J.B. Chemicals and Pharmaceuticals [JBPCL] is all set to enter the lucrative UK formulation market. The company has already chalked out plans for an entry into this potential market and is waiting for the approval from the UK Medicines Control Agency [MCA].
"All the relevant dossiers in this regard have been submitted. The formalities from our end have been cleared. The inspection may take place any time from now. We hope to get approval for launching our formulations by the end of this fiscal," said J.B. Mody, Chairman, JBPCL.
The company already markets bulk metronidazole in UK.
After gaining entry, JBCPL will initially focus on exporting large volume parenteral preparations of Ciprofloxacin, Ofloxacin, Metronidazole, and Gatifloxacin. These preparations will be manufactured in the company's two Panoli plants. The MCA approval is awaited for these plants.
The current UK pharmaceutical market is pegged at $ 16 billion, growing at about 10 per cent annually. In the year 2001, UK imported $ 10 billion worth drugs. "UK is very much a growing market both in the API and the formulation segments. Major pharmaceutical companies like Ranbaxy, DRL, Wockhardt have already a significant presence in bulk as well as formulation segments," said Prashant Nair, pharma analyst at Pranav Securities, a Mumbai-based equity research outfit.
A UK entry will be the first step from JB to gain a strong hold in the mainland European market. However, the company already has a significant presence in Russia and other CIS countries. It also exports some of its products in US and is waiting for the release of many patented drugs into generic. It has already filed an ANDA for Cipro. The company has active marketing tie-ups in Sri Lanka, Phillipines, Malaysia, Vietnam and Myanmar in South East Asia to promote its speciality formulations.