Financial Daily from THE HINDU group of publications
Monday, Jun 02, 2003
Financial Daily from THE HINDU group of publications Monday, Jun 02, 2003 |
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Corporate
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Outlook Ranbaxy to fly with `Vision Garuda' to scale new peak P.T. Jyothi Datta
NEW DELHI, June 1 ALL set to scale new frontiers of science on the wings of its "Vision Garuda" - home-grown pharmaceutical major Ranbaxy Laboratories Ltd has commenced the roll-out of its "Vision for 2012", a master plan to achieve significant business in proprietary products by 2012. "Vision Garuda" or `Galvanise Aspirations for Ranbaxy's Unceasing growth in the Decade Ahead' seeks to "harness the power of one" to achieve its mission for 2012. Pharmaceutical industry sources told Business Line that the game plan was a melting pot of ideas that resulted from brainstorming sessions between Ranbaxians, healthcare professionals, McKinsey and another couple of consultants from the US. Ranbaxy officials are, however, tight-lipped on what exactly Vision Garuda envisages. Meanwhile, the company has begun rolling out its 10-year vision to its employees starting April 2003 and the exercise is expected to be completed in three months, according to sources. While precise details are still under wraps, Vision Garuda is believed to entail a strategy to help the company sustain its growth and help it achieve its mission to be an "international research-based pharmaceutical company" - with an emphasis on research into Novel Drug Delivery Systems and Drug Delivery Research. In-licensing and out-licensing with other pharmaceutical entities, expansion of manufacturing facilities in India and at strategic overseas locations, revamping of organisational structures to cater to the wider and more dispersed span of operations are on the cards. Global licensing, one of the propellants for Ranbaxy's growth in future saw the company enter into an in-licensing agreement with South Africa's Meyer Zall for its dermatological product, Exorex/ Linotar. The product will be marketed in India by Ranbaxy's division, Croslands. Ranbaxy had also entered into an exclusive licensing agreement with K.S. Biomedix Ltd, a UK-based bio-pharmaceutical company for marketing TransMID, a novel bio-pharmaceutical product for the treatment of brain cancer. Ranbaxy will obtain exclusive marketing rights for TransMID in India. Streamlining and standardisation of business processes throughout the global organisation are some of the other areas on "top priority" for the company's management, as it charts the course for 8,000-odd Ranbaxians. Another significant milestone for the company this year, is that its financial statements are US-GAAP (Generally Accepted Accounting Principles) compliant - an initiative that works as confidence booster for foreign investors interested in the domestic drug major. Meanwhile, the company is within striking distance of clocking its "Billion-dollar Vision" that it had set for itself in 2004, according to Ranbaxy's CEO and MD, Mr D.S. Brar's statement in the company's annual report.
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