"This will create more employment opportunities in the state specifically in the field of marketing," said R C Juneja, managing director, Mankind Pharma.
Sharing the company's vision for future growth Juneja said, "We are setting up two new facilities for manufacturing and research operations and also looking at entering the contract research segment," he said.
"The company's upcoming plant is coming at Poanta Sahib in Himachal Pradesh is spread across 12 acres. The plant is expected to be fully operational by June 2006 with installed capacity of around 30 million ampoules and 30 million vials a year," he added.
The company also plans to set up a research and development facility in the NCR region in about one year. The facility would have capabilities in formulation development, new drug delivery systems, bio-equivalent studies, contract research and new drug discovery.
"We are inducing an investment of about 70 crore in this initiative," Juneja said, adding, "we are looking at entering the export market within next three months. To begin with we would foray into Sri Lanka, Nepal, Bangladesh, Bhutan and Myanmar. The aim is to generate sales revenue of at least 8 crore in the first year of operations."
With a sales turnover of Rs 350 crore in 2005 year, Mankind Pharma holds 21st position in the domestic pharmaceutical business.
"We are aiming to become one of the top five players in the market, Juneja said, adding that the company expects to reach the Rs 500 crore sales mark during 2006-07.