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June 9, 2001
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Money > Business Headlines > Report June 9, 2001 |
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Wockhardt to offer ESOP to 175 officersBS Corporate Bureau Pharmaceutical major Wockhardt will be introducing an employee stock option plan (ESOP) soon. The company has already constituted a committee comprising board members for working out the details. The company got shareholders' approval for the scheme at its annual general meeting on Saturday. Habil Khorakiwala, chairman and managing director, Wockhardt, said that 175 senior and top management officials will be eligible for the ESOP in the first phase. The board also passed a resolution to make research and development (R&D) the main object of the company. Khorakiwala said, "R&D activities will be one of our main activities because it is the thrust of our business. We invest nearly 7.2 per cent of sales in R&D, which is amongst the highest in India." On Chinese pharmaceutical products, he said, "There is pressure definitely, as far as China is concerned. It has been both a blessing and a curse. In India, manufacturing costs have reduced due to these products but in international markets, we are competing on a few products." Khorakiwala said that 20 per cent of their domestic sales is covered by the Drug Price Control Order (DPCO). "Once the DPCO regulations come through, it will have a positive impact as our price realisations will be better. They are also looking at encouraging high standards for manufacturing facilities, which will be good for us if we consider our good manufacturing practices facilities." Khorakiwala projected a sale of Rs 50 million for its brand Epox, erythropoietin. The company also expects to double its sales of Biovac-B, a hepatitis B vaccine, by this year. The company also has in the pipeline five-six new recombinant bio-pharmaceutical products which will be launched in the next three years. Wockhard is confident of completing at least six alliances in international markets by the end of the current year. Khorakiwala was particularly confident on the European markets. He said, "With Europe now having a common currency, it has become much easier to market our products. Earlier, the market was very fragmented as we had to deal with different currencies." Powered by YOU MAY ALSO WANT TO READ:
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