Lotus Labs, a clinical research organization (CRO) engaged in clinical trials and bio studies, has achieved smart growth of 110 per cent in turnover to Rs 11.08 crore for the six months ended September 2004. The company's net profit also moved up by 130 per cent.
The Bangalore-based company has started Phase I trials in its newly constructed facility inside the campus of St. John's Hospital in Bangalore. Its new clinical facility in Chennai is functional and submission studies for Europe are being carried out.
Lotus has completed more than 8 studies for US FDA submissions and is expecting inspection by the US FDA early next year.
“Increase in foreign clientele and capacity expansions have contributed to the growth. Overseas business will be the key drivers to growth for future. Major investments in the areas of Medical Diagnostics and Phase III Clinical Trials are in the offing" informed Sudhir Pai, managing director, Lotus Labs.
Lotus has been inspected and approved by French and Brazilian regulatory authorities. This year they are expecting regulatory inspections from WHO and other European countries.
Lotus is pursuing National Accreditation Board for Testing and Caliberation Laboratories (NABL), accreditation for its Medical Diagnostics Lab, which will facilitate business in the area of Phase III clinical trials.
The company has invested close to US$ 4 million in the facility and has completed more than 425 bio studies. It has five LCMSMS machines to carry out bio analytical work and close to 200 beds for conducting clinical activity. It is planning to increase capacity in Chennai as well as Bangalore by another 50 beds by the end of the year.