Alembic in talks with global majors to enter US, EU markets

Our Corporate Bureau

Mumbai, Aug 10: In a bid to capture a pie of the multi-million dollar generic market, Alembic Ltd is negotiating with leading international generic manufacturers to join them as an associated supplier in the US and European markets.

The company is expecting revenues from its global operations to outstrip its domestic revenues. Alembic expects business worth Rs 700 crore out of exports of formulations and API or bulk drugs in next five years.

Alembic, which has set an export revenue target of Rs 150 crore during the current year, is also working out strategic alliances with a company in East Africa, the Vadodara-based company informed the Stock Exchange, Mumbai (BSE) on Friday.

The company has decided to double the capacity of its formulation plant from 30 million to 60 million solid oral dosages in the first phase. In the second phase, the formulation plant technology would be upgraded to match the European Union standards set by Medicines Control Centre (MCC) and Medicine Control Agency (MCA) in the UK and TGA (Therapeutic Goods Agency) in Australia.

Alembic would make an effort to consolidate its position in southern and eastern Africa, Latin America, Central Asia and South Asia. The company would operate in the Europe and the US mainly as supplier or associates of generic drug manufacturers. In this, the company is hopeful to get considerable help from its European subsidiary Alembic Europe Pvt Ltd.