Lupin Sets Sights On Venezuelan Mart

Domestic pharma major Lupin is entering the Venezuelan market with its entire range of products after getting an in-principle approval from the authorities there.

Confirming the development, Lupin chairman Desh Bandhu Gupta said: "We are still in the business development stage, as we are yet to get the final permissions."

"The cost of production is quite high in this market, therefore like all the multinationals present in Venezuela, we will import and market our products there," Gupta added. The company will market its entire range of products in this new market, but Gupta refused to divulge the names, saying: "It is too early to disclose the products."

Lupin had plans of entering the Latin American markets, with a special focus on Brazil and Venezuela, as its focus for the current fiscal.

The company also exports to other markets such as China, Europe, Middle East and Africa, South East Asia, the Americas and the CIS countries. In 2000-01, the company exported bulk drugs and formulations worth Rs 232 crore.

Venezuela is believed to be a big market for cephalosporin and herbal products, and globally, cephalosporins enjoy a market of US$1.1 billion. Many molecules in this segment going off patent in the next few years make it a lucrative segment for Lupin.

The company is a key player in the anti-TB segment, neutraceuticals along with cardiovascular and non steroidal anti-inflammatory drugs (NSAIDs). The company has cephalosporins in oral and indictable form and manufactures oral cephalosporins at its plant in Mandideep.

The company plans to file for six abbreviated new drug applications (ANDAs) in the field of anti-infectives, out of which two may be filed in the next three months, within this calendar year. It has also revived its efforts towards research and development. The new focus is aimed at development of new chemical entities (NCEs) and new drug delivery systems (NDDS).