Pharmaceutical major Ranbaxy Laboratories is chalking out plans for overseas acquisitions to grow its business, despite its recent setbacks in the United States where it agreed to pay hefty fine linked to regulatory violations.
“Our focus is now to develop business via local, global acquisitions and forming alliances,” said Arun Sawhney, CEO and MD, Ranbaxy. “Future growth will be driven by the bunch of new markets we are looking at.”
The company is exploring Canada, Mexico, Brazil, Poland, Romania, Nigeria, Morocco, Egypt and New Zealand among others for expansion. “We are looking for right partners and we will be bold, irrespective of size of deal or money involved,” Sawhney said.
Each country will have a different focus area, and Ranbaxy is developing a slew of products towards this.
To tap the new markets, he said, “We may shift the proportion of business with slightly higher share of drugs under chronic therapeutic segment. This will include cardiovascular, urology and dermatology drugs.” For India, acute therapeutics including anti-infection drugs are the focus.
Ranbaxy is looking to move on after recent issues in the US, where it has pleaded guilty to felony charges for manufacturing norms violation and is to pay $500 million in fines.