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Pharma major Cipla on Wednesday said it would spend around Rs 600 crore in research and development during this year to implement research oriented projects.
"Innovation is an integral part of Cipla's success in R&D. This year we will spend around Rs 600 crore in R&D and efforts are directed towards accountable and implementable research- oriented projects," Cipla Chairman Y K Hamied told shareholders at the company's 78th Annual General Meeting.
"We have been granted many patents in the field of pharmaceuticals," he added.
Cipla's R&D expenses increased from 5.1 per cent of its total revenue in FY13 to 5.4 per cent in FY14.
The company has undertaken a major expansion of its R&D Centre, with new buildings and facilities at Vikhroli in Mumbai. Cipla's development and regulatory approval processes are on track. Currently, there are over 200 development projects underway indicating a robust pipeline.
In FY14, the company had over 90 filings for formulations in Europe and North America and over 1,000 filings in other international markets. It has also received more than 50 approvals in Europe and North America and more than 800 approvals in other international markets.
