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US, Europe to be focus markets for future growth: Wockhardt

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Habil Khorakiwala, chairman of generic drugmaker Wockhardt.  (Reuters) Habil Khorakiwala, chairman of generic drugmaker Wockhardt. (Reuters)
SummaryDrug maker Wockhardt today said it expects the US and European markets to continue to be its mainstay.

Drug maker Wockhardt today said it expects the US and European markets to continue to be its mainstay in the coming years while it seeks to enhance R&D capabilities and focus on introducing new advanced therapies.

"The US and Europe contribute over 70 per cent of our total revenues at present. We expect this to continue, so focus will remain on the US and Europe," Wockhardt Founder Chairman and Group CEO Habil Khorakiwala said on the sidelines of Indian Pharma Summit here.

The company is also doing good in emerging markets, with a 13-14 per cent growth, he added.

In the second quarter ended September 30 this fiscal, the company had posted a total income of Rs 1,347 crore, up 28.9 per cent from the year-ago period.

For the six months April-September period this fiscal, Wockhardt's total income stood at Rs 2,689 crore, a growth of 32.2 per cent from the corresponding period last fiscal. In 2011-12, it had posted a total income of Rs 4,351 crore.

When asked about the company's long-term growth strategy, he said: "In the years to come, our focus will be on increasing R&D capabilities, introducing new advanced therapies and in the field of biosimilars."

As far as therapeutic areas were concerned, he said Wockhardt's focus would be on the segments of cardiology, anti-infectives, pain management and diabetes.

On whether the company is looking out for acquisitions, Khorakiwala said: "We are not looking for any acquisition. Our focus is on organic growth. We have a cash reserve of Rs 2,000 crore at present."

When asked about the NPPA decision to lower price for insulin manufactured by domestic companies, he said: "We have appealed to the Ministry of Chemicals and Fertilsers for this."

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