Ind-Swift Laboratories claimed that it has become the first Indian company to get approval from the Japanese Government without receiving any observations.
"The company has high regulatory standards where its facilities are already approved by USFDA/TGA/COS/KFDA and with this approval for Pioglitazone which is an anti diabetic drug with market size worth US$ 2.8 billion and Risedronate Sodium a drug for Osteoporosis with market size worth US$ 1.6bn, the company is aiming at capturing 15-20 per cent of the market share of these products by 2013," said NR Munjal, Vice Chairman cum Managing Director.
The approval by the Japanese Government will boost Japan"s pharma imports from India, which are are currently less than $10 million. Japan, which has been witnessing its population age at a rapid pace, is a promising market for Indian pharma manufacturers.
Ind-Swift Laboratories recorded a turnover of Rs 714.32 crore during the nine months ending on 31st Dec, 2010, as compared to Rs 579.84 crore during the same period in 2009. The company also earned a net profit of Rs 61.22 crore during the first nine months when compared with the net profit of Rs 57 crore that was earned in financial year ending in Mar, 2010.