Paras eyes generics market

Paras Pharmaceuticals, the over the counter major, has decided to foray into the generics and contract manufacturing market.

The OTC major plans to focus on contract manufacturing. Livon, Dermicool, Krack, Mrs Marino and Set Wet are some of the Paras brands.

Talking to Business Standard, Girish Patel, chairman of Paras, said "We soon plan to enter in the generics as well as contract manufacturing market as there are immense growth opportunities." The company's new plant in Baddi is expected to be operational by March 2005 at a cost of Rs 55 crore .

The company, though, has not signed any deal for contract manufacturing.

"Talks with some multinational companies are on and we are receiving inquiries but nothing has been finalised," he added.

The new plant in Baddi will be an export-oriented unit. Existing products such as Itch Guard, Ring Guard and D Cold will be made in Himachal Pradesh.

The company has divided its products into personal care and OTC segments. The Badi plant will have a dedicated formulation and development unit for tablets, liquids, ointment and powders.

The company recently set up its marketing office in Dubai and may later use it as it as an exports hub.

In three years, it aims to get 50 per cent of its turnover from exports. Last year it exported goods worth Rs 16 crore. The export target for the current fiscal has been set at Rs 50 crore.

The company last year spent around 25 per cent of revenue on development.