Wockhardt eyes biogeneric drug market in US

Wockhardt Ltd, the Rs 1,300 crore generic drugs major, hopes to enter the US market with biogeneric drugs in another three months when laws on biotech-based drugs are announced. The US rules are expected to be announced soon after which Wockhardt intends looking at more overseas business.

Chairman of the Wockhardt group, Habil Khorakiwala, who was in city in connection with inauguration of a Wockhardt hospital, said low cost production in India was enabling it to emerge as a potential manufacturing hub for medicines.

Wockhardt is already exporting to the US, UK and Germany and aims at increasing international revenue from the existing 60 per cent of the turnover to 75 per cent in three years. Domestic sales are also expected to go up by around 10 per cent annually.

Khorakiwala said the company will be coming out with three new biogeneric drugs- Wepox for cancer and kidney diseases, Biovse-b for hepatitis B and Wosulin (human insulin). Wockhardt will shortly also be introducing interferons.

The fourth largest manufacturer of biogeneric drugs in world, Wockhardt's expects to gain a better hold over the US market after new regulations are formulated and announced.