The Hindu Business Line : Alembic turns 100; eyes Rs 2,000-cr turnover in 4 years

Celebrating its centenary, the country’s oldest pharmaceutical company, Alembic Ltd, on Monday announced to double its turnover to Rs 2,000 crore in the next four years.

The former President of India, Mr A.P.J. Abdul Kalam, was the chief guest and the Gujarat Chief Minister, Mr Narendra Modi, the guest of honour, at the function organised here on Monday to mark the occasion.

Mr Chirayu R. Amin, Chairman and Managing Director, said, “Alembic is looking at the future with confidence and our next target is to touch Rs 2,000 crore turnover in the next four years.” The company is about to sign a major contract manufacturing agreement worth $30 million with a large pharmaceutical multi-national company for Alembic’s key products, he disclosed, but did not elaborate.

To reach the Rs 2,000-crore mark, Alembic is looking at organic and inorganic opportunities to increase its business. International business is expected to contribute 45 per cent to the total revenue in the next four years from the current 25 per cent. Alembic’s exports are targeted to almost double to Rs 600 crore in the next two years.

Bio technology hub

Speaking on the occasion, Mr Modi emphasised that efforts be made to make available cheaper medicines to the poor. He also announced setting up of a bio technology park in Vadodara and make the city emerge as a bio-technology hub in India. He lauded the efforts made by the founders of Alembic to establish the company during the difficult days of the British Raj.

Alembic has an USFDA-approved API manufacturing facility at Panelav near Vadodara. The company recently bought an API manufacturing facility of Nirayu Pvt Ltd in Gujarat, which will further strengthen its API (bulk drug) portfolio. The company’s formulation facility at Panelav has also been successfully inspected by USFDA and a formal approval is expected shortly.

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