Press Trust of India / New Delhi May 25, 2010, 16:38 IST
Bafna Pharmaceuticals today said that it has received the good manufacturing practices approval from Ethiopia's Drug Administration and Control Authority for its antibiotics manufacturing plant in Chennai.
The company, which has two plants in the city, received the approval for a particular unit that manufactures only non -betalactum antibiotics.
Following this, Bafna Pharma expects to tap into the African market extensively, the Chennai-based drug maker said in a statement.
Bafna Pharma manufactures pharmaceutical formulations of betalactum and non-betalactum products.
"Considering that the country is an import-driven market, the company expects to generate good business from the Ethiopian pharmaceutical market, estimated at $200 million, with imports occupying 85 per cent of the market," Bafna Pharma CMD Bafna Mahaveer Chand said.
"We have a great opportunity to tap this growing market through our products," he added.
The registration process will be expedited now that the country's regulatory body has stated that the Bafna Pharma plant is GMP compliant, the firm added.
Bafna Pharma shares rose by 2 per cent, and were quoting Rs 44.35 in the late afternoon trade on the BSE.
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