Shreya group eyeing over Rs 500 cr turnover in FY09

Bio-pharma major Shreya group is targeting a turnover of over Rs 500 crore this fiscal, a top company official said today.

"Last year, our revenue was around Rs 400 crore (exports and domestic). This year, we are eyeing a revenue of above Rs 500 crore," Shreya Life Sciences' Chairman and Managing Director Sujit Kumar Singh told reporters here.

Shreya Life Sciences is the Indian arm of the Russia-based group.

The company, in association with USA/Canada-based Generex Biotechnology Corporation, recently announced that it would launch a human insulin buccal spray under the brand name 'Oral Recosulin'.

"Oral Recosulin provides freedom from limitations of conventional insulin therapy or devices. It is also an alternative for those who have an acute injection phobia," Singh said.

Oral Recosulin is based on a new technology for insulin delivery in which insulin is delivered through the buccal mucosa (inner lining of the mouth) directly to the vascular system.

Shreya Life Sciences also intends to increase its market share with this new product, Singh said.

"We have a share of 3-4 per cent in the country's diabetes cure market. With Oral Recosulin, we target to increase it to 10 per cent in the first six months to one year (of its launch)," Singh said.

With this marketing tie-up, the firm would be able to distribute and market Oral Recosulin in India, he said.

The product would be available in the market in the next two weeks. The company is now awaiting for government approval on the price of Oral Recosulin, which is expected to be around Rs 2,200 per piece, Singh said.