The Chennai-based Bafna Pharmaceuticals, a company engaged in the business of manufacturing of formulations of Non Betalactam products, is stepping up its contract research and manufacturing services (CRAMS) business by providing a one stop solution for its clients operating in the regulated markets of Europe and US.
The company has recently opened its formulation R&D unit at Chennai, Tamil Nadu, to provide services from development of a product to getting approval from the drug regulators in Europe and US. With already filing dossiers for four products, the company is targeting to file 12 dossiers with the European drug regulator in the current financial year, said Bafna Mahaveer Chand, chairman and managing director, Bafna Pharmaceuticals.
“The recent expansion of our services will help us to handle more projects from our clients. Our first activities will be focused on the European market, while plans for US entry are scheduled to be after next 18 months’ time,” said Bafna.
The company with a dozen of contracts in hand, is expecting Rs 20 crore revenue from its CRAMS business during the current financial year. The setting up of R&D facility, with an investment of Rs 12 crore, will give an additional boost to the company’s CRAMS business from the next financial year, he added.
Bafna Pharmaceuticals, which is one of the major supplier of medicines to the neighbouring countries such as Srilanka, is also planning to introduce more of its own products in the exports market, apart from the outsourcing projects. The company has recently launched an anti hypertension drug, Olmedaf (olmesartan) in Srilankan market, the first company to introduce a new molecule in this country.
“In our own manufacturing business, we are currently focusing on the market in developing countries. We will be introducing seven more molecules for the lifestyle disease segment in these markets in near future, out of which four will be new molecules for the market,” revealed Bafna.
He averred that the products will be first launched in Srilanka, where the company is a strong player, and then shipped out to other nations like Africa. The current revenues from Srilanka is clocked at Rs 22 crore and the company expects to outdo atleast Rs 7 crores more with this figures in the current financial year.
The Rs 75-crore Bafna Pharmaceuticals launched its R&D centre in the second half of April, 2010, with complete compliance with cGMP, eGLP and ICII guidelines in conducting the R&D activities along with full regulatory compliance to EU-DMF and US-DMF. With the strategy to grow in CRAMS business and continue its strong presence in the market in developing countries with its’ own products, the company is targeting to reach Rs 500 crore turn over by 2013.