Chennai: Leading pharmaceutical company, ABL Biotechologies Wednesday announced that it would venture into the production of veterinary medicines.
The entry into veterinary medicine would be a milestone in the company’s growth, its Chairman K.O. Isaac told reporters here .
Detailing the company’s business plans for the current fiscal, he said it would add to the number of its production sites from nine to 12 and the process was on to identify the locations.
It would explore procuring manufacturing sites in special economic zones to boost export of medicines. It would also venture into exports of formulations as the market was “very bright”.
It also proposed to offer innovative products for new therapeutic segments, he said.
He said pharmaceutical industry was facing lot of problems like the levying of excess duty on the maximum retail price, which has hiked the cost of medicines.
The company also could not leverage on the Excise Free Zones (EFZ) due to logistical problems. Setting of EFZs in states like Himachal Pradesh, Uttranchal and Jammu and Kashmir has not helped the pharma industry as it does not have a presence in these states, he said.