Lupin Laboratories, India’s fifth largest medicine company by market capitalisation, is planning a major expansion of its formulations business in a bid to capture untapped markets in the country.
The company, which has recently launched its cancer care and diabetes care businesses, plans to expand into new areas in neurology and cardiology as focus areas for its India formulations business.
The India formulations division prepares and markets generic or cheap drugs for the Indian markets. “We have the facilities that can be used to expand our portfolios into areas such as cardiology and diabetes,” said SP Chakraborty, president, Lupin Laboratories.
Chakraborty also sees major potential in the cancer care or oncology business going forward. Lupin has launched its oncology business last quarter in a bid to enter the Rs 800 crore market.
These expansion plans come encouraged from the success of Lupin’s diabetes care division that has reached the top ten in terms of sales in India’s highly competitive diabetes care market within six months of its launch.
Lupin has started a division called Pinnacle and tied up with the Boston, US-based Joslin Institute to bring in a series of lectures on diabetes care for doctors. The program is scheduled to run later this month in Mumbai. Information on the third International Symposium on Diabetes can be found on www.epinnacle.com.
Lupin’s domestic formulation business reflected a healthy growth of 26 per cent with sales of Rs. 238.1 crore for the quarter ending December 07. The life-style disease management segments like cardio-vasculars, anti-asthama, anti-diabetes, etc. reflected a growth of over 35 per cent.