The Ahmedabad-based Corona Remedies Pvt Ltd is planning to planning expand its infrastructure facilities and marketing reach, with focus on gynaecology market in the country. The company is planning to invest around Rs 17 crore for the infrastructure development.
Corona Remedies, which has signed an agreement with the Gujarat government in the recently concluded Vibrant Gujarat 2009 investors' summit, is looking up to develop a new facility in an area of 15,000 yards in the Pharmaceutical Park of Gujarat Industry Development Corporation in Ahmedabad. The company is currently in land acquisition process and will invest around Rs 15 crore for the facility, said Nirav Mehta, marketing director, Corona Remedies.
Besides, the company is also expanding its current facility at Solan, Himachal Pradesh, to include three more sections of manufacturing products. With an existing facility for general tablets and capsules, betalactum capsules, tablets and dry syrup, the company will install facilities for oral liquid, hormonal tablets and capsules production facilities in the unit with an investment of Rs 2 crore.
"We are expanding our capacity with a view to increase our market presence in India. Our sales force will be increased from the present 200 to 500 by 2010 and the pan-India operations are expected to be in place by the end of that time period," said Mehta. The company, which has presence in Gujarat, Himachal Pradesh, Orissa, Madhya Pradesh and Kerala, will soon set its shops in Jammu and Kashmir, Rajasthan and West Bengal.
With a focus on the Rs 2000 crore gynaecology markets, the company has recently launched Eema-hp, a Human chorionic gonadotropin (hCG), intended to prevent the disintegration of the corpus luteum of the ovary and thereby maintain progesterone production that is critical for a pregnancy in humans. The product has a huge potential than the current figures suggesting Rs 50 crore markets in India, as the early pregnancy testing and maintenance of pregnancy along with remedial actions on male infertility are not considered in reaching the figure, according to the company officials.
The Rs 25 crore company is also expecting the government recognition of its R&D laboratory for reimbursement of R&D investments to further expand the in-house research activities. The plans are to invest more in R&D and to increase the market presence with new products. The company is targeting to reach Rs 40 crore turnover in the current financial year.