Glenmark looks to file up to 25 product applications annually
New Delhi: Glenmark Pharmaceuticals plans to file close to 25 product applications annually over the next five years, the company's chairman has said.
The Mumbai-based firm also expects to launch nearly 20 products annually.
"We expect to file 20-25 abbreviated new drug applications (ANDAs) each year over the next five years and launch 10-20 products annually," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said in the company's annual report for 2016-17.
While acknowledging strict regulatory environment, he added that the company's pipeline of specialty products, to be rolled out over the next 3-4 years, is expected to act as a defense against generic price erosion and increase in competition, and boost profitable growth.
"Barring unforeseen circumstances, we are well-positioned to deliver on our strategy such that by 2025, specialty and innovative products will comprise 30 percent of our revenues," Saldanha said.
He added that over the next three years, generics will continue to fuel the company's growth.
"After that, we expect the unlocking of revenues from the specialty and innovation business. Thus, the next few years will see consistent revenues and profitability without the need for inorganic growth through acquisitions," Saldanha said.
The strategy, according to the drug firm, diversifies risks and envisages systematic unlocking of high-growth and profitable new revenue streams across the entirety of the pharmaceutical value chain.
It has been devised with a view to delivering on goals in a riskier, more uncertain world, Saldanha said.
"With this blueprint as our guide, we are prepared to transition from being a generics-driven organization to one that has an optimal mix of generics, specialty, and research-driven innovative products," he added.
The company, however, plans to remain tightly focused on three key therapy areas: oncology, respiratory and dermatology.
For the fiscal ended March 2017, the company posted consolidated revenues of Rs 9,185.68 crore while net profit stood at Rs 915.92 crore.
The company has 16 manufacturing facilities across four continents and employs nearly 13,000 people globally.