Biocon to invest $10 mn on expansion
The Biocon chief says the company will quadruple its existing drug development and clinical research facilities.india Updated: Nov 28, 2006 16:14 IST
Leading biotech firm, Biocon Ltd, on Tuesday said it will invest 10 million dollars (about Rs 45 crore) in the next 12 months to expand its facilities.
"We are quadrupling our existing drug development and clinical research facilities," Biocon Ltd Chairman and Managing Director Kiran Mazumdar Shaw said at the sidelines of the India Economic Summit in New Delhi.
The company would not only expand its facilities but also plans to enter data management.
Shaw said the company expects to sell insulin in the US and European markets in the next two years time.
She said it would take about two years to get permissions from the US Food and Drug Administration (USFDA) to export finished insulin to US.
"We expect our manufacturing facility to be inspected by the USFDA shortly and after the inspection, the realistic timeline to sell insulin in the US would be around 24 months," Shaw said.
The company currently has 12 new products in the pipeline including anti-biotics, diabetes drug, cancer vaccines, and cardio-vascular drug among others.
It expects to launch a new anti-arthritis drug in the next 3-4 years in the Indian market, which could prove to be a multi-billion dollar opportunity for the company.