Lincoln Pharmaceuticals on Friday announced that it received approval for the company's manufacturing facility from Australia's medicines and medical devices regulator - Therapeutic Goods Administration.
The drug company's manufacturing facility in Khatraj, Gujarat received the GMP clearance from TGA for all three departments viz; tablet, capsule and cream & ointment. The company said that these departments will cover wide range of pharmaceutical formulation manufactured.Lincoln Pharma said that it looks to enter the Australian markets soon with its dermatology, gastro and pain management products and gradually expand product portfolio. The certification will be valid till June 2023.
The company manufactures wide-range of drugs at its Khatraj facility and includes antiinfective, respiratory system, gynaecology, dermatology, gastro, pain management, cardio & CNS, anti-bacterial, anti-diabetic, anti-malaria among others
Earlier in May 2020, the company had received European Union (EU) GMP certification from Germany FDA for its manufacturing facility which allows the company to market its products in all the 27 member countries of EU and also give access to European Economic Area (EEA) countries. The drug maker said that the approvals will increase company's business network to 90 plus countries.
Mahendra Patel, MD of Lincoln Pharmaceuticals said, TGA and EU GMP approval are important stepping stone in the journey of the company and will help to expand its presence in more regulated markets. TGA and EU GMP approvals are result of stringent quality and compliance norms followed at Lincoln Pharma across all departments especially the R&D and compliance. Over the years, company has seen good traction in the export business, which is expected to get further boost once TGA & EU operations begins. The certification will allow us to address the growing needs of patients in the regulated markets and provide affordable and innovative medicines.
He further said, "For the next phase of growth, company is building a strong portfolio in lifestyle and chronic segment especially dermatology, gastro and pain management to complement its strong presence in acute segment. Going forward, we are confident to improve our growth numbers of revenue, margins and profitability in FY22. Our strategic growth initiatives, product and geographical expansion, operational efficiency and debt free status are likely to maximise value for all stakeholders in the near to medium term.
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Lincoln Pharmaceuticals is engaged in the manufacture and marketing of affordable therapeutic products. The product range of the company includes tablets, capsules, injectables, syrups and ointments.
The company's consolidated net profit rose 15.99% to Rs 17.70 crore on a 17.73% increase in net sales to Rs 122.19 crore in Q1 FY22 over Q1 FY21.
Shares of Lincoln Pharmaceuticals were trading 1.8% lower at Rs 393.40 on BSE.
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