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| IOL Chemicals to launch Proton Pump Inhibitor in 2010 |
| Press Trust of India / Chandigarh Sep 17, 2009, 16:15 IST |
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Leading chemicals and bulk drugs maker, IOL Chemicals and Pharmaceuticals (IOLCP) is expecting to roll out its new drug Proton Pump Inhibitor-an antacid, in 2010 for domestic and export markets.
"We are currently carrying out trials for our Proton Pump Inhibitor which will be an antacid...And we hope that it will be launched simultaneously for domestic and global markets during the next year," Company's President, Vijay Singla told PTI.
Besides, the company has also plans to launch its anti-inflammatory drug Ibuprofen in over 15 countries under its own brand within this year in line with its plans to achieve Rs 300 crore as export turnover by 2010-11.
With Ibuprofen remaining the stronghold of company's pharma business, IOLCP is looking to tap 15,000 TPA export market of Ibuprofen in more than 15 countries with its launch this year.
It has set eyes on introducing its drug in Canada, Russia, Taiwan, France, USA, Egypt, UK, Jordan, Spain, Indonesia, Philippines, Brazil, South Africa, South Korea, West Indies, Australia and Iran.
"There is a potential of 15,000 TPA of export of Ibuprofen in these countries which we look to tap it...In some countries, we have already applied for certification and in other countries we are in the process of applying...Our target is to start exporting in these potential countries this fiscal," he said. "Our effort will be to export Ibuprofen under our own brand of IOL," he asserted.
Punjab based company is already exporting its products in over 40 countries including Argentina, Brazil, China, Denmark, Germany, Singapore, Hong Kong, Kenya, Malaysia, Peru.
It has already applied with US FDA (United States Food and Drug Administration) and EDQM (European Directorate for the Quality of Medicines & HealthCare) for entering lucrative markets of US and Europe.
The company is aiming at total sales of Rs. 600 crore including 50 per cent of export turnover by 2010-11. In last fiscal, IOLCP achieved sales of Rs 355 crore which involved 30 per cent of exports.
The company is also undertaking major expansion drive involving an investment of Rs 256 crore which would be spent on capacity enhancement, forward and backward integration, Research and Development centre and setting up of co generation plant for captive use.
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