The Mumbai based Flamingo Pharmaceuticals Ltd, a Rs 125 crore company, is expanding its research and development division with the introduction of three new therapeutic areas namely anti-diabetics, cardiovascular, and anti-depressants. The company is also entering the capital market.
The company manufactures and markets Flamingo branded formulations in over 45 countries across five continents and is planning to make its strong presence in the antibiotics and pain management segment. Flamingo is also willing to add new products ranges in the products basket.
Speaking with Pharmabiz, Ashwin Thacker, chairman and managing director, said, "We are planning to expand our R&D base and add new products range. The company is introducing new products in therapeutic areas namely anti-diabetics, cardiovascular, and anti-depressants. Our 20 products are in the pipeline. We are also working with UK and European customers under the marketing authorizations for the contract manufacturing. We have received regulatory approvals for 15 products."
The company is basically involved into the business of contract manufacturing (CRAMs). As per the international brand marketing, company has received 1850 product registrations with the filling of 200 products in the Africa, South East Asia, Central America and CIS countries. The contract-manufacturing portfolio includes ibuprofen, paracetamol, zopiclone, verapamil, tramadol, metformin, ranitidine, loperamide, flu-cold, diphenhydramine, simvastatin, glibenclamide and bisacodyl.
The company's total sales revenue for the year 2006-07 reached at Rs 123 crore with the growth rate of 41 per cent. The company's business from the UK and European markets stood at Rs 30 crore and that from Africa, South East Asia, Central America and CIS stood at Rs 90 crore
In the regulated markets such as UK, Europe, Australia and New Zealand, Flamingo's focus is on the rapidly growing contract manufacturing opportunities. Currently, Flamingo is undertaking business from major generic companies like Galpharm (UK's largest supplier of Non-prescription medication), Teva UK and Europe, Boots, Procter and Gamble (P&G) Tesco, Numark, Vantage, Value Health, ASDA Health Care, Sainsbury's, Wilkinson, Aldi Healthcare and Morrisons.
Flamingo is not just supplying high-quality formulations at competitive prices to these customers, but also value adding intellectually through its R&D team that suggests process improvements for better product performance. Flamingo also exports to Europe, Central and South America, Africa and the Gulf and supplies to global institutions like International Red Cross Society, World Health Organisation (WHO) and World Bank aided projects. Flamingo is the fastest growing pharma brand in Vietnam and has the highest number of registrations amongst all pharmaceutical companies in Philippines.
The company has set up its two manufacturing units conforming to world-class quality standards at Rabale and Taloja. Both the facilities are WHO-GMP accredited. The Taloja facility set up specifically for the regulated markets and received the UK MHRA approval. It has also set up a world class R&D centre for the developing formulations designed to increase efficiency and to provide formulations bio-equivalent to Innovator. Currently, 25 scientists are working in the R&D centre.