Indoco has received approval from Brazilian food and drug agency, ANVISA, marking the beginning of company’s foray into one of the largest pharmaceutical market in the world.
Indoco Remedies, is planning to enter Brazilian market by 2008 by getting into business of Contract Research and Manufacturing Services (CRAMS). The company will file one dossier during each quarter in Brazil with its present operational capacities.
Its solid dosage facility at Goa, Plant I has received approval from Brazilian food and drug agency, ANVISA, marking the beginning of company’s foray into one of the largest pharmaceutical market in the world. This approval paves way for contract manufacturing opportunities for Indoco in Brazil. Ms. Aditi Kare Panandikar, Director Business development said, "As a part of companies growth strategy & to move up the value chain, Indoco Remedies intends to enter newer, semi-regulated and regulated markets worldwide after getting approvals from the respective regulatory authorities”.
In addition, Indoco Remedies is working towards obtaining MCC approvals, for their Solid dosage as well as Sterile Plants. Out of Company’s two manufacturing facilities at Goa, Plant I is approved by MHRA-UK, for Tablets, Cream & Capsules and by Darmstadt Germany for Solid Dosages. Plant II is a state-of-the-art sterile facility for Ophthalmics and Injectables approved by USFDA. The company intends to take up NDDS research and expects to commercialise the first NDDS product in 2008. It is in the process of setting up a separate R&D team for the same.
The company's financial performance for the nine months period ended March 2007 improved significantly. Its net sales are up by 38.3 per cent to Rs 225.67 crore from Rs 163.13 crore in the same period of the previous year. Where as net profit went up by 27.7 per cent to Rs 19.97 crore from Rs 15.64 crore.