Encouraged by its 'record-setting' growth of 67 per cent in the domestic pharmaceutical market last year, pharmaceutical firm Mankind on Monday announced expansion plans into the South India formulations market.
"Our (Mankind Pharma Pvt.Ltd) scorching growth rate of over 60 per cent consistently over the last 10 years is a testimony to the fact that Mankind understands the pulse of formulations marketing like no one else," company MD R C Juneja and its marketing director Rajiv Juneja claimed at a joint press conference in Chennai.
The company, which had entered South India in March 2005 with brands in antibiotics, anti-fungal, NSAIDs and ED segments, was now planning its second division Discovery Mankind - in South India, they said, adding that it was proposed to be launched by August next.
They said the firm was setting up a new manufacturing plant, according to USFDA standards, at Ponta Sahib in Himachal Pradesh and in another year proposed to establish a state-of-the-art R & D facility at Gurgaon, which will set the ground for Mankind to enter the export market with its wide portfolio of formulations and generics.
Initially Mankind would target the semi-regulated markets of South East Asia, South Africa and the Commonwealth of Independent States (CIS), they said.
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