With the European Union is planning to go ahead with the proposal to tighten quality norms for ayurvedic and other herbal products imported into the continent from May 1, the Indian Medicine Pharmaceutical Corporation Ltd (IMPCL) has started the third phase of modernisation to comply with the European norms.
Being the only government enterprise in the Ayurveda sector, IMPCL has completed the second phase of modernisation utilising its paid up capital of Rs.5 crore. The Uttarakhand-based mini-ratna company is expanding its capacity and the detailed project report has already been approved for the expansion under the third phase, an official of the company said.
“The infrastructural projections aim at European Union standard specifications covering aspects of civil works, induction of state of the art machinery and expensive quality control instruments in addition to matching manpower. The Presidential approval has been issued for raising the authorized capital of the Corporation to Rs.50 crore from existing Rs.7 crore. Clearance has been given for starting the third phase of modernisation with an involvement of Rs.33.86 crore,” the official said.
The company is into manufacturing of Ayurveda and Unani products and supplies medicines to central government hospitals, central government research units all over the country and to some state government related departs. Besides, its products are also in the open market and plans are afoot to boost the sales in the market.
With a portfolio of 185 ayurvedic and 100 Unani drugs, the company has made a total sale of Rs.19.90 crore during the financial year of 2009-10, against Rs.13.96 crore of 2008-09. The sales for the just concluded financial year are also expected to pick up very much, sources said. Since 1986-87 the company had maintained a profit earning trend and the net worth of the company is in positive, the official added.