Promed ranks fourth largest Indian company in Russia
Thursday, June 24, 2004 08:00 IST Our Bureau, New Delhi
Promed, a leading drug exporter to CIS countries, is at present ranks forth among the Indian pharmaceutical companies who have a presence in Russian market. The company, which stands 60th when compared with all pharmaceutical companies, including multinational drug majors, who are into the Russian market is aiming to be among the top 30 players in Russia in a year's time.
The current turnover of the company is USD 8 million and it is striving to increase it to USD 75 million by 2010.
This 14-year-old company specializing on export of ophthalmic preparations, antibiotics and anti-TB drugs to Russia and other CIS countries, is having joint ventures with Russian manufacturers. "This helps us in participating in government tenders. Last year we had won two major tenders to supply anti-TB drugs to the Russian government," Deepak Bahri, President. Promed said.
Promed is also planning to enter the herbal medicine market in a big way. Bahri informed that they have 10 herbal products that are under various stages of development. "Our first herbal product is to come out by year end. Our herbal medicines would be marketed as drugs and not as nutraceuticals. We are working on developing herbal drugs based on classic ayurvedic formulations for mostly lifestyle diseases like diabetics, cardiovascular diseases, arthritis etc." he explained.
The company, which is planning to enter the domestic market with its ophthalmic products by next year. According to Bahri, the company has engaged a consultancy to prepare a global penetration plan for them. "We should be in a position to enter highly regulated markets like the US and UK by 2008".