Like some of its competitors, India’s Mankind Pharma figures that to grow, it needs manufacturing operations in the U.S. The drugmaker says that is next on its manufacturing agenda.
While the drugmaker last week said it intended to build a pharma plant in New Jersey, it provided no details other than saying in a statement that it intended to invest about Rs 300 crore ($45 million), LiveMint reports.
“We wish to become a multinational pharma company by tapping the foreign markets. At the same time, we aim to place our self amongst the top three pharmaceutical companies of India,” Mankind Pharma chairman and founder R.C. Juneja said in the statement.
The drugmaker has been steadily adding manufacturing capacity and now has about 15 facilities. Last month, the company said it would spend about $30 million to add two more plants in India. That came after it invested about $16 million on an API plant it expected to open in 2015.
Other Indian drugmakers have been finding ways to get manufacturing operations in the U.S. as well. Last year, Cipla got a plant in a Hauppauge, NY, and some products with its $550 million buy of U.S.-based InvaGen Pharmaceuticals while Lupin snapped up GAVIS Pharmaceutical, a New Jersey company founded by Veerappan Subramanian, paying $880 million to nail down its first U.S. manufacturing site and a portfolio of products.
January 26, 2016