New Delhi: Drug firm Elder Pharmaceuticals on Tuesday said it plans to launch five products, including its top domestic brands such as calcium-loaded ‘Shelcal’, in Europe this fiscal in a bid to increase overseas revenue.
The company will be introducing these products in Europe through its subsidiaries in the UK and Bulgaria.
“In the current financial year five products will be launched in European countries,” Elder Pharmaceuticals director Alok Saxena said in a statement.
Among the five products to be introduced in Europe is the company’s calcium supplement for women, ‘Shelcal’, one of its largest selling pharmaceutical products in India, with annual revenues of around Rs200 crore, he added.
Currently, revenue from foreign markets contributes around 10% to the total revenue of the company and the management aims to take it to 20% by the end of the current fiscal, Saxena added.
“Our subsidiaries in the UK and Bulgaria have a strong marketing and distribution network in Europe, which will help us to increase our penetration in the market,” he said.
Elder Pharma has set a revenue target of Rs1,000 crore for the current financial year and Rs1,200 crore for FY13.
The company plans to launch around 40 products in the pain management, women’s healthcare, neutraceuticals and dermatology areas in the domestic as well international market during the next two years to achieve this target, Saxena added.
For the year ended 31 March 2011, the company posted net sales of Rs959.20 crore.
Shares of Elder Pharmaceuticals were on Tuesday trading at Rs364.20 apiece on the Bombay Stock Exchange in the late afternoon, up 0.14% from their previous close.