Glenmark Pharmaceuticals Ltd has set up a wholly-owned subsidiary in the US to step up presence for the company's formulations and Active Pharmaceuticals Ingredients in that market.
"The subsidiary, headed by Jeffrey Weiss, will forge commercial alliances to grow Glenmark's presence in the large US market. However, none of the partners will hold equity stake in the company," GPL managing director Glenn Saldanha told reporters in Mumbai on Thursday.
The subsidiary would help in filing Abbreviated New Drug Applications and market finished formulations in US, Saldanha said.
GPL would file application for bulk drug with US drug authorities in the second quarter of current fiscal. It is also working to get US Food and Drug Administration certification for Ankleshwar plant in Gujarat, he said.
On the company's exports in 2002-03, he said they are likely to be in the region of Rs 45-50 crore (Rs 450-500 million) and with the thrust on global markets, exports are expected to grow substantially in the next three years.
The domestic market has been facing price pressure and uncertainty about VAT implementation affected business in March 2003, he said adding the market is expected to stabilize and show 5-6 per cent growth in the next fiscal.
Weiss said the entity would act as a front end for Glenmark's global business.