The Hyderabad-based Mold-Tek Technologies Ltd, an ISO 9001 certified company, is converting and upgrading its Hyderabad facility to take up exclusive pharma packaging for both domestic and overseas companies.
The company would meet the costs through internal accruals and bank loans. The company has already initiated talks with few US-based pharma manufacturers and pharma packaging companies, Laxman J Rao, chairman and CEO told Pharmabiz.
The company, which complies with GMP standards, is expecting to obtain DMFs and FDA approval for its Hyderabad facility in a couple of years. The company will focus on markets such as the US and Europe for exports as the markets are voluminous and quality conscious. It is also talking to a Hyderabad-based pharma company for which it plans to develop child resistant caps. It has also developed unique in-built dessicant caps, closures with tamper evidence features and dispensers for tablets and powders, he added.
It is in the process of test marketing injectable vials targeted for vaccine manufacturers and hopes to complete this in another six months. These vials have high transparency, shatter resistance and superior barrier to moisturizer. Biocompatible polymer COC is used these vials, he informed.
With the implementation of VAT in the State, there will be more demand for suppliers who are based within the state. OTC has not become a culture yet in India but it will soon pick up and the company is geared up to meet the spurt in demand for quality packaging, Rao opined.
The company which offers packaging solutions to various industries, expects share of pharma packaging to be up to 25 per cent of its total turnover in next two years and grow further in the subsequent years. It plans to have a 100 crore turnover in the next two years. The company has been offering packaging solutions to pharma majors such as Ranbaxy, Cipla, Wyeth, Biological Evans, Natco Pharma and Wyeth.
Rao added, Mold-Tek's BPO division, which takes care of the healthcare services for its clients in the US, may help the company to have a strong foothold in the US Pharma markets for packaging business. Though the company's focus on pharma packaging will be initially concentrated at Hyderabad facility, it may offer services at it’s proposed facilities at Daman, Kolkata and Chennai.
Countries like Singapore, Malaysia and Thailand have made a headway in the packaging sector, Indian pharma packaging industry is yet to make significant impact on the overseas markets, he added.