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Balaxi Pharmaceuticals Ltd is in the process of setting up a wholly-owned subsidiary in China to step up sourcing.
The proposed arm, to be set up by the Hyderabad-based Balaxi, will facilitate and manage its sourcing from reputed manufacturers within China, its Chairman and Managing Director ,Ashish Maheshwari, told BusinessLine . The company is not a manufacturer on its own but procures products from WHO GMP-certified contract manufacturers based in India, China and Portugal. The Chinese arm is expected to be fully functional by the end of November.
‘No negativity’
Asked about the perception of Indian companies in Chinese market in the present geo-political situation, Maheshwari said: “There is absolutely no negativity and Chinese firms are very much willing for business with their Indian counterparts.”
Balaxi Pharmaceuticals is engaged in supplying branded and generic medicines through its distribution network across Angola, Guatemala and the Dominican Republic.
Balaxi is present in the ancillary business and building branded consumer products that complements the pharmaceutical business and provides operating leverage on the back of a well-established on-ground infrastructure and channel relationships.
“We have 548 pharmaceutical product registrations spanning five countries and 582 product registrations in the pipeline,” Maheshwari said. The company has its own expert regulatory team to monitor the registration process at every stage.
It aims to double its pharmaceutical product registrations over the next two years.
Balaxi generated 77 per cent of the pharmaceutical revenue from Angola followed by the Dominican Republic and Guatemala in the first half ended September 30, 2020.
It is also in the process of forming a wholly-owned subsidiary in the Central African Republic. “We plan to begin with pharmaceutical business in the region through well-built on-ground infrastructure in terms of warehouses, fleet of vehicles and personnel,’’ the MD said.
For the first half ended September 30, 2020, Balaxi reported revenue of ₹1,124 million with a proft after tax of ₹188 million. The comparable figures are not available as the company started consolidation of its business from the beginning of the current fiscal, according to Maheshwari.
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