Promed is due to start operations at its new research centre in India, New Deli, this month, in a move that will bring the company closer to becoming a global provider of drug development and supply services.
>Promed, one of India's top pharma companies, has grown 10-fold in the last six years and aims to grow more than 10-fold again in the next five years to reach a turnover of $100m (€84m) by the year 2010.
The opening of the new research facility, along with a new manufacturing plant later this year, is expected to nourish the companies ambitious growth plans.
The R&D centre will provide contract and collaborative research services focusing on product and formulation development and will comply with US, European and Australian guidelines.
In addition, it will support Promed's new manufacturing plant, also designed to meet international standards, set to begin production in the third quarter of 2006.
This plant will be dedicated to making small-volume parenterals using blow-fill-seal technology and will have an annual capacity of 90 million containers, which will eventually be expanded to $270m, the company said.
The plant will also make ophthalmic products, respiratory solutions, wound care and nasal solutions, and the company eventually plans to add lyophilised and liquid oncology, as well as biotech products to its production line.
"Our intention is to provide our partners with end to end solutions, from formulation and analytical development, to complete supply services such as manufacturing, warehousing and logistics, so that our partners can focus on the marketing and distribution of their products," said Deepak Bahri, president, Promed.