As apart of its growing focus on the biotechnology sector, pharmaceutical major Wockhardt is planning to set up a biotechnology park in Aurangabad by the end of this year.
"We will be setting up a biotechnology park by the end of this year and expect to source all our biotechnology products through this facility," said Habil Khorakiwala, chairman and managing director, Wockhardt.
He was speaking to Business Standard at the sidelines of an award function in the city held in honour of Anji Reddy, chairman of Dr Reddy Laboratories.
Khorakiwala declined to give investment details for the project. "It's too early as the project is at a conceptual stage," he said. Pharmaceutical sector analysts pegged the project cost at Rs 60-70 crore.
The land for the park is owned by Wockhardt. Khorakiwala ruled out the possibility of entering into joint ventures or strategic alliances for the project.
Sector analysts do not seem bullish on the venture. "The project is not one which will yield profits in the short-term as it has a long gestation period," an analyst said.
Wockhardt has been active in the biotechnology park, especially with its growing sales in its hepatitis B vaccine -- Biovac B and Epox.
At its recent annual general meeting, Khorakiwala had projected a sale of Rs 5 crore for Epox. "We also expect to double our sales of Biovac B by this year," he added.
Wockhardt has set a target of introducing one biotechnology research-based product in India every year. The company has, earlier this year, announced plans of doubling its biotechnology products sales in 2001.
According to its latest annual report, five biotechnology products of Wockhardt are currently in the pipeline at various stages of development.