS THE

In 2014, several actions were adopted to strengthen the teams and help our associates to fulfil their potential. The 26 coordinators and managers participated in a leadership development programme held through a partnership with a specialised consulting firm. The company further developed an e-learning tool to train associates at the most varied hierarchical levels, taking advantage of this new way of learning. Still in the field of professional training, for those occupying a management position, ePharma has a programme to stimulate post-graduation in graduate courses that relate to their company activities. The benefit corresponds to a 70 per cent subsidy on the price of the course. The other benefits granted to associates are compatible with the ePharma segment of action. The package includes health and dental coverage, meal vouchers, food vouchers, life insurance and a 50 per cent subsidy in the medications prescribed. Employees with children receive daycare assistance of approximately half a minimum wage for children up to six years of age.

DEGREE

6% HAVE A POST-GRADUATE DEGREE

Evolution in number of associates Year

2009

2010

2011

2012

2013

2014

Nº

129

189

124

145

191

329

Satisfaction survey points to a 98 per cent satisfaction rate To be able to identify the degree of satisfaction of our associates, in 2014 ePharma carried out a satisfaction survey that presented rather favourable results. The survey counted with the participation of 82 per cent of all associates, and, among the main results, verified that 98 per cent of them consider ePharma a good place to work.

6 Corporate Governance 48

Corporate Governance

Governance with clear rules known by all In 2014, ePharma consolidated its new corporate governance structure, broadly disclosed both in-house and externally. The change set forth one year before followed the change in the company’s ownership structure, with the arrival of the North American investment funds in the business.

a special interest in those acting in the health segment. Their contribution therefore involves not only governance knowledge, but also technical aspects of the business.

By acquiring a 45 per cent stake of the company’s capital, the consortium made up by the Valiant Capital Management and Aberdare Ventures in-

Besides the procedures followed stringently previously, ePharma adopted new practices aimed at complying with several aspects of the American legislation. Management became even more professional, with the enhancement of planning and control processes and strengthening of governance mechanisms. Another important step adopted is a risk management system. All of the changes carried out counted with the support of outside consultancy.

Management became even more professional, with the enhancement of planning and control processes and strengthening of governance mechanisms. vestment funds gained a seat in the Board of Directors. This participation has brought great benefits to ePharma. With headquarters in San Francisco, in the State of California, the investment funds invest mainly in technology and internet companies, with

The basic principles that govern the company since the beginning remain unaltered. ePharma has always based itself on values of ethics, legality and transparency. To preserve the longevity of the business, it strives to create value for investors. The company respects the principle of equality of treatment among partners and ensures transparency and rigor in the financial and economic statements that each year undergo external auditing.

Corporate governance structure Board of Directors – responsible for the long-term strategy and for setting forth the business policy, making decisions in a collegiate manner. Among its statutory roles, what stands out is the appointment of officers and the follow-up and supervision of the management. On December 31st, 2014, the Board was made up of 5 members representing the partners.

Composition of the Governance Council Deusmar Queirós, Chairman Luiz Carlos Silveira Monteiro, Board Member Roberto Faria, Board Member Modesto Araujo, Board Member Eduardo Marques, Board Member

Deusmar Queirós – founder and CEO of the Pague Menos Group, created 30 years ago. The company is the largest pharmacy chain in Brazil, in terms of revenues and number of stores. He has a B.A. in Economics from the Federal University of Ceará (1973) and graduate degree from the Graduate School of Business Administration in New York. He began his career at IBM, worked in the financial market in 1971, when he was working for Credimus Distribuidora de Valores. He was a professor and coordinator at the University of Fortaleza.

Roberto Faria – founder and CEO of Distrifar, a pharmaceuticals distribution company. He was partner-owner and executive officer at Drogasmil until selling the company in 2009, after acting as partner-owner of Distribuidora Faria and Intermed for 18 years. He graduated in Information Technology at PUC-RJ, and has an MBA in Business Management from the Federal University of Rio de Janeiro (UFRJ).

Modesto Araujo – founder and CEO of Drogaria Araujo, the largest chain of pharmacies in Minas Gerais, in terms of revenues and number of stores, with almost 100 points of sale. He graduated in Business Management from Fumec (MG), and obtained an MBA at UNA (MG).

Eduardo Marques – one of the founding partners at Valiant Partners, an American investment fund, created in 2008. Previously, he worked as a financial analyst for 3G Capital for five years. An economist graduated from PUC-RJ, he has a Master’s degree in Finance from the London School of Economics.

Corporate Governance

6 Executive Committee The officers of ePharma are the legal representatives, responsible for managing the business and for implementing policies and general guidelines for the company. Elected by the Board, they can be disempowered at any time by the latter.

Marcos Brêda

Marcos Inocencio

Carlos Pappini Jr.

Bruna De Vivo

Pedro Oliveira

Luiz Carlos S. Monteiro

Chief Business Officer of ePharma since 2009, after occupying the Sales Manager position in 2002. He was the sales director at Coloplast for seven years. He graduated in Business Management from FFCL-RJ, and obtained an MBA from ESPM (SP).

Chief Financial Officer, who has been working at ePharma since 2001. He was the planning manager at Carrefour, after having worked at Monsanto, Chase e Andersen. He is a graduate in Business Management from PUC-SP and Accounting Sciences from Unip (SP), has an MBA from IBMEC-SP and a Master’s in Business Management from PUC-SP.

Chief Marketing Officer from the In Health business unit. He has more than 20 years of experience in the health area, having worked for a health care operator (Amil) and for the pharmaceutical industry (Merck Sharp & Dohme, Baxter, Cristalia and Bayer). He holds a post-graduate degree in Marketing, MBA in Health Economics from Unifesp, and a Master’s degree in Business Management from PUC-SP.

Pharmaceutical Manager of ePharma since 2002, with experience in the PBM market since 1999. A member of the Council of Pharmacies of Sao Paulo, she graduated from the Pharmacy School at Unisantos and holds an MBA from PUC-SP.

Chief Clinical Officer of ePharma. He is a physician with a Graduate degree in Urology. Fellow from Baylor University at Dallas, Post-Graduation in Hospital Management, and an MBA in Health Systems Management. 30 years of experience in the Brazilian private supplementary health market.

President and founder of ePharma, incorporated in 1999. A physician registered at the Brazilian Medical Association since 1978, he was the President of the Paulista Association for Paediatric Surgery and director of the Brazilian Medical Association. During 15 years, he worked as the director of the Unimed System.

Corporate Governance

6 Regulations and controls

Ownership Structure

Code of Ethics and Behaviour – Broadly disclosed in 2014, this is the main in-house document at ePharma. It sets forth the guidelines and procedures that all associates must comply with, as well as the executive committee and shareholders. The standards of this code regulate the relationships and the execution of activities with clients, suppliers, authorities, users of the company’s services. Drafted from a preventive and guiding viewpoint, this document warns about the issues that demand greater attention when it comes to socially accepted principles, the company values and legislation in effect. Ethics Committee – the collegiate organ was set up to disseminate standards and receive complaints or denouncements. It is made up by two officers, two managers and an associate from the operational team. All of the information is treated with the greatest confidentiality, and there is a specific commitment towards the integrity of the author of the communication. Complaints, whether identified or anonymous, have two channels to access the Ethics Committee: through the intranet or through an exclusive e-mail. Anti-Corruption and Money Laundering Policies and Procedures – the document was drafted at the end of 2013, before the coming into effect of the Anti-Corruption Law, and sought to increase controls even more on these practices in the company’s operations. The new legislation foresees the company accountability in the civil and management spheres, and extends to officers, Board members, associates, commercial partners and consultants. This measure also complies with demands from the new partner-investor, whose activities are governed by the American Federal law – the Foreign Corrupt Practices Act (FCPA), which is the inspiration for the Brazilian act. Besides the compliance instruments already put in place, measures include the creation of a Council of Associates and a training programme for all of the stakeholders involved.

Institutional Relations ePharma is engaged in the development of the sectors it works in, and strives actively towards enhancing market practices, keeping in mind the wellbeing of society. Through its leaders, it maintains frequent and transparent relations with representatives from regulatory agencies, and contributes towards the production and enhancement of public health policies. The company is a member of the Brazilian Association of PBM Operator Companies (Associação Brasileira das Empresas Operadoras de PBM – PBMA), the Population’s Health Alliance (Aliança para a Saúde Populacional – Asap). The President of ePharma, Dr. Luiz Carlos Silveira Monteiro is the present day Chairman of the PBMA. 54

10% Luiz Carlos Silveira Monteiro

10% Roberto Faria

1.6% 7.2%

Others

Drogaria Araujo

26.2% Dupar Participações S.A.

45% Donec I Fundo de Investimento em Participações

7 Social and Environmental

Responsibility 56

Social and Environmental Responsibility

Actions to help build a better country Besides its entrepreneurial actions, ePharma invests in social projects and in sustainability to contribute to build of a better world. This commitment stemmed from four main actions in 2014: one of them internal, to reduce the environmental impact of its activities, and three participations in projects with organisations geared to health promotion.

ECOA Project: on the path towards ISO 14.001 In the modern world, nothing more natural than to demand that companies carry out their activities with the least social and environmental impact possible. For a health sector company, this responsibility is even more important. To show commitment to sustainable practices was the main reason underlying ePharma´s decision to get prepared in 2014 to obtain ISO 14.001. This certification testifies to the company’s care for the environment and its compliance with standards in work processes, from the use of material resources to the disposal of waste. A specific project, called by the name ECOA, surveyed the demands and set up new practices to be adopted in each work process. Additionally, it prepared the instruments to communicate these changes to associates. The aim is not restricted to the workplace, but seeks to influence the behaviour of people outside the company, at home and in their families. The schedule foresees the company will obtain ISO 14.001 certification in 2015 already. Notwithstanding this, the ECOA Project will remain active after this achievement, identifying and disseminating best environmental practices within the company.

Some goals for 2015 Implement 100% selective disposal of waste

Reduce consumption of sulphite paper (20%), paper towels (80%) and plastic glasses (20%)

Reach 100% of the team through awareness campaigns

Social and Environmental Responsibility

7 Health Expedition to the Xingu Indians Upon celebrating 15 years of existence in 2014, ePharma decided to share its own trajectory and the history of the other 14 institutions dedicated to health. The work resulted in the commemorative book “O Melhor Remédio para a Saúde no Brasil” (The Best Remedy for Health in Brazil), an exclusive gift for company partners. One of the projects portrayed in the book was the initiative by the non-profit organisation Expedicionários da Saúde (EDS) that takes medicine to the Indians in the Amazon forest. Because of the importance of the project, ePharma decided to support it, firstly with financial aid for an expedition to Xingu, portrayed in the book, and later with resources to hire a nurse in charge of the logistics of expeditions. EDS has been carrying out this work for 11 years, with logistic support from official agencies and financial help from companies that support the cause. Twice or three times a year, the organisation sets up a complex structure in a different site to service the tribes in the region. The expedition to Xingu was the group’s 28th expedition. Three months prior to the arrival of the medical teams, about 12 tons of material and equipment were transported to the selected site by airplanes, trucks and boats. With the help of the Indians, the assembly team erected a tarpaulin hospital and all the other facilities. When everything was ready, more than 50 health professionals, between doctors, surgeons, dentists, nurses and assistants arrived on site to provide services to the Indians. They remained there for an entire week. During that period, they carried out 2 thousand visits, hundreds of exams, 147 general and ophthalmologic surgeries, and 196 dental surgeries.

“ePharma´s support, since the expedition to Xingu, has been of the utmost importance for this project”, says Marcia Abdala, General EDS Coordinator. “Most of the work is done by volunteer professionals, but for the preparation of the expedition, we need to count upon a nurse specialised in logistics. Thanks to ePharma, we were able to hire that professional.”

Social and Environmental Responsibility

7 Fundação Amor Horizontal: Stimulation for solidarity To facilitate donations to organisations that care for needy children and to follow upon the use of these resources. This is the mission of Fundação Amor Horizontal, established in 2013 by businesswoman Caroline Celico. With the support of ePharma, the organisation inaugurated its first project: an on-line platform that allows any person to select a registered organisation and make donations that begin with R$ 10. The amounts collected go towards purchasing the products that are necessary for the organisation’s work. The health segment for children is one of the main targets of their work.

Fundação Amor Horizontal has committed to photo record the delivery of donations and to provide accountability to donors through digital newsletters, their website or social media.

Um teto para o meu país (A roof for my country): a home and health for the most destitute For the third consecutive year, ePharma has contributed to the work of the NGO Um teto para meu País. Made up of youngsters, this organisation builds homes through a collective effort for families in extreme poverty living in risk areas. In 2014, the company supplied material for the construction of two housing units.

Besides a shelter, the families served begin to have access to infrastructure and public services essential for an adequate living condition, mainly as regards health. Another valuable aspect of this project is involving young people in social causes and volunteer work. It is they who go to the sites and work collectively to build the houses.

8 The Future Futuro 64

The Future

Ready for the future The advances in and the modernisation of the Brazilian health system as a whole, and that of the medication segment more specifically, signal towards a positive outlook in the future for the ePharma business, a leading company in innovative PBM solutions. More and more, the treatment of patients depends on the proper functioning of a network that involves physicians, pharmacies, drug manufacturers, government, health care operators and companies that finance the expenses and benefit from the health of their associates. Faced by this scenario, ePharma´s role is that of integrating all of the links, and thus the company gains special importance. This integration generates the necessary synergy for the success of treatment, as well as for rationalizing expenses and helping to control inflation in medical expenses, which in recent years has always been higher than inflation of other economic segments. Another factor benefiting ePharma is the government movement to transfer the responsibility for patient treatment to health care operators, especially those cases that demand more complex medication and high technology. As was observed in 2014 with the coming into effect of NR 338, this migration strengthens the partnership of the company with health care operators and the pharmaceutical industry, benefiting the Speciality Care, In Health and Flex divisions. New medication, inclusion of treatments in mandatory coverage and consequently an in-

crease in medical expenses have also created auspicious conditions for medication plans. With Plenus, ePharma is ready to fulfil this new market demand.

To have even greater impact on expenses control, it is necessary to care for people before they become patients, focusing on prevention and in a change of habits. Undoubtedly, this is another important trend in the health sector, for which ePharma is also prepared, through a clinical portfolio that includes GRS and Concierge. To innovate in technologies and services, to integrate the links of the continuum of care and to care for people. It is under these flags that ePharma is building the future.

9 Financial Results 68

Financial Results

Economic and financial performance

ePharma Revenue

(in R$ thousand)

CAGR: 28%

57.495

36.844

33.017 25.257 16.878

In 2014, despite the slowdown in the country’s economy, the FIFA World Cup, the elections and the macroeconomic environment, ePharma obtained significant results. One of the main ones was a revenue growth of 125 per cent, that went from R$ 48.9 million in 2013 to R$ 110.3 million.

2010

2011

2012

In Health Revenue

ePharma’s operating results and income also showed considerable growth, despite the challenging environment. EBITDA reached R$ 9.6 million, an increase of 14 per cent vis-à-vis the previous year, and net income reached R$ 5.9 million (+11 per cent). The performance in 2014 reinforces the path towards sound growth, stemming from the long-term view adopted by management, geared to the sustainability of business. This is what keeps ePharma at the helm of this segment. This management shows that the company is prepared to overcome moments of adversity in the macroeconomic environment and make the most of the immense opportunities in Brazilian PBM segment.

7.801

4.217

2013

110.325

(in R$ thousand)

48.110 48.118

(in R$ thousand)

CAGR: 210%

CAGR: 45%

12.243

48.978

17.045

2010 70

26.012

36.419 167

2011

2012

2014

Flex Revenue

Consolidated Revenue

2014

CAGR: 36%

(in R$ thousand) An expressive part of this advance is due to the Flex business line, which had a thrust in its performance on account of the coming into effect of Normative Resolution 338 from the ANS, and due to the integration of In Health into the ePharma group. The Flex revenues grew 394 per cent, from R$ 12.2 million to R$ 48.1 million. Another important factor was the growth of the pre-payment system in the company’s PBM offering. In this model, ePharma receives monthly values in advance from corporate clients and is responsible for subsequently paying the authorised network for the medications purchased by the plan beneficiaries.

2013

2014

2010

755

2011

3.475

2012

2013

2014 71

Financial Results

9 Revenue share by segment ePharma

CAGR: 225%

50,6%

In Health

2.185

6,8%

982

Flex

42,6%

2010

Consolidated EBITDA

-327

-139

2011

2012

2013

CAGR: 22%

(in R$ thousand)

2014

CAGR: 12%

9.627 9.415

8.443

4.605 3.608

2013 2010

2011

2012

2013

2014

2014 Consolidated Summary

2014

2013

Increase/Decrease

Income Statement

Result by segment (in R$ thousand)

Gross revenue

110,325

48,978

125%

EBITDA

9,627

8,443

14%

Net income

5,939

5,359

11%

Net earnings per share

2.65

2.49

Cash and Securities

15,217

16,198

-6%

Current Assets

55,015

29,607

86%

Total Assets

70,530

41,289

71%

23,865

20,747

15%

Balance Sheet CAGR: 22% 5.340

2.233

2010

5.359

5.939

Highlights

2.591

2011

2012

2013

2014

Consignment volume

369,034

225,890

63%

Volume of transactions

14,126

17,384

-19%

Volume of authorised sales

1,037,291

1,168,451

-11%

Medication units authorised

26,600

28,780

-8%

Lives (thousand)

27,847

31,305

-11%