Promed Group plans to enter US, Europe markets

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Nalagarh, Nov 18 : With an aim to hit a turnover of Rs 500 crore by 2013, drug manufacturer Promed group plans to expand its horizons to the regulated markets of US, Europe and South America. The company has already applied for securing necessary approval from Europe and US Food and Drug Authority (FDA).

Talking to FE, Deepak Bahri, president of Promed Group said, “The inspection team from Europe is expected to arrive to inspect our facilities by the end of this year and the firm is confident of getting approval by February 2009. While the inspection team from USFDA would arrive in middle of the next year. We hope to get all regulatory approval by 2010”. The group is currently working on 45 new products in sterile segment and plans to file 12 to 15 abbreviated New Drug Application (ANDAs) with the US FDA over next years.

The firm will invest around Rs 125 crore in coming years to enlarge its network in overseas markets and to expand productivity. To fund the expansion plans, the firm is in talks with private equity players besides will raise funds through internal accruals and term loan from banks. The group is also planning to enter into the capital market with an initial public offer (IPO) after four years.

Promed group, which registered a turnover of Rs 80 crore in the financial year 2007-08, is expecting the growth rate of 50% this fiscal. The drug maker is already manufacturing and delivers branded as well as generic products to Russia, CIS and South Asian countries.