Troubled pharma player Wockhardt sees huge opportunity in off-patent medicines over the next few years. The US remains the world's largest pharmaceuticals market currently, valued at over $300 billion. Over the next few years, patents on several blockbusters will expire and sale of over $140 billion are expected to face generic competition in the major developed markets. The US carves out almost two-thirds of this value and provides huge opportunity for off-patent medicines.
The investment in R&D and abbreviated new drug applications (ANDA) filing will give the company unique advantage in the US market. The leading Indian drugmaker had invested Rs 150 crore in R&D in FY11. Wockhardt's 40-50 products in the US and Europe is expected to be approved in the next 18 months and many more products are underdevelopment and awaiting filing in the coming years. The company had filed additional 150 global patent applications last year alone. The cash-strapped firm is seeking alliances with partners in overseas market for its new products. The company's European operations retained market share and improved profitability despite a tough environment. In the domestic market, the company has introduced 43 products and also increased its coverage to customers significantly during the year, including semi-urban and rural markets. It is energising its domestic operations for achieving faster growth by covering newer therapeutic segments and a combination of specialists and extensive coverage of general physicians.
Further, the company has divested its nutrition business for Rs 1,280 crore last year, which will be used to reduce a significant part of debt. Following this, in the current fiscal, the company expects to bring substantially down its debt to equity ratio. The sale of Wockhardt's nutrition business to French food giant Danone got stuck at the Bombay High Court last week after the secured and unsecured lenders failed to arrive at a conclusion on how the money from the deal will be distributed. The court will hear the case again on September 21.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1857.55 |
| Dr. Reddys Lab | 1389.20 |
| Cipla | 1509.00 |
| Lupin | 2213.20 |
| Zydus Lifesciences | 978.20 |
| View more.. | |
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