Grandix Pharmaceuticals plans to achieve Rs 100 cr turnover
Chennai, Mar 15 (UNI) City based Grandix Pharmaceuticals, one of the fastest growing pharmaceutical companies in the country, has drawn up ambitious plans to achieve Rs 100 crore turnover by 2006-07.
Giving details of the company's new plans at a press conference here, A Ramamurthy, Managing Director said the company also have some concrete plans for achieving a turnover of Rs 400 crore in four years.
"Four year Rs 400 crore is the basic mantra of Grandix", he said adding that the company had disinvested 30 per cent of its equity to two US based venture capital companies-Xenox and Agnus to raise Rs Nine crore and invest the same to expand its operations in other parts of the country.
Grandix, which was presently operating in seven southern states, would invest Rs Seven crore in expanding its marketing network and product presence across the country to reach new markets, while investing Rs two crore in R and D. In the first phase, the company would increase its field force from 220 to 600, he added.
The market expansion to the rest of the country was expected to contribute Rs 60 crore, its new operations Rs 20 crore, exports and OTC products Rs 10 crore each to the overall turnover in 2006-07, he said. The company made a turnover of Rs 26 crore during 2004-05 and expected to close the current year with Rs 36 crore, he added.
Dr Ramamurthy said the company was also launching five new OTC products, which included an emergency kit, post natal nutrition supplement, weight reduction tablet, ortho product and vitamins and minerals across the country in a phased manner.
Fourth Generation Cephalosporine, Immunosupressents, Neuro Drugs and Herbal drugs would be the new drugs to be introduced by the company, he said. The company proposed to have a tie-up with a German company for surgical product and diagnostic kit, he added.
The company would submit its first Abbreviated New Drug Applications (ANDA) product this month and another five ANDA products during 2006-07.
Grandix also completed its registration process of its products in USA, Africa and South East Asian countries, which would help the company to export its products in these countries, he said.
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