Drug firm Wockhardt has said it will ride on its investments in research and development and launch of new generic drugs for its future growth in the US, the world's largest pharmaceutical market.
"Our strong investments in R&D and a robust pipeline of abbreviated new drug application (ANDA) filings are expected to leverage our growth significantly," Wockhardt Chairman Habil Khorakiwala told shareholders at the company's annual general meeting held recently in Mumbai.
"Our US operations emerged as a landmark in our performance for 2011-12 . For the first time the US business emerged as the largest revenue generator for the company," he added.
US revenues of the company recorded sequential growth for seven successive quarters growing 78% to $375 million and accounted for 41% of the company's consolidated revenues, Khorakiwala said.
The company will focus on US market as it has received 17 ANDA approvals which will translate into revenues in the near term, he added.
However, Wockhardt will continue to embark on initiatives to strengthen its presence in the European Union, in India and in emerging economies markets.
"The Indian pharmaceutical sector has grown over 14% for the last four years and is expected to maintain this growth rate over the next few years. We outperformed this market growth with 16% growth in our branded business," Khorakiwala said.
Wockhardt has 14 manufacturing plants producing pharmaceutical and bio-pharmaceutical formulations and active pharmaceutical ingredients (APIs).