The Hindu Business Line : Wockhardt targets $1-b revenue by 2009

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Mumbai Feb. 23 Drug-maker Wockhardt Ltd has chalked out a strategy to clock consolidated revenues of $1 billion by 2009, the Wockhardt Chairman, Mr Habil Khorakiwala, told investors. Last August, the company had management guru, Mr C.K. Prahalad, over at Wockhardt for a couple of days to assist in charting the strategy.

Sales of about $300 million will come from inorganic growth, or the companies acquired by the company. At present about $86 million comes from acquired companies, he said. He reiterated the company's appetite for acquisitions, as the company was sitting on $250 million. In the domestic market, the look-out is for brands in specific therapeutic areas, while the international acquisition targets market access, he said.

Regulatory Environment

The company's growth in the international markets will be driven by Europe and the US, he said. With Europe having a regulatory environment in place for bio-similar products, the focus will be on insulin. Among other things, the company is also bullish on the pen delivery-mechanism for insulin that it has developed.

On the company's insulin injection that had to be withdrawn from the domestic market late last year, he said that Wockhardt had started manufacturing the product at Aurangabad and it will be in the market in about four weeks.

The company is also looking at investing Rs 400 crore in capacity expansion. The money could be invested in new capacities to meet international requirements, he said. It's Special Economic Zone at Aurangabad, where the company has committed about Rs 1,000 crore over five years, is not going to see significant investment this year he said.

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