Mumbai, Jun 26 (PTI) Unichem Laboratories today said it will continue to focus on expansion of the product portfolio and increasing market penetration in both domestic and international markets. Also Read - Nia Sharma Breaks Internet With Her Bikini Pictures From Goa; Six Tips to Achieve That Stunning Bikini Body

The pharma firm will invest in plant expansion, R&D facilities and modernisation, a top company executive said. Also Read - US Announces Reward of up to USD 5 Million For Information About 26/11 Mastermind

“We will continue to make significant investments in state-of-the-art R&D centre and various R&D projects. Going forward, the focus remains on expansion of the company’s product portfolio and increasing market penetration in both domestic and international markets,” Unichem Labs Chairman and Managing Director Prakash A Mody said. Also Read - Trump Skips G20 Summit on Pandemic Preparedness, Later Spotted at His Golf Course: Report

In his statement in the company’s annual report, Mody said, “We continue to invest in plant expansion, modernisation and R&D facilities through our judicious capex programme. We spent over Rs 140 crore in financial year 2016-2017, which was funded through our internal accruals.

“We look forward to continuing our capex spend in order to modernise and expand our plants. In the domestic formulations business, during FY17, we have seen consistent improvement in performance – having reported a growth of 14.50 per cent as against Indian Pharma Market’s (IPM) growth of 10.30 per cent.”

Going forward, the company will remain focused on improving its market share in key therapeutic areas, improving productivity and also launch newer brands in the market, he said.

The drugmaker will invest in growing therapies by way of in-licensing deals and by creating its own brands, Mody said, adding the external regulatory environment for doing business in the US market posed various challenges; one of them being the stringent cGMP standards.

During FY17, the company’s formulation plants at Ghaziabad and Goa underwent successful inspections by the American health regulator USFDA, Mody said.

These plants are servicing the US market with the highest level of compliance to standards and good delivery record. US formulation business has been the driver for improvement in our International business, he added.

“Last year, Unichem filed its maiden First to File (FTF) Abbreviated New Drug Application (ANDA) and also filed five ANDAs, taking the total to 39. Our focus on R&D remains critical to trigger further ANDA and DMF filings.” To combat diseases like gastric ulcer, indigestion and gastro-intestinal diseases, Unichem has developed fast-acting and effective solutions, the CMD said.

The flagship brand of Unichem – Unienzyme – was recently launched in the OTC space to gain market share in the growing GI segment. The true value of the brand will be unlocked in the near future, Mody added.

This is published unedited from the PTI feed.