Elder Pharmaceuticals today said it has received approval for its manufacturing facility in Maharashtra from the Japan health ministry.
The company has received accreditation from Ministry of Health-Japan for its active pharmaceutical ingredients (API) plant at Patalganga, Maharashtra, opening up the fast growing Japanese markets for the company's products, Elder Pharma said in a statement to the Bombay Stock Exchange (BSE).
"Elder is positioning itself to be an API and advanced intermediate supplier to Japanese market. This accreditation for the API plant is a step towards strengthening Elder's position as a supplier of APIs and intermediates in the Japanese market," Elder Pharma Director Alok Saxena said.
The Mumbai-based company has also developed products for the Japanese market.
"The company has developed two products going off patent in the Japanese market in 2014. One of the products is from CNS category and the second one is from GI segment," Saxena said.
The company has already filed a patent application for one of the advanced intermediates for the Japanese market and is in talks with Japanese generic companies for supply contracts, it said.
Japanese pharmaceutical market, which is valued at $69.4 billion in 2009, is the second largest pharma market in the world.
Shares of Elder Pharma were today trading at Rs 372.10 on BSE in the late afternoon trade, up by 0.57 per cent from its previous close.
