The Chennai based emerging pharmaceutical company Bafna Pharmaceuticals Ltd has invested Rs 32 crore for setting up an export oriented unit at Grandyon in Chennai. The facility is built as per the UK MHRA and GMP guideline. The construction work of the new facility is over and commercial production is likely to commence from early June 2008.
The new facility was built on an area of 65,000 square feet. It took nearly 18 months for the completion. The company's facility has been audited by UK MHRA and it is awaiting for the final approval. It has various therapeutic areas and till now it has developed 127 products for anti infective, cardiovascular, diabetes and pain management segments. Its 14 new products are in the pipelines which are expected in another six months time from the new facility.
Speaking with Pharmabiz, Bafna Mahaveer Chand, chairman and managing director of the Bafna Pharmaceutical, said, "We are expanding our business portfolio in the regulated market. We have set up our new EOU facility at Chennai and waiting for the UK MHRA accreditation. In the new facility, we will be carrying out formulation work on a contract manufacturing basis. We have already finalised five deals in the UK and commercial activity will begin after the accreditation".
The company will be having only single shift every day. Its current capacity of the new facility for tablets is 7195 lakh numbers and for capsules 2250 lakh. In the near future it has plans to increase its existing capacity. Till now it has obtained 336 licences out of that only 127 are active. Overall, it has manpower strength of 203 and it will be increased to 350 in another one year.
Bafna has its international presence in Ukraine, Ghana and Sri Lanka. It is continuous evaluating its existing presence. The company has filed five dossiers for the Sri Lanka market. With the help of its new facility it will be able to expand its export business to UK and some countries in Europe and Africa.
The company has achieved a turnover of Rs 40 crore during 2007-08 and it is expected that the turnover may touch Rs 75 crore in the current fiscal. During the last fiscal, out of its total turnover it has earned as much as Rs 20 crore from its export business.
Talking about other initiatives, Bafna averred that "We are coming out with IPO of Rs 25.6 crore. The entire funds we will be utilising for strengthening our existing marketing presence worldwide. At present we don't have a strong marketing network but after the IPO we will be have a better marketing arrangement over there".