New Delhi: Drug firm Alkem Laboratories is looking to tap domestic as well as international markets for growth going forward, the company has said.
In the domestic market, the company plans to consolidate presence in the segments it is in and is aiming to build base in the emerging therapy areas and OTC segment.
“The company would look to consolidate its market leading position in its established therapy areas of anti-infectives, gastro-intestinal, pain management and vitamins, minerals & nutrients,” Alkem Laboratories said in its Annual Report of 2016-2017 financial year.
The Mumbai-based firm said it would also look at building base in the emerging therapy areas of cardiac, anti-diabetes, CNS and derma (skin) by leveraging on its core strengths.
“The company would expand its product offerings by launching innovative and differentiated products through indigenous R&D and in-licensing opportunities,” Alkem Laboratories said.
About the over-the-counter segment, the company would further invest to build its OTC portfolio through new product offerings and media spends, it added.
In the international markets, Alkem Labs is looking forward to the US market as one of the key growth drivers for the company. In the fiscal year 2017, its US business delivered sales of USD 181 million.
“Aided by a healthy pipeline of 91 Abbreviated New Drug Application (ANDA) filings, own front end and supply chain in the US and cGMP compliant manufacturing facilities, the company looks to capitalise in the world’s largest pharmaceutical market,” the report said.
Continued investments in R&D and accelerated ANDA filings along with timely new product launches would be the key growth drivers in the US, it added.
In-licensing opportunities and strategic alliances and partnerships to enhance capabilities and product portfolio in the US pharmaceutical market are also being explored, the report said.
Alkem currently has presence in over 50 international markets with its key markets being Australia, Philippines, Chile and Kazakhstan.
The company is focusing on key select international markets rather than spreading itself thin over too many markets, the report said.
The drug maker plans to grow operations by creating strong local presence and offering differentiated products, it added.
“Expansion through strategic acquisitions and partnership agreements for product out-licensing and in-licensing would also be an enabler for the company in these markets,” the report said.
Established in 1973, Alkem Laboratories has a portfolio of over 700 brands covering all major therapeutic segments. It has 16 manufacturing facilities, 14 being in India and two in the United States.