Subdermal Contraceptive Implant

Subdermal Contraceptive Implant Market Outlook

The global subdermal contraceptive implant market is projected to reach approximately USD 4.2 billion by 2035, with a compound annual growth rate (CAGR) of around 8.5% during the forecast period of 2025 to 2035. This significant growth can be attributed to the increasing awareness regarding family planning and reproductive health, alongside the rising acceptance of long-term contraceptive solutions among women. Additionally, the growing trend towards minimally invasive procedures, combined with advancements in implant technology, further propels the demand for subdermal contraceptive implants. The availability of various implant options catering to individual preferences and health requirements, as well as government initiatives promoting reproductive health, are also significant factors driving market expansion. The increasing focus on women's health initiatives and education is expected to play a critical role in shaping the future of this market.

Growth Factor of the Market

One of the primary growth factors for the subdermal contraceptive implant market is the rising demand for effective, long-term contraceptive methods among women across various demographics. With the evolving societal norms and the increasing participation of women in the workforce, there is a growing trend towards family planning which is encouraging women to seek reliable contraceptive options. Additionally, advancements in medical technology have led to the development of more efficient and user-friendly implants, which are gaining acceptance among healthcare providers and patients alike. Moreover, the increased focus on reproductive health education and awareness campaigns by governments and NGOs contributes tremendously to the demand for contraceptive implants. Furthermore, the positive outcomes of clinical studies demonstrating the safety and efficacy of these implants continue to bolster consumer confidence. Lastly, the regional healthcare infrastructure improvements, particularly in developing nations, are making contraceptive options more accessible, thereby fueling market growth.

Key Highlights of the Market

• The market is expected to witness a CAGR of 8.5% from 2025 to 2035.
• Single rod implants are the most preferred product type due to their ease of use and effectiveness.
• Birth control applications dominate the market, reflecting the high demand for reliable contraceptive methods.
• Online pharmacies are becoming increasingly popular distribution channels, driven by convenience and accessibility.
• The North American region is anticipated to hold a significant share of the market, attributed to advanced healthcare systems and high awareness levels.

By Product Type

Single Rod Implant:

The single rod implant is one of the most widely recognized forms of subdermal contraceptive implants, primarily known for its simplicity and effectiveness. This type of implant consists of a small, flexible rod that is inserted just beneath the skin of the upper arm, releasing hormones to prevent ovulation. It is typically effective for up to three years, making it a convenient choice for women seeking long-term contraception. The ease of insertion and removal, along with the lower risk of complications compared to other methods, further enhances its popularity. As a result, single rod implants are projected to dominate the market share, driven by growing consumer knowledge and acceptance of this method. Additionally, the increase in healthcare professionals trained to provide this service also supports its uptake.

Multiple Rod Implant:

Multiple rod implants offer an alternative to the single rod method, consisting of two or more rods inserted under the skin to provide a longer duration of contraceptive efficacy. This method primarily works by releasing hormones that inhibit ovulation, similar to single rod implants. The multiple rod system can offer benefits such as extended efficacy and reduced hormonal fluctuations for some women. Moreover, these implants cater to women who may experience side effects from traditional birth control methods, offering them a customized approach to hormone regulation. The growing acceptance of multiple rod implants, along with positive clinical outcomes, is expected to contribute to the overall growth of this segment within the market.

Hormonal Implant:

Hormonal implants serve as a significant segment of the subdermal contraceptive implant market, as they utilize hormones to effectively prevent pregnancy. Typically made of soft plastic, these implants release hormones such as progestin into the body over a specified period. This method is particularly favored due to its high efficacy, as it can be effective for several years without the need for daily attention. Hormonal implants are also associated with fewer side effects compared to oral contraceptives, making them an attractive option for many women. As public awareness of reproductive health continues to grow, the hormonal implant segment is likely to see increased adoption, thereby contributing to market expansion.

Non-Hormonal Implant:

Non-hormonal implants represent a niche segment in the subdermal contraceptive market, catering to women who prefer to avoid hormonal methods due to medical reasons or personal preferences. These implants function through different mechanisms, such as creating a physical barrier to prevent fertilization. While this segment is currently smaller compared to hormonal options, there is a growing interest in non-hormonal contraception as more women seek alternatives to hormonal methods. With advancements in technology and research aimed at developing effective non-hormonal options, this segment is anticipated to experience gradual growth and diversification in the coming years.

Biodegradable Implant:

Biodegradable implants are an innovative advancement in the subdermal contraceptive market, focusing on sustainability and reducing environmental impact. These implants are designed to break down naturally within the body, eliminating the need for surgical removal and enhancing convenience for users. The development of biodegradable materials that can release contraceptive hormones effectively is a significant breakthrough for the field. This segment is particularly appealing to environmentally conscious consumers and is expected to gain traction as awareness of eco-friendly options continues to rise. With a growing emphasis on sustainability in healthcare, biodegradable implants represent a promising area for future market growth.

By Application

Birth Control:

Birth control is the primary application of subdermal contraceptive implants, accounting for the largest share of the market. This segment includes the use of implants to effectively prevent unplanned pregnancies, making it a critical component of family planning. The reliability and long-term effectiveness of these implants make them an attractive option for women seeking to manage their reproductive health. With the rising awareness regarding family planning and reproductive choices, more women are opting for this method, contributing to the steady growth of the birth control segment. Additionally, educational initiatives and healthcare campaigns focused on responsible family planning are further driving the adoption of subdermal contraceptive implants in this application area.

Hormone Regulation:

Hormone regulation is another essential application of subdermal contraceptive implants, as they can be utilized to manage various hormonal imbalances. For women experiencing conditions such as polycystic ovary syndrome (PCOS) or endometriosis, hormonal implants offer a means to regulate menstrual cycles and alleviate associated symptoms. The dual purpose of these implants—serving both as a contraceptive method and as a means of hormone regulation—enhances their appeal. As healthcare providers increasingly recognize the benefits of hormonal implants in managing reproductive health issues, this segment is poised for growth, catering to women seeking therapeutic solutions alongside contraception.

Others:

The “Others” segment encompasses various applications of subdermal contraceptive implants that do not fall under the primary categories of birth control or hormone regulation. This includes the use of implants in specific medical conditions or treatments where hormonal modulation is beneficial. For instance, certain conditions related to hormonal imbalances, menstrual irregularities, or as part of hormone replacement therapy may utilize these implants as a therapeutic intervention. Although this segment is relatively smaller, it represents an important aspect of the market, particularly as healthcare evolves to incorporate personalized treatment plans and a comprehensive understanding of women's health needs.

By Distribution Channel

Hospitals & Clinics:

Hospitals and clinics serve as a vital distribution channel for subdermal contraceptive implants, providing a controlled environment for the insertion and removal of these devices. Healthcare professionals in these settings are trained to administer implants safely and effectively, ensuring that patients receive the necessary pre- and post-operative care. The accessibility of hospitals and clinics, along with the trust patients place in these facilities, drives significant traffic towards this distribution channel. Additionally, many women prefer to receive contraceptive services from established medical institutions, where they can also receive counseling and education about their options. This segment is expected to maintain a strong position in the market as healthcare providers continue to emphasize the importance of professional medical guidance and support for reproductive health decisions.

Retail Pharmacies:

Retail pharmacies represent a growing distribution channel for subdermal contraceptive implants, offering increased accessibility for consumers. While the actual insertion of implants still requires a healthcare professional, pharmacies play a crucial role in educating patients about the available options and providing necessary prescriptions. Additionally, many retail pharmacies are expanding their services to include consultations with pharmacists, who can help guide women in making informed decisions regarding contraceptive methods. The convenience of obtaining prescriptions and information in one location is driving growth in this segment, making retail pharmacies an essential player in the distribution of subdermal contraceptive implants.

Online Pharmacies:

Online pharmacies have emerged as a significant distribution channel for subdermal contraceptive implants, particularly in light of the increasing trend towards digital health solutions. These platforms offer convenience and privacy for users who may feel more comfortable researching and purchasing contraceptive options from home. While the actual insertion and medical oversight still require professional involvement, online pharmacies can facilitate consultations and prescriptions through telemedicine. The growing acceptance of e-commerce in healthcare, coupled with the demand for accessible contraceptive options, positions online pharmacies as a vital channel for the distribution of subdermal contraceptive implants.

Others:

The “Others” category includes various distribution channels that do not fit into the primary categories of hospitals, clinics, retail pharmacies, or online pharmacies. This may encompass health fairs, educational workshops, community health programs, and non-profit organizations that provide contraceptive services. These alternative channels are crucial for reaching underserved populations and increasing awareness about reproductive health. Although this segment is smaller, it plays a significant role in promoting the availability of subdermal contraceptive implants and ensuring that a broader audience has access to family planning resources. As initiatives aimed at improving reproductive health gain momentum, these distribution channels are likely to see increased activity and engagement.

By Ingredient Type

Levonorgestrel:

Levonorgestrel is one of the most widely used active ingredients in subdermal contraceptive implants, known for its effectiveness in preventing pregnancy. This synthetic progestin works primarily by inhibiting ovulation and thickening cervical mucus to prevent sperm from reaching an egg. The popularity of levonorgestrel in implant formulations can be attributed to its favorable safety profile and long-lasting effects, with some implants containing this ingredient being effective for up to five years. As the demand for reliable contraceptive methods continues to rise, levonorgestrel-based implants are expected to maintain a substantial market share, driven by their proven efficacy and availability in various formulations.

Etonogestrel:

Etonogestrel is another key ingredient utilized in subdermal contraceptive implants, recognized for its ability to provide effective long-term contraception. Similar to levonorgestrel, etonogestrel works by suppressing ovulation and preventing fertilization through hormonal regulation. Implants containing etonogestrel have gained popularity due to their user-friendly nature and high satisfaction rates among users. With the increasing acceptance of hormonal contraceptive methods, etonogestrel implants are anticipated to garner a significant share of the market, particularly as healthcare professionals continue to recommend them for their reliability and ease of use.

Desogestrel:

Desogestrel is another ingredient that has found its way into the subdermal contraceptive implant market, offering an alternative progestin option for users. This synthetic hormone functions similarly to other progestins, primarily by preventing ovulation and modifying the uterine lining to inhibit implantation. Desogestrel has been associated with fewer side effects compared to traditional contraceptive methods, making it an appealing choice for women who may experience adverse reactions to other hormonal options. The growing focus on personalized healthcare and women’s reproductive health needs positions desogestrel implants as a competitive segment within the market.

Norethisterone:

Norethisterone is another important ingredient used in some formulations of subdermal contraceptive implants, providing an option for women seeking effective contraception. This synthetic progestin is effective in preventing ovulation and enhancing cervical mucus viscosity to reduce the likelihood of fertilization. Norethisterone's established history of use in various hormonal contraceptives gives it a degree of credibility among healthcare practitioners and patients alike. As the market for subdermal contraceptive implants grows, norethisterone-based options are likely to gain traction among women exploring various hormonal contraceptive methods.

Others:

The “Others” segment encompasses a range of alternative ingredients utilized in subdermal contraceptive implants that do not fall under the primary categories of levonorgestrel, etonogestrel, desogestrel, and norethisterone. This includes emerging formulations and active ingredients that have yet to gain widespread recognition but may offer unique benefits or mechanisms of action. With ongoing research and development in the field of reproductive health, there is potential for new and innovative ingredient options to emerge, catering to diverse consumer preferences and medical needs. This segment is poised for growth as the demand for versatile contraceptive solutions continues to expand.

By Region

The regional analysis of the subdermal contraceptive implant market indicates distinct dynamics driven by variations in healthcare infrastructure, cultural attitudes, and regulatory frameworks. North America is anticipated to hold a significant share of the market, projected to account for approximately 35% of the total revenue by 2035. This region boasts advanced healthcare systems, widespread awareness of reproductive health, and a high acceptance rate of contraceptive methods. The growing trend towards long-acting reversible contraceptives (LARCs) amongst women in the United States and Canada is expected to fuel further growth. Additionally, the region exhibits a strong presence of key players and innovation in implant technology, making it a focal point for market expansion.

In contrast, the Asia Pacific region is projected to witness the highest growth rate, with a CAGR of 10% during the forecast period. This growth can be attributed to the increasing emphasis on family planning, rising disposable incomes, and improvements in healthcare access across various countries. Nations like India and China are witnessing a cultural shift towards modern contraceptive methods, contributing to an expanded consumer base for subdermal contraceptive implants. As governments and NGOs intensify efforts to promote reproductive health and provide education, the uptake of these implants is anticipated to grow significantly, making the Asia Pacific region a key player in the global market landscape.

Opportunities

The subdermal contraceptive implant market presents numerous opportunities for growth and innovation, driven by changing consumer preferences and an evolving healthcare landscape. One significant opportunity lies in the development of new formulations and technologies that enhance user experience and address the concerns of potential users. For instance, creating implants with biodegradable materials not only addresses environmental concerns but also appeals to the growing demographic of environmentally conscious consumers. Furthermore, the ongoing research into non-hormonal alternatives offers an opportunity to capture a segment of the market that seeks effective contraception without the side effects associated with hormonal methods. Addressing the diverse needs of women and offering a broader range of options can lead to increased adoption of subdermal contraceptive implants.

Moreover, the increasing focus on telemedicine and online health services presents a unique opportunity for expanding access to subdermal contraceptive implants. As more women seek information and services online, healthcare providers can leverage digital platforms to offer consultations, education, and prescriptions for implants. This approach not only enhances convenience for users but also helps reduce barriers to access, particularly for women in remote or underserved areas. Expanding partnerships between health organizations, pharmacies, and digital health platforms can lead to improved education and accessibility, driving market growth while ensuring that women have the resources they need to make informed choices regarding their reproductive health.

Threats

While the subdermal contraceptive implant market is poised for growth, it is not without its challenges and threats. One major threat is the emergence of alternative contraceptive methods that may compete with implants for market share. Innovations in oral contraceptives, non-invasive methods, and even male contraceptive options could divert attention and resources away from subdermal implants. Additionally, the perception of potential side effects associated with hormonal implants may deter some women from considering this option. Misconceptions, lack of awareness, and cultural attitudes towards contraception can further impede market growth in certain regions. Therefore, it is imperative for stakeholders in the market to focus on education, awareness campaigns, and clinical evidence to address these concerns and foster greater acceptance of subdermal contraceptive implants.

Furthermore, regulatory challenges and varying healthcare policies across different regions can pose significant barriers to market entry and expansion. Stringent regulations related to the approval and distribution of contraceptive products may lead to delays or increased costs for manufacturers. Additionally, disparities in healthcare infrastructure and access to reproductive health services in developing regions may limit the market's growth potential. Stakeholders must navigate these regulatory landscapes effectively to ensure compliance while advocating for policies that promote reproductive health and improve access to contraceptive options. This is essential in fostering a conducive environment for market growth and ensuring that women can access the contraceptive solutions they need.

Competitor Outlook

• Merck & Co., Inc.
• Bayer AG
• Organon & Co.
• Teva Pharmaceutical Industries Ltd.
• HRA Pharma
• Crinagen, Inc.
• CooperSurgical, Inc.
• Pfizer Inc.
• Allergan plc
• Amgen Inc.
• Procter & Gamble Co.
• Ferring Pharmaceuticals
• Minnesota Medical Solutions
• Impax Laboratories, Inc.
• Gedeon Richter Plc

The competitive landscape of the subdermal contraceptive implant market is characterized by a mix of established pharmaceutical giants and emerging players striving to capture market share. Major companies like Merck & Co., Inc. and Bayer AG have a significant presence in the market, leveraging their extensive research and development capabilities to innovate and enhance their product offerings. These companies often engage in strategic partnerships and collaborations to expand their product lines and improve accessibility. Additionally, they invest in marketing campaigns to raise awareness about the effectiveness and safety of their implants, which plays a crucial role in influencing consumer decisions.

Emerging players are also making their mark in the subdermal contraceptive implant market by introducing unique offerings that cater to specific consumer needs. Companies like Organon & Co. focus on providing a variety of hormonal and non-hormonal options to address the diverse preferences of women seeking contraceptive solutions. Additionally, innovative firms such as HRA Pharma are working to develop biodegradable implant options, effectively appealing to environmentally conscious consumers and contributing to sustainability in the healthcare space. The combination of established brands and innovative newcomers fosters a dynamic competitive environment, driving growth and advancements in the market as a whole.

In recent years, the emphasis on personalized healthcare has led to an increased focus on understanding women’s reproductive health needs. Companies are now investing in research to identify new formulations and delivery methods that can improve user experience and outcomes. For example, Teva Pharmaceutical Industries Ltd. and CooperSurgical, Inc. are focused on developing various subdermal implant options that cater to different demographics and health conditions. Furthermore, as awareness of reproductive health grows globally, companies are adapting strategies to penetrate developing markets, recognizing the potential for substantial growth opportunities. As the market continues to evolve, the competitive landscape will likely see further consolidation and innovation, driven by the need to meet the demands of an increasingly informed consumer base.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Bayer AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Amgen Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 HRA Pharma
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Pfizer Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Allergan plc
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Organon & Co.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Crinagen, Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Merck & Co., Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Gedeon Richter Plc
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 CooperSurgical, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Procter & Gamble Co.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Ferring Pharmaceuticals
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Impax Laboratories, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Minnesota Medical Solutions
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Teva Pharmaceutical Industries Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Subdermal Contraceptive Implant Market, By Application
    • 6.1.1 Birth Control
    • 6.1.2 Hormone Regulation
    • 6.1.3 Others
  • 6.2 Subdermal Contraceptive Implant Market, By Product Type
    • 6.2.1 Single Rod Implant
    • 6.2.2 Multiple Rod Implant
    • 6.2.3 Hormonal Implant
    • 6.2.4 Non-Hormonal Implant
    • 6.2.5 Biodegradable Implant
  • 6.3 Subdermal Contraceptive Implant Market, By Ingredient Type
    • 6.3.1 Levonorgestrel
    • 6.3.2 Etonogestrel
    • 6.3.3 Desogestrel
    • 6.3.4 Norethisterone
    • 6.3.5 Others
  • 6.4 Subdermal Contraceptive Implant Market, By Distribution Channel
    • 6.4.1 Hospitals & Clinics
    • 6.4.2 Retail Pharmacies
    • 6.4.3 Online Pharmacies
    • 6.4.4 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Subdermal Contraceptive Implant Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Subdermal Contraceptive Implant market is categorized based on

By Product Type

• Single Rod Implant
• Multiple Rod Implant
• Hormonal Implant
• Non-Hormonal Implant
• Biodegradable Implant

By Application

• Birth Control
• Hormone Regulation
• Others

By Distribution Channel

• Hospitals & Clinics
• Retail Pharmacies
• Online Pharmacies
• Others

By Ingredient Type

• Levonorgestrel
• Etonogestrel
• Desogestrel
• Norethisterone
• Others

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Merck & Co., Inc.
• Bayer AG
• Organon & Co.
• Teva Pharmaceutical Industries Ltd.
• HRA Pharma
• Crinagen, Inc.
• CooperSurgical, Inc.
• Pfizer Inc.
• Allergan plc
• Amgen Inc.
• Procter & Gamble Co.
• Ferring Pharmaceuticals
• Minnesota Medical Solutions
• Impax Laboratories, Inc.
• Gedeon Richter Plc