Mankind Pharma plans to invest about Rs 300 crore (Rs 3 billion) 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 strategically done with an eye to place the company among 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 the foreign markets. At the same time, we aim to place our self amongst the top three pharmaceutical companies of India.
“Therefore, 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 (Rs 10 billion) from the international market by 2030.
The company, which increasingly focuses on affordable healthcare in India is set to promote same in the US markets, though not compromising on quality, it said.
Mankind has presence in various markets like Sri Lanka, Myanmar, Cambodia, Kenya, Uganda, Zambia and Tanzania.
"With this new presence in the US, Mankind will bring 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 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 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.
The image is used for representational purpose only. Photograph: Denis Balibouse/Reuters