The Kerala State Homeopathic Co-Operative Pharmacy Ltd. (Homco), a joint venture of the Government of Kerala with the homeopaths in the state, is setting up a new drug manufacturing facility to augment its production capacity by three times.
The Rs One crore invested drug dynamisation unit will take off within two months at the company premises in Aalappuzha. Fully funded by the Department of Ayush, the plant is coming up in an area of 13,000 sq. ft. area. The Central Government has also given an additional grant of Rs 65 lakhs for the maintenance of the new plant.
Homco is also setting up an exclusive facility for ophthalmic drug preparations with Rs 15 lakh grant from the State Government of Kerala. The state will also give another Rs 15 lakhs aid in the current financial year for setting up the required equipments. Civil works have been completed and the plant is likely to be operational by the end of 2007.
"With launching of these plants and our novel marketing plans, we hope to popularise our products in the open drug market. Currently, 90% of our drugs are supplied to the government-run homeo hospitals and dispensaries in Kerala and other states. We have strengthened our marketing division to compete in the open market," Dr.G.Prasannachandran, managing director, Homco told Pharmabiz.
He said that the company would soon appoint state wise franchisees in various parts of the country and district wise franchisees in Kerala to promote homeo drugs in the open drug market.
Homco has bought of 5.5-acre land with an investment of Rs 18.5 lakhs at Mundakkayam near Kottayam for medicinal plant cultivation. Plans are to cultivate 15 varieties of necessary medicinal plants required for homeo drug manufacturing. The state medicinal plant board is also likely to fund Rs 15 lakhs for promoting the cultivation of medicinal plants, said Prasannachandran.
The Rs 3-crore company plans to double its turnover within the first year after the expansion. At present, Homco is supplying products to the government departments in Gujarat, Chattisgarh, Meghalaya, Uttaranchal, Punjab, Karnataka and Tamil Nadu other than Kerala.