The company is also working on a biotechnology-based oncology product, the technology for which has already been developed. The clinical tests are expected to begin soon and the product will be available in the market by the end of next year.

"We are awaiting the Drug Controller General of India (DGCI) clearance for `erthropoetin,' which is expected in the next three to four months.

Commercial production will commence after the formal approval is obtained," Wockhdardt chairman and managing director Habib F Khorakiwalka told The Financial Express.

The company has also initiated steps to present its accounts in compliance with the US Generally Accepted Accounting Principles (USGAAP) so that ``if required the country could raise funds abroad.'' After the two-way split, the company has appointed Arthur Anderson as its consultants which is helping it to switch over to GAAP standards, said Khorakiwala.

The CMD, however, denied any plans to raise funds from the overseas market and seek listing there in the near future. He explained that the idea behind adopting GAAP standards was to keep finance options open.

"As and when the company requires funds to finance any future project we will consider whether we should go in for overseas equity offering."The anti-cancer drug `erthropoetin' has a worldwide sales of over $ 1 billion and its process patent has already been patented which expires after 2003. The drug has a domestic market of close to Rs 40 crore, which is primarily being met through imports. The major importer of the drug in the country is Johnson & Johnson, which is offering a single dose at around Rs 900-1000, said Khorakiwala.

"We are expected to price the drug competitively and will offer a cost benefit", said Khorakiwala.

Wockhardt is keen on biotechnology sector and plans to embark whole hog in genomic and biotechnology research. "Our thrust area in research would be on development of anti-infectives, which is a high growth area," Khorakiwala said and added that market for anti-infectives was enormous.

Currently, anti-infectives contributes around 21 per cent of Wockhardt's present turnover.

Wockhardt Pharma has a major presence in anti-infectives (22 per cent), pain management (19 per cent), cough management (10 per cent) and cortisteroids (9 per cent). The company also has a presence in psychotropics, cardiac, tonics and medical nutrition segments.

Further, branded formulations account for 59 per cent of the pharma sales. The company spent Rs 100 crore in its R&D facilities in the last three years and has an ambitious programme to introduce many new drugs in following two years. Spending in R&D activities stood at Rs 40 crore last year, which was close to 7 per cent of the company's turnover.