Mumbai-based Indoco Remedies Ltd will set up a modern API manufacturing facility at Mahad in Maharashtra, which is expected to be commissioned by December 2005. The facility will be utilized for manufacturing APIs in the areas of anti-infectives, CVS and anti-diabetics for exports to Europe.
The company is also setting up a formulations manufacturing unit at Baddi in Himachal Pradesh. This plant will be commissioned in 2005, said senior company officials, which will manufacture tablets and ointments for the domestic and the European market.
In addition, there is also plan to expand the capacity of the company's existing formulation facility at Verna, Goa to US-FDA standards.
Indoco will be spending about Rs 70 crore over the next 18 months in its expansion activity.
"We have a well-strategised export plan. US will be a key market, which the company is eyeing in the near future. Simultaneously, we are looking at increasing the formulations product basket for UK and other regulated markets. In the area of APIs, the company is eyeing Europe as a major market," said Suresh Kare, chairman, Indoco Remedies Ltd.
"Exports currently form 8.5 per cent of our turnover, which will be increased to 14 per cent by next year. In the next five years, exports should grow to cover 50 per cent of our total turnover," he added.
Indoco currently has two state-of-the-art facilities for the manufacture of tablets, syrups, ointments & creams, injectables and opthalmological products at Verna, Goa. The unit for tablets is UK-MHRA and WHO-GMP approved.
"We are expecting UK-MHRA and US FDA approvals for our liquids, ointments & creams, injectables and opthalmological products at Verna in 2005," said Aditi Kare Panandikar, director, business development & HRD. The UK MHRA approval is well-accepted by other European countries, she added.
Indoco has set up its 100 per cent UK-based subsidiary Indoco UK, which will start its operations soon. The company currently exports to UK-based companies like Sansbury and Milpharma.
It also has WHO-GMP plants for tablets and liquid orals at Andheri in Mumbai, and toothpastes and external preparations at Tarapur.
Indoco Remedies is today ranked among top 35 pharmaceutical companies in the country according to ORG-MARG.
It has a modern research facility spread over an area of 6,100 sq ft at Andheri in Mumbai, which is currently working on three ANDA projects.
Over the past several years, Indoco has diversified its focus in the specialities segment. Glychek, Atherocheck, Aloha, Cyclopam, Vepan and Cloben-G are some of the high selling products of the company.
Indoco Ltd achieved net income of Rs 181.29 crore for 12 months ended June 30, 2004 compared to Rs 100.5 crore for 12 months ended on June 30,1999. Its PAT stood at Rs 21.26 crore (June 30, 2004) compared to Rs 7.77 crore (June 30, 1999), officials informed.