Delhi-based vaccine manufacturer Panacea Biotec is eyeing the $1 billion market in gastrointestinal segment both in the US and Europe and plans to launch its plant-based allopathic product in the two geographies over the next three years.
?The product for hemorrhoids is already available in India and undergoing phase III clinical trials in Germany where it is slated to be launched in 2009. For similar trials in the US, the company plans to file a dossier by this year end and might launch the product in 2010,? Panacea Biotec joint managing director Rajesh Jain told FE.
The US would prove to be a big market as hemorrhoids, caused by swelling and inflammation of the veins located in the anus and rectum area, is very common condition and according to some researches, almost 50% of all Americans have developed this condition at least once in their lifetime.
The company, which had recently launched seven oncology products in the domestic market, plans to set up a greenfield oncology products manufacturing facility to cater to both domestic and international markets. The domestic oncology market presently stands at about Rs 800 crore and is growing at 22% per annum.
?Investment and production capacity plan for the new facility would be finalised by the end of this year,? Jain said commissioning a Rs 100 crore vaccine formulation plant at Baddi. The plant has filling lines for bacterial and viral vaccines and doubles Panacea Biotec?s existing capacity to two billion dosages per annum from the present one billion dosages.
?(Travel for the story was sponsored by Panacea Biotec)