Sets up manufacturing plant in US with focus on various segments
Mankind Pharm has announced its entry into US market with an investment of approx. Rs 300 crores. The investment in US is strategically done with an eye to place itself among the top three pharmaceutical companies of India and to become a multinational player. Furthermore, the company is also focusing on chronic segments, nutraceuticals, cosmetology and newer markets to attract global business.
Mankind is expecting to generate a revenue of Rs 1000 crores from the international market by 2030. With this new presence in US market, Mankind will bring a huge impact on the research and production of reasonable generic drugs. Further, it wants to prove its potential to be part of the solution for universal access to healthcare and manufacturing of patented drugs which will strengthen the global industry. In the US market, Mankind is keen to focus on New Jersey.
Commenting on same RC Juneja, Chairman and Founder, Mankind Pharma said that “We wish to become a multinational pharma company by tapping the foreign markets. At the same time, we aim to place our self-amongst the top three pharmaceutical companies of India. Therefore, US market will come up with new innovative products which will further distinguish us from others. These will also help in expanding our product portfolio and manufacture cheaper products making us more competitive.”
Apart from this Mankind is also planning to export its products to developing markets of Asia and Africa. Reportedly, moving ahead, the company is also planning to enhance its presence in the Russia in the next five years while expecting generation of 10,000 million from the international market by 2030.