Companies

Mankind Pharma plans to open US plant, invest Rs 300 cr

PTI New Delhi | Updated on January 19, 2018 Published on January 21, 2016

Mankind Pharma plans to invest around Rs 300 crore to set up a manufacturing plant in New Jersey, US, as part of its strategy to become a leading player in the world’s largest drug market.

The investment in the US is being done with an eye to place the company among the top three Indian pharma firms in the US, Mankind Pharma today said in a statement.

“We wish to become a multinational pharma company by tapping foreign markets. At the same time, we aim to rank amongst the top three pharmaceutical companies of India. Therefore, the US market will come up with new innovative products which will further distinguish us from others,” Mankind Pharma Chairman and Founder RC Juneja said.

Mankind is expecting to generate a revenue of Rs 1,000 crore from the international market by 2030. The company, which is increasingly focusing on affordable healthcare in India, is set to promote the same in the US markets, though not compromising on quality, it said.

Mankind has a presence in various markets including Sri Lanka, Myanmar, Cambodia, Kenya, Uganda, Zambia and Tanzania.

“With this new presence in the US, Mankind will have a huge impact on the research and production of reasonable generic drugs,” the company said.

Besides, the company is also planning to export its products to the developing markets of Asia and Africa.

Moving ahead, the company is planning to enhance its presence in Russia over the next five years.

Besides, the company is also focusing on chronic segments, nutraceuticals, cosmetology, and newer markets to attract global business.

Mankind Pharma has a strong portfolio of products ranging from pharma to over-the-counter and FMCG brands with an employee base of more than 12,000.

Published on January 21, 2016
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