Pharmaceutical Corporation (Indian Medicines) Kerala Limited (Oushadhi), a Kerala govt owned enterprise has entered into an agreement with the UAE government for distributing its products in the UAE, according to its chairman, Mathew Stephen.

It is for the first time that the government owned enterprise has entered into such an agreement. The company is the second company from Kerala entering into such an agreement with the UAE government. It can be recalled, Kerala Ayurveda Pharmacy Ltd (KAPL) had entered into such an agreement with the UAE government a couple of months back.

Mathew Stephen however refused to name the drugs that would be distributed in the UAE under the said agreement. "I cannot detail the same now, but we are looking a host of drugs. We would be increasing the number of drugs as and when the same is wanted of," he said. He also did not divulge the revenue accruing from the agreement. "We are looking at a sizeable revenue from the distribution," he added.

Oushadhi earned a profit of Rs 1.2 crore for the current fiscal ending this month, over a business turnover of Rs 12 crore, against Rs 92 lakh profit on a turnover of Rs 11 crore the previous year. Mathew said Oushadhi had sold to the state government's healthcare institutions medicines worth Rs 3.3 crore in the current fiscal with a subsidy of Rs 1 crore. He said a cheque for Rs 11.55 lakh as dividend of Oushadhi would be given to the government next week.

Oushadhi's most popular product, 'Premaha Oushadhi', had fetched a business turnover of over Rs 60 lakh, he said, adding medicines of Oushadhi had become popular in Maharashtra, Madhya Pradesh, New Delhi, Punjab and Rajasthan.

In the meanwhile, Oushadhi has planted medicinal herbs in over 32 acres at nearby Kuttancloor and Pariayaram, he added.