Orchid Foray Into Greece And Russia Gets Approval

Orchid Chemicals and Pharmaceuticals, the Chennai-based, Rs 240-crore pharmaceutical company has received approvals from Greece and Russia for marketing its oral and sterile cephalosporin products there.

With 15 per cent share of the world cephalosporin market, Orchid is an important player at the global level.

Despite the erosion suffered last year due to the 25 per cent fall in international prices, Orchid is hopeful of a turnaround.

"Global prices have stabilised after the fall last year and no further fall is expected in the near future," they add.

The company's cephalosporin range includes ceftazidime, cefazolin sodium, cefradine arginine, cefradine sodium carbonate and cefonicid.

Company sources say in the current year, Orchid has also commissioned it's captive power project.

The backward integration project to manufacture some key intermediates is expected to be commissioned by the end of the calendar year.

In the current year, the company wants to add some more additional products in the Cephalosporin range.

Orchid plans to launch high end sterile and oral formulations in the domestic market by end of September of early October. For this purpose, the company has set up a separate division wich has been named Orchid Healthcare.

This would help the company in maintaining its status as a 100 per cent export-oriented unit for its bulk operations thereby saving on the tax front.

The company's R&D team made in-roads few months back by developing a new process for manufacturing Sildenafil Citrate, the bulk drug for the dream drug Viagra.

Company sources say this product is expected to be commercially manufactured by the end of this month.