Lake Chemicals Private Limited, a bulk drug company in Karnataka which has a significant presence in Bangladesh intends to consolidate its presence in the region with a range of new products.
Bangladesh maintains a strict regulatory regime in drug approvals and is now constantly on the look out for new molecules in the active pharmaceutical ingredient (APIs) space. This demand for new molecules is unlike the other countries in the South Asian region and hence we are keen to offer our new range of bulk drugs in oncology and ophthalmology stated Manoj C Palrecha, managing director, Lake Chemicals Pvt. Ltd.
Lake which is known for its range of anxiolytic, epileptic and insomnia drugs, chalked out a timely diversification plan to offer cancer and ophthalmic APIs In fact this move came about with an increasing number of government controls in certain countries where stringent bureaucratic systems prevailed to control misuse of psychotropic drugs.
This led to several delayed decisions resulting in many cancellation of orders due to lack of permission. In such a scenario companies like Lake which manufacture high-value psychiatry products could not plan or implement its sales strategies. Instead of entering into me-too-segments like anti diabetics. Lake decided to make its entry into oncology and ophthalmology spaces.
Going by the disease profile in Bangladesh, which is dominated by infectious diseases and life style disorders, the country has also been showing an increasing interest for cancer and psychiatric drugs. Lake is gearing up to make the most of the opportunity, stated Palrecha.
Another point brought out by Palrecha was that Bangladesh being a signatory to the Doha Agreement could manufacture drugs under Patent up to 2016 and sell it to developed countries. This is where bulk drug exporters could make the most of. Now Bangladesh's pharma units are in for a forward integration of the finished formulations and there is a surplus dependence on bulk drugs from quality suppliers in India.
The country is price sensitive but the stringent documentation allows only quality conscious suppliers to survive in Bangladesh where competition has been no longer a deterrent for most entrants, stated Palrecha.
Lake which registered a turnover of Rs. 20 crore in March 2006, has a 70:30 ratio in terms of exports to national sales .Key factors driving the company to increase its international presence are its USFDA compliant plant, WHO-GMP complied manufacturing practices, quality standards, research-driven initiatives and maintenance of supply time lines, pointed out Palrecha.
Presently, the highest sales from international markets are generated from Europe and Latin America.
The company is investing Rs. 1.5 crore to enhance its R&D centre's infrastructure. The research focus will allow us to grab a fair share in the regulated markets and also focus on new molecules in not only psychiatry drugs but oncology and ophthalmology, added Palrecha.