New Delhi-based Promed Exports Private
Limited is setting up a state-of-the art
drug manufacturing facility in Baddi, Himachal
Pradesh. The unit, coming up at an estimated
cost of Rs 25 crore, would be the first
own production facility of the company.
In an exclusive interview with Pharmabiz,
Deepak Bahri, president, Promed, said that
the facility would meet the quality standards
of regulatory agencies like US FDA and UK
MCA.
Promed is a 14 year-old company specializing
in export of ophthalmic preparations, antibiotics
and anti-TB drugs to Russia and other CIS
countries. "Our company ranks fourth
among the Indian pharmaceutical companies
who have a presence in Russian market. We
stand 60th when compared with all pharmaceutical
companies, including multinational drug
majors, who are into the Russian market,"
claims Bahri. Our aim is to see us among
the top 30 players in Russia in a year's
time," he added.
Promed is having joint ventures with Russian
manufacturers. "This helps us in participating
in government tenders. Last year we had
won two major tenders to supply anti-TB
drugs to the Russian Government," he
said.
The company is also planning to enter the
herbal medicine market in a big way. Bahri
informed that they have 10 herbal products
that are under various stages of development.
"Our first herbal product is to come
out by year end. Our herbal medicines would
be marketed as drugs and not as neutraceuticals.
We are working on developing herbal drugs
based on classic ayurvedic formulations
for mostly lifestyle diseases like diabetics,
cardiovascular diseases, arthritis etc,"
he explained.
Promed is also planning to enter the domestic
market with its ophthalmic products by next
year. According to Bahri, the company has
engaged a consultancy to prepare a global
penetration plan for them. "We should
be in a position to enter highly regulated
markets like the US and UK by 2008."
Promed, a leading drug exporter to CIS
countries, is currently outsourcing its
products. The company has a turnover of
US$ 8 million is striving to increase it
to US$ 75 million by 2010.
