Comed Chem to set up R&D unit by June

Comed Chemicals, a Vadodara-based company involved in the formulations and drug manufacturing business, plans to set up its research and development facility at Rania in the Savli Industrial Estate of Vadodara by June.

The company, which recently launched its biotechnology division under the name Comed Biotech Ltd, plans to spend between five and six per cent of its turnover every year on research and development.

Comed hopes to record a 22 per cent growth in turnover in this fiscal year to around Rs 100 crore.

"Formulations will remain our core business. But we will also invest in the biotechnology division to explore new drug delivery systems and molecules," said J S Sethi, managing director of Comed Chemicals.

C N Ramchand, chief executive officer of the new biotechnology division of Comed, said the new research and development centre is being set up adjacent to the manufacturing facility at Rania. "It will become operational by June and is being set up over a 15000 square feet plot," he said.

Ramchand added that, while the new research and development centre will boost the formulations business, it will also strengthen the biotechnology division that was set up about six months ago.

"The development of formulations will get a boost once the R&D centre becomes functional," he said.

The company also plans to raise its exports. It currently exports drugs only to a few African countries.

Company officials said that R&D facility and the biotech division will open up several new international markets.