Arvind Remedies is gearing up to join the big pharma league, and has put in place a plan that involves a new plant, subsidiary and marketing strategy—all aimed at cracking the U.S market.
The Chennai-based pharma firm has set up Rs. 250-crore manufacturing facility near here. The plant, which went operational recently, will primarily produce medicines for exports to regulated markets such as the U.S, European Union, the U.K and Australia.
According to Managing Director and CEO B. Arvind Shah, the company has started the testing and development of cardiac and analgesic drugs (generic) at the plant.
“We will seek USFDA approval in around six months. A U.S team is expected to come to our plant in August as well. Our strategy is simple… nearly 93 billion patents are expected to expire in the next five years. We aim to tap into that space, and use it as the forefront of our U.S. strategy,” said Mr. Shah, while addressing reporters here on Tuesday.
The pharma firm has also set up a wholly-owned subsidiary in the U.S.—Arvind Remedies LLC— which is based out of New Jersey. While it plans to market its drugs in the U.S., it is also looking to get into contract manufacturing for other U.S pharma firms.
“We have also partnered with Vensun Pharma in a marketing tie-up which will help us. With our new plans we hope our business mix will significantly swing in favour of the regulated markets in the next few years,” he said.
As obtaining US FDA clearance will take another two years, Arvind Remedies plans to use the new plant for its existing markets.
Last year, the publicly-listed firm clocked a turnover of Rs. 704 crore with a net profit of Rs. 41 crore.