The Hindu Business Line : Glenmark Labs plans to enter Australia, NZ, Brazil

The company has filed six product dossiers for registration with the Australian regulatory authority, one dossier with New Zealand, and 11 dossiers with the Brazilian authorities besides two with the UK regulators.

Mr Mark Saldanha, Managing Director and CEO of the company, told Business Line that some of these products are prescription driven while the others are over-the-counter (OTC) drugs. "These product dossiers cover the cardiovascular, antibiotic and pain management segment," he said.

Glenmark is planning to tap these markets by entering into marketing alliances. "The arrangements will be product-specific," said Mr Saldanha.

Elaborating on the Australian market, he said that since the market is a regulated and difficult one, the competition is relatively low.

According to market analysts, "The margins derived from this market are healthy. Hence other companies such as Ranbaxy are also looking at this region."

Meanwhile, the company recently sold 16 per cent of its equity to UK-based Springhill Bioventure Fund and UTI Venture Fund through the private placement route for around $5 million. While Springhill has 11 per cent stake in the company, UTI Venture Fund has acquired the remaining 5 per cent.

A part of these proceeds would be used to service the four long-term agreements worth $15 million entered by it with three companies in Europe and one in Australia. The company will export formulations in the cardiovascular, anti-diabetic and OTC segments.

The company will increase the production capacity of its plant in Goa as well as make investments in research and development (R&D) of formulations. Mr Saldanha said that money might be raised through a second round of private placement to fund an acquisition in the country.

"We are looking at acquiring an API (active pharmaceutical ingredient) plant. We have already started negotiations and hope to conclude a deal by the end of the current financial year," he added without divulging any names.

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