The Mumbai based Indoco Remedies Ltd (IRL) has commissioned its new liquid orals facility at Baddi, Himachal Pradesh, at an investment of Rs 6.5 crore. The commercial production is expected to start within a few days. The first consignment of Ciprofloxacin ophthalmic product for US market was executed during last week.
Talking with Pharmabiz, Sundeep V Bambolkar, director finance and operations, said, "Our first consignment of Ciprofloxacin, eye drops, to US market has already gone, whereas supply for Levofloxin is expected to take place in the early 2008. We are also setting up our new formulation plant at our existing R&D centre Rabale, Navi Mumbai, with the cost of Rs four crore. Indoco's API activity at Rabale is already working in full stream and formulation activity will start within few days."
IRL has already signed contracts for developing and supplying five additional ANDAs in the ophthalmology segment. The company employs 100 scientist at Baddi and 125 scientist at Rabale unit. Till now company has invested Rs 27 crore for the R&D centre.
IRL is also in talks with six to seven companies in Europe for the supply agreement. IRL also has plans to file about six own dossier in the European Union countries. Recently, company has signed Axicorp (Germany) for supply agreement of 18 products.
Commenting on domestic operations, F X Coutinho, director marketing, said, "Few years back we were only focusing on the general practitioners with our ranking at 46th however, currently we are placed at 27th rank, we are now holding 20th rank among consultant physician and gynacs. The Rs 55 crore turnover comes from the antibiotic segment and we continue to grow in the range of 41-45 per cent. From the life style segment we are generating Rs 32 crore turnover and hoping to get business growth of 21-25 per cent in the coming year".
The revenue from domestic business growth will be around 20 - 23 per cent in the current year and we will maintain it in the next year. The company has been active in introducing new products. IRL has six marketing divisions, namely Indoco, Spade, Warren, Radius, Surge, Warren and Warren -Excel, which commenced in January 2007. Currently, Indoco and Spade division are contributing around 76 per cent of the total business and 18-19 per cent is coming from Warren division. Surge is basically working on the general surgeons and orthopaedics whereas Radius division works for the Cardiologist, diabetologist and consultant physicians.
The company's major brand Febrex Plus generates revenue of Rs 32 crore which works out to 12 per cent of the total sales business. Besides, Vepan and Cyclopam give revenue of Rs 22 crore to Rs 20 crore respectively. IRL recently acquired La Nova Chem (India) for Rs 17.75 crore. We are filing a DMF from the same facility by the end of 2007 and two DMFs in 2008.