Zydus Cadila Healthcare Ltd, the fourth-largest pharmaceuticals entity in the country, is set to form a company in Brazil, which would be headquartered in Sao Paulo or Rio de Janeiro.
The pharma-giant is also expecting a tremendous growth out of new product introductions in the overseas market.
"We are first targeting sale of generic and hospital products such as anti-bacterial injectibles, steroids and pain management drugs in Latin America by having a base in Brazil and, in the next step, we may go for setting up a company also in rich market of Columbia," said Ganesh Nayak, executive director of Zydus Cadila.
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He also said that forming the company in Brazil is a part of the company's strategy to tap the immense potential in Latin America.
On the investment in Brazil, Nayak said, "In the first phase we are not going for a huge investment. We have identified some generic products through which we will generate revenue and then go for a bigger investment."
Zydus Cadila already has a presence in Latin America including in Venezuela, the Dominican Republic, Peru and also in Brazil.
So far, Zydus Cadila has been selling its products in these markets through its distributor network. "We have also such networks and a good market in Uruguay, Chile, Jamaica and Trinidad & Tobago," Nayak said.
The Brazilian firm is expected to be fully operational by the end of this year.
"Last year we had a revenue of about Rs 45 crore from this market and after this expansion, we expect to rise as much as Rs 60 crore in the next fiscal, which will be a straightaway 30 percent-plus increase in business," said Nayak.
Zydus Cadila also has made a target of expanding its market in African countries in this fiscal year and networks existing at present are being strengthened.