Mumbai, June 24 (UNI) Bafna Pharmaceuticals Limited, a multi-product pharmaceutical formulations company, in diverse therapeutic segments, has received Medicines and Health Care Products Regulatory Agency (MHRA) approval for its facility, meant for exports to the UK markets and European Union.
This approval would make Bafna's entry into regulated markets of Europe and UK. Bafna has become the 36th Company in the Indian Pharmaceuticals Industry (IPI) to receive MHRA approval. With this approval, Bafna Pharmaceuticals will be able to look at expanding not only to the European Union Market, but even to other regulated markets, the Company said in a release here.
MHRA is a UK-based government body, which employs quality certification procedures, to allow the applicants to access the regulated markets of UK and Europe. MHRA is responsible for ensuring that medicines and medical devices work and are acceptably safe. MHRA regulates, by authorising before medicines are marketed, taking both their safety and effectiveness into account.
Bafna Chairman and Managing Director Bafna Mahaveer Chand, commenting on the development said it would highlight the Company's foray into regulated markets of UK and Europe. These markets, by and large, offered much better margins when compared to other markets.
Bafna recently came up with an IPO and one of the objects of the issue was to partly finance the cost of obtaining MHRA approval for it's newly set up Grantlayon plant facility in Chennai, which is a 100 per cent Export Oriented Unit, being made to cater to regulated markets only.
Bafna Pharmaceuticals Limited is expected to be listed on BSE on June 27.
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