Mankind Pharma plans to invest Rs 70 crore in two years

Kochi, Sep 26 (UNI) In a bid to expand its footprint in the market, Mankind Pharma, one of the fastest growing pharmaceuticals company in India, has an investment plan of Rs 70 crore over the next two years.

Talking to newspersons here today, Managing Director R C Juneja said, the company was planning to set up two facilities for manufacturing and R&D operations to cater to the needs of the domestic and international market.

Mr Juneja said the new manufacturing unit with a production capacity of 30 million ampoules and 30 million vials, would be based in Himachal Pradesh with USFDA standard, and would be operational by November this year.

A state-of-the-art R&D facility in North Central region would have capabilities in the areas of formulations development, new drug delivery systems, bio-equivalence studies, contract research and new drug discovery.

As part of the domestic expansion plan, Mankind Pharma planned to enter new therapeutic segments like Asthma, Ophthalmology and Dermatology.

He said the company formed in 1995 with a growth rate of over 60 per cent aimed to touch a sales turnover of Rs 550 crore this fiscal, compared to Rs 350 crore last year. The company with an export target of Rs 25 crore aims to penetrate the semi-regulated markets of Southeast Asia, South Africa and former CIS countries, he added.

He said though the company was in its infancy stage in Kerala market, it aims to garner Rs 7.5 crore this year, an increase of Rs 2.5 crore.

He said in the State the company has its presence in antibiotics, anti-fungal, NSAIDS and ED segments. The company would expand its product line in the State with the launch of 'Discovery Mankind' in January, 2007, he added.

UNI MA JJ 1630