RPG Life Sciences is investing Rs 30 crore for setting up a new US FDA approvable bulk drugs facility at its existing plant at Navi Mumbai. The new facility is likely to go on stream by December 2006. Further, the company is also planning to upgrade its existing UK MHRA approved formulation facility at Ankleshwar as per US FDA standards.
Speaking to shareholder at the annual general meeting, H V Goenka, chairman of RPG Life Science, told that the company launched two new bulk drugs each in the domestic and international market during 2005-06 and three new bulk drugs are under advance sage o development. The company will continue to focus on the oncology and immuno-supressants group of products. In order to enhance focus on oncology products, the company has set up a dedicated manufacturing facility at Ankleshwar, which will be upgraded to US FDA norms, he added.
Goenka said that the company is set to achieve 10 to 15 per cent growth in sales and net profit in the current year. Despite steep price erosion in international business, exports will reach at Rs 60 crore. The company filed two new DMFs in USA. RPG has re-oriented and re-organized its marketing team and also plans to launch four new products and several line extensions in the current year to support the planned growth.
RPG is in discussion with potential new customers for long term supply of generic formulations as well as plans to launch a novel drug delivery formulation of a key drug in UK in the current year. It has also finalized formulation development contracts for two other major categories that will help build a comprehensive basket for global generics products. The company received patent in the important markets of South Africa and Australia for its Cyclosporin formulation and currently two new drugs are under development process.