Hyderabad Granules India Ltd is planning to double its R&D programs as part of its strategy to bring innovative products to market, according to its Chairman and Managing Director, Chigurupati Krishna Prasad.
“We are doubling down on R&D, technology and sustainability. A strong R&D for API and formulation is on the cards, thereby enhancing the scale and quality of our pipeline,’’ Prasad said in his message to the shareholders of the company in its latest annual report.
In the last financial year, Hyderabad–based Granules spent ₹143 crore on R&D activities and set up its state-of-the-art R&D centre, where about 150 scientists are working.
Referring to the growth of the pharma industry in FY22, Krishna Prasad said it has seen a growth of about 10 per cent in FY22 primarily driven by a push from domestic and emerging markets.
“India is rightly said to be the pharma capital of the world with 60 per cent of the world’s vaccines and 20 per cent of generic medicines demand supplied by our country. It is expected that the Indian pharma industry will reach $120 billion by 2030,’’ he said, adding that the promising industry outlook would open ample opportunities for Granules.
Granules was in the process of achieving backward integration by controlling the supply chain for its selected products through innovation, he added.
Over the years, Granules has moved from being an API to a fully integrated pharma manufacturer with a strong presence across the value chain. “Cost leadership and focused innovation continue to remain at the core of our operations,’’ the CMD said.
The company would bring in technology platforms to reimagine manufacturing through innovation. “Harnessing technology and digitisation in chemistry and bio-transformation would strengthen existing business and lead to the creation of new businesses, Prasad said.