Parabolic Drugs, a research based API manufacturing company, has received European Union approval for its cephalasporin's manufacturing facility in Derabassi, Punjab. The site was inspected by the German Auditors in April 2010 and found to be compliant with the Principles of GMP (EU-GMP-Part II) for active substances.
Parabolic has received approval for three of its molecules – cefuroxime axetil, cefpodoxime proxetil and cefixime trihydrate. This will enable the company o sell its products into Europe, Canada and Australia; thus giving boost to its vision of building its business in regulated markets.
The company has already received US FDA approval to sell one of its products in the US markets from Its Panchkula facility. It recorded turnover of Rs 559 crore in 2009-10 and has grown at a CAGR of 60 per cent over the last five years.