Mumbai: GlaxoSmithKline Pharmaceuticals expects reviving vaccines sales to drive growth at 14-15% annually in India, a top official said on Thursday.
“For last few years, we were lagging the market growth rate... in this year, we see sales growth at 14-15%,” Mehernosh Kapadia, senior executive director, told Reuters in a telephone interview.
“Vaccines have contributed 9-10% to our sales in the current year and this will grow to 15 over the next two to three years,” he said.
The firm, a unit of the world’s second-largest drugmaker GlaxoSmithKline Plc, had said in July that sales of vaccines in India had been adversely affected by certain supply constraints.
“The issues regarding supply of vaccines have been resolved and the segment contributed about 34% of total sales in the quarter,” he added.
Apart from vaccines, the drugmaker is also sourcing more and more patented products from its parent company to India in segments like oncology, asthma and dermatology to push India sales, he added.
The firm, in July-September, received approval for two key oncology drugs - Revolade and Votrient.
“We plan to have India-specific pricing for these oncology drugs,” he added.
GlaxoSmithKline is planning to revamp its manufacturing unit at Nashik in Maharashtra by spending about Rs100 crore over three years.
“Apart from this, we would be spending about Rs20-25 crore (200-250 million rupees) as regular capex at Nashik in 2011,” he said.
The company, which follows a January-to-December financial year, expects to maintain operating profit margins at 33-35% in the current year, he added.
Shares of GlaxoSmithKline Pharmaceuticals closed at Rs2,261.85 on Thursday, up 0.05% on the BSE.