Gufic Biosciences, a leading player in pharmaceutical and herbal products market, is now looking at tapping generics and high-end life-saving products segment in Africa, Asia and other regions.
"The company is augmenting its global focus by deepening its presence in the priority markets of India, Germany, Switzerland, South Africa, Russia, Europe and key countries within the emerging market territories.
"The company is also looking at tapping generics and high-end lifesaving products market in Africa, Asia and other developed markets," Gufic Biosciences said in its annual report.
It expects the healthcare market in Africa, including Kenya, Nigeria, Tanzania and Egypt, as well as South East Asia, CIS, South Africa, Australia, Canada and Middle East to mature a lot. Apart from generics, a market will open for high-end life-saving products, which is a great opportunity to be targeted, it added.
Gufic Biosciences plans to provide high-end injections to these markets at a fraction of the current price, thereby making the treatment affordable and increase access to a higher base of population.
"In 2017-18, we will strive to achieve our target to increase revenue growth, reduce avoidable expenses, spread market globally, enhance R&D team and launch new products and divisions. The company also aims to file many process patents in the year to come," it said.
During FY17, the company's total revenue increased to Rs 250.23 crore in comparison to previous year's Rs 202.86 crore. Net profit after tax increased to Rs 11.41 crore from Rs 7.32 crore. Last year, it had launched about 34 new products in the market.
India accounts for almost 10 per cent of global drug production by volume and is increasingly focusing on indigenous R&D.
The R&D investment by the domestic pharma companies primarily pertains to development of generic drugs for regulated markets. The R&D investment by the top 25 companies grew year over year by 24 per cent to Rs 11.71 billion during FY16 from Rs 9.43 billion during FY15.
In the recent years, Gufic has filed multiple process patents for many life-saving drugs injections and also for herbal treatment for chronic ailments. In 2016-17, it received two process patents on its invention on formulation -- Anidulafungin and Tigecycline, it added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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