Glenmark Pharma draws up capex of USD 300 mn over next 3 years

Mumbai : Pharma major Glenmark Pharmaceuticals said it has chalked out USD 300 million capital expenditure plans over the next three years.

"We will be spending USD 100 million each over the three years period towards capital expenditure plans for our growth in expanding existing units and increasing our footprints in the global market to achieve growth," Glenmark Pharma Chairman and Managing Director Glenn Saldanha told reporters here.

"The company is spending 9-10 per cent on research and development and now looking at spending 11 per cent of sales in the coming years. The firm is also looking at CAGR of 15-20 per cent topline growth over the next 5 years period," Saldanha added.

"The firm now focuses on innovative new molecular entities (NME), filing as many as nine new drug application (NDA)/biologic license application (BLAs) in the next 10 years and targeting 30 percent of total revenues from speciality and innovation segments over the next decade", informed the Chairman.

"Based on the power of the pipeline, Glenmark expects to file 20-25 ANDAs and launch 20 generic products annually in the US", Saldanha added.

Announcing its "Strategic Blueprint to Transition into an Innovation-led Global Pharmaceutical Organization over the next decade", Saldanha said the blueprint conveys the company's greater business alignment expanding generics to prioritising research and development efforts in three key therapeutic areas oncology, respiratory and dermatology.

"The strategic blueprint also outlines aggressive plans to increase Glenmark's presence worldwide by strengthening focus on complex generics including injectables, expanding its manufacturing footprint growing from two formulation facilities to 17," he said.

"Currently, the company has over 110 Abbreviated New Drug Application (ANDAs) approved and an additional 135 products in regulatory review or in development in the US", the CMD added.

Glenmark along with its subsidiaries operate 17 manufacturing facilities across four countries and has five research and development centers.