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| IOL Chem seeks Canada, Australia nod for Ibuprofen |
| Press Trust of India / Chandigarh Jun 01, 2009, 15:53 IST |
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Chemicals and bulk drugs maker IOL Chemicals and Pharmaceuticals will seek approval from drug regulatory bodies of Canada and Australia for exporting its anti-inflammatory drug Ibuprofen.
Apart from this, the company targets sales of Rs 600 crore involving 50 per cent as export turnover by 2010-11.
"We will be submitting our Drug Master File (DMF) next month with the drug authorities of Canada and Australia in order to enter these markets as part of our plans to have stronghold in regulated export markets as well," IOLCP President Vijay Singla told PTI here.
Hoping that the approvals would be given by Health Canada and Therapeutic Goods Administration in Australia within three months of DMF submission, Singla said both these countries offered immense potential for the export of Ibuprofen as active pharmaceuticals ingredient (API).
"In Canada we see export potential of 2,000 tonne per annum and 600 TPA in Australia," he said.
The company has already got approval from the authorities of Japan, Iran and Geneva for the export of Ibuprofen and would soon start exporting it to these countries.
It has also applied with the USFDA (United States Food and Drug Administration) and EDQM (European Directorate for the Quality of Medicines & HealthCare) for entering the lucrative markets of the US and Europe.
"We think we will be able to get approval from drug authorities of the US and Europe in this year," Singla said.
The company is also looking to tap new export markets such as France, Russia, Korea and Taiwan for Ibuprofen.
IOLCP exports its products to over 40 countries including Argentina, Brazil, China, Denmark, Germany, Singapore, Hong Kong, Kenya, Malaysia, Peru and Egypt.
The company is also expanding, involving an investment of Rs 256 crore which would be spent on capacity enhancement, forward and backward integration, creating a research and development centre, and setting up a cogeneration plant for captive use.
"We expect the expansion drive to complete by the end of 2009," he said.
With Ibuprofen remaining the main strength of company's pharma business, IOLCP will further be expanding its production capacity to 6,000 tonnes per annum from 3,600 tonnes per annum at present, primarily for catering to new export markets, he said.
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