Panacea to expand overseas operations

NEW DELHI, MAY 14. Panacea Biotec, a leading biotechnology company, has chalked out a major overseas expansion plan and has earmarked $10 million for forging joint ventures in Europe, CIS and Africa.

"We are in advanced stage of discussions with some companies in Europe, Africa and CIS for setting up manufacturing and marketing facilities," Mr. Ravinder Jain, Managing Director, Panacea Biotec told PTI.

He said the company was looking at companies having a portfolio of biotechnology driven pharmaceutical products and added that the company hoped to complete its overseas expansion plan by year end. "We are looking at taking substantial stake in these companies," Mr. Jain said adding that the entire expansion would be completely funded through company's internal accruals.

"We are a cash rich company and would be able to fund the expansion plan through company's internal accruals without having to raise debt or go to capital markets," he said.

Panacea Biotec recently formed a joint venture company Panheber Biotec with Cuba-based Heber Biotec SA to enter the bulk market for vaccines.

Mr. Jain said that the company would focus on production of erythropoetin and recombinant DNA technology-based vaccine for hepatitis B.

The company has already completed product registration for its products in these countries.

Panacea Biotec is also planning to expand its brand portfolio and has lined up 10 new products for launch this year in various therapeutic segments.

"We are planning to nearly double our brand portfolio, with some products in orthopaedics, diabetology and ENT segments where we already have presence and explore segments such as anti-TB, gynaecology, and gastroenterolgy," Mr. Jain said.

The company has already launched 'kondro' for arthritis, 'giro' for dysentry and diarrhoea and 'nimulid DS' for acute pain in April this year.

Panacea is planning to launch another brand extension nimulid injectible, patented by the company, he said adding that company had applied for a global patent for the mouth dissolving delivery system of the medicine. In a bid to strengthen its marketing and trading division, the company recently acquired a pharma marketing firm Radicura & company.

The company recorded a profit of Rs. 25.93 crores over a turnover of Rs. 195.13 crores for the year ended March 31, 2000.

- PTI

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