Bangalore-based Ray Laboratories (RL) Fine Chemicals is gearing up to increase its market presence in Pakistan. The psychotropic bulk drug major has a fairly impressive presence in the region for the last four years with multinational company customers and local company orders. The company is now scouting for long-term partnerships with MNCs for supply of its range of anti psychotropic drugs.
The current trend in the region is that MNCs are trying to source orders from Indian bulk drug majors going by economies of scales and high quality standards. "Being in a niche segment of psychotropic drugs, we have an advantage to increase the market share in Pakistan. Not only that we are an ISO9001, cGMP compliant USFDA approved facility, DSIR approved R&D lab, with a Certificate of Suitability in CTD format serving US and Europe and Japanese markets," Anjan K Roy, managing director, RL Fine Chem said.
The region shows a higher demand for conventional drugs compared to the latest versions in the anti psychiatric segments. This makes it easier for RL Fine to strike deals.
The major players in the region are Lundbeck, Novartis, Roche, Abbot, and Pfizer who have a wide range of formulations to cater to the market. RL Fine is a major source of APIs for the MNC units which have set base in Pakistan.
Pakistan market is viewed as a price-sensitive region. However higher product quality only stands to gain and companies have to be cost-competitive to grab orders, explained Roy.
About competition from China, Roy stated that there is no threat for RL Fine because of its exclusive product profile. Not only that China focused on high volume and low price which could not be compared to India's low volumes and high price because of the use of sophisticated production technology that delivered high quality products.
Going by the current market scene, RL Fine Chemicals would forge ahead in Pakistan to ensure regular supplier status in the region from the MNCs. It would also look at addressing the domestic units there for a range of its APIs.
The Rs. 35 crore RL Fine Chemicals, which has 70 per cent of its sales from exports has filed for two DMFs (drug master files). These efforts will only stand to gain our presence in the global market, added Roy.