JB Chemicals and Pharmaceuticals, an Indian drug maker, has established a wholly-owned subsidiary in Romania as a stepping stone to expansion in the Central and Eastern Europe (CEE) region, Pharmabiz.com reported. The move reflects the company's conviction that there is a high potential for herbal and ethical formulations in CEE.
JB Chemicals already derives a sizeable proportion of sales turnover from sales in Russia, Ukraine and the Commonwealth of Independent States (CIS) countries.
For the fiscal year ended in March, the company reported consolidated net sales of INR 738m (€10.8m), up by 31.4% on the year before. Exports surged by 52% to just under INR 500m (€7.3m), and represented 68% of total sales.