After raising his share in the domestic pharmaceutical market from 3.4 per cent to 4.4 per cent with the acquisition of Sarabhai Piramal Pharmaceuticals Pvt Ltd, Nicholas Piramal India Ltd Chairman Ajay Piramal now has his sights trained on the top spot.

"We are now aiming to become the largest player in the market," Piramal told Business Standard, though he refused to give a time within which he wants to achieve his objective.

At the moment, Piramal is third in the pecking order after market leader GlaxoSmithKline, which has a 5.7 per cent share and Ranbaxy, with a 4.7 per cent share.

Piramal also indicated that the growth in marketshare could come through acquisitions.

"There is going to be a consolidation in the market with many mid-sized companies will be taken over by the bigger players," he said.

The takeover tycoon of the Indian pharmaceutical industry said he would target companies with a turnover of around Rs 200 crore (Rs 2 billion).

Piramal added that he expected the valuation of such companies to fall sharply as the new patent regime comes into force from January 1, 2005.

When asked what would drive his acquisitions in the future, Piramal said it would be the position of the target company in the branded formulations market and not its field force.

The acquisition of Sarabhai Piramal Pharmaceuticals Pvt Ltd has raised the field force of Nicholas Piramal India Ltd to 2,805 from 2,010.

Now that Sarabhai Piramal Pharmaceuticals Ltd has become a 100 per cent subsidiary, it would be merged into Nicholas Piramal India Ltd, Piramal added.

Nicholas Piramal India Ltd has one of the widest product portfolios in India, spanning nine therapeutic areas including cardiovascular, neuro-psychiatry, oncology, diabetes, respiratory, anti-infectives, gastro-intestinals, dermatology and NSAIDS.

The company has specialist field forces for the important therapeutic areas that cover more than 75 per cent of all key doctor segments.

The Rs 69.3 crore (Rs 693 million) acquisition of Sarabhai Piramal Pharmaceuticals Pvt Ltd has given a substantial boost to Piramal's share in segments like pain management, central nervous system, respiratory and hormonal.