Mankind Pharma set to expand

Plans to invest Rs 75 crore in setting up manufacturing facilities and in R&D.

Mankind Pharma Private Ltd, encouraged by its annual growth of 67 per cent in the domestic pharmaceutical market last year, has plans for massive expansion in the region.

The company plans to invest Rs 75 crore over the next two years to set up manufacturing facilities, in R&D, and acquiring skills set to target formulation exports as well as contract research segments.

"We are setting up a new manufacturing plant as per the US Food and Drugs Administration standards in Poanta Sahib, Himachal Pradesh, with an investment of Rs 30 crore," said R C Juneja, managing director, Mankind Pharma Private Ltd.

The plant, spread over 12 acres of land, will be operational in June, and will have a production capacity of 30 million ampoules and 12 million vials.

Next, the firm plans to set up an R&D facility in Gurgaon with an investment of Rs 35 crore.

"The new facility will have capabilities in formulations development, new drug delivery systems, bio-equivalence studies, contract research and new drug discovery," said Juneja.

With this expansion, the company plans to export, starting with the semi-regulated markets of South-East Asia, South Africa, and the former Soviet Union.

Simultaneously, the company will launch its veterinary division by next year, which will be the fourth division after Mankind Pharma, Discovery Mankind and Lifestar.

The company is likely to close this financial year with a turnover of Rs 350 crore and is targeting Rs 1,000 crore by 2010.