Glenmark charts out new path for growth
Glenmark, one of the top ten Indian drug companies, has unveiled a blue print for next decade growth with new business strategies and focus areas, considering the pressures and transformation happening in the global generic drug scene.
The Rs 9,185 crore turnover Glenmark, one of the pioneering Indian drug companies to take up new drug research as a business, is well-positioned to have 30 percent of revenues from specialty and innovative products by 2025, Glen Saldanha, chairman and managing director told its shareholders.
The company will pursue oncology, dermatology and respiratory as three chosen therapy areas of focus and will straddle the entire value chain of products. The business will revolve around global generic sales, specialty and innovative products, Glen Glen Saldanha said recently at the company's annual general meeting.
The global drugs industry is going through testing times and in advanced markets, prices are under pressure and channel consolidation, besides high regulatory barriers and government control on drug prices. Indian companies will have to shift their priorities to higher barrier generics as well as diversification into areas like specialty brands to tide over the crisis, Lupin's CEO Vinita Gupta had told Business Today in a recent interview.
"We are prepared to transition from being a generics-driven company to one that has an optimal mix of generics, specialty and research driven innovative products", said Saldanha.
Commenting on drug development, he said the company would initiate co-development deals as opposed to the earlier model of selling new drugs under development. The company has about 10 new drugs under development.