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Bangalore-based biotech major Biocon Ltd has increased gross R&D expenditure by nearly 15 per cent.
The company, which has R&D as a key focus, saw its gross R&D spends at Rs 54 crore, which is about 10 per cent of the company's biopharma revenues and was Rs 7 crore over and above its gross R&D spend during the corresponding quarter of the previous year.
Of the gross R&D spend of Rs 54 crore, its net R&D spend was Rs 31 crore. The company also said, it capitalised about Rs 16 crore of the development costs and Rs 7 crore came from the deferred revenues from the annulled deal with Pfizer.
"We hope to continue this level of R&D spends," Kiran Mazumdar-Shaw, CMD, Biocon Ltd, during a conference call on its Q1 results with the media on Friday.
The biotech major said on Friday that it faced challenges with some of its regional markets, especially in West Asia where some of the geopolitical tensions certainly impacted its sales to this region said that it will look to mitigate such risks by looking more at markets like Latin America and South East Asia.
