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Pharma firm Cadila Healthcare sees big growth opportunity in US and Latin American formulation markets and plans to enhance share in the US generics market by launching complex, oral solids and formulations.
"Going forward, the company's focus will continue to be on launching complex, difficult-to-make oral solids and formulations of other dosage forms like injectables, nasals, creams and ointments in order to enhance share in the US generics market," Cadila Healthcare Chairman Pankaj Patel said in the company's annual report.
The US is the world's largest pharma market, both for branded and generics drugs, accounting for around one third of the global market. The company is present in generics market through its wholly-owned unit Zydus Pharmaceuticals (USA).
During 2015-16, the company's business in the US remained the largest contributor to the consolidated revenue, which crossed $600 million in sales for the first time.
In rupee terms, the US business posted sale of Rs 4,021 crore during the year, up 19%. The company is ranked amongst the top 3 players for around three fourth of the products being marketed by it in the US.
Cadila Healthcare launched 3 new products in the US in FY16. In terms of Abbreviated New Drug Application (ANDA) filings, 30 more ANDAs were filed with the USFDA during the year, taking the cumulative number of ANDA filings to 269.
In terms of approvals, the company received 10 more ANDAs approvals, taking the cumulative number of ANDA approvals to 103. This includes the first ANDA approval from the formulations facility located in Ahmedabad SEZ and the first ANDA approval from its own filings made from the Nesher facility in the US, the company said.
The company also sees big opportunity in the $80 billion Latin American formulation market, which is one of the fastest growing pharma market in the world with double digit growth.
Brazil, the largest pharmaceutical market in Latin America, offers significant potential on account of its expanding middle class with greater spending power and the increased government spending on healthcare. Despite the slowdown in the overall economy, the Brazilian pharma market grew by 14% last year. Cadila Healthcare launched 2 new products in the Brazilian market.
In Mexico, the second largest pharma market in Latin America, valued at around $9 billion, the company launched 2 new products taking the cumulative number of launches to 16. The company filed 1 new product dossier with the regulatory authority COFEPRIS, taking the cumulative number of filings to 43 and received approval for 12 dossiers, taking the cumulative number of approvals to 36.
