Mumbai, Sept 14: IPCA Laboratories has appointed Mehta and Partners as consultants to advice the company on its operations in the US. Ipca managing director Prem Chand Godha who chaired the 50th annual general meeting, in the absence of the chairman Ajitabh Bachchan, told shareholders that the company is looking at a growth rate of at least 15-16 per cent in the current fiscal which is the international benchmark for the pharma industry.
Ipca has already received approval from the US authorities for two bulk drugs and Mr Godha said that the company was targeting an export turnover of Rs 215 crore in the current financial year. The overall turnover of the company is expected to be in the region of Rs 425 crore, he added. Mr Godha said that the company will have a portfolio of products which are off patent for the US markets.
Ipca is also cashing in on the infotech wave, Mr Godha said. Ipca's 100 per cent subsidiary, CCPL Software Private Ltd, he said, is concentrating on developing software for patient education, imaging and software which will help in maintaining records for patients and doctors.
This software is being marketed internationally and domestically and Ipca has invested Rs 1.31 crore in its software venture, Godha said. He also ruled out any speculation on mergers or collaboration. Godha said the company was not conducting any research and development activity to develop new chemical entities. The company has, however, patented the processes it has developed. The company will focus on its human resources and plans to spend substantially on recruitment and training activities. Ipca has registered a "better than ever" performance in the current quarter and Godha assured shareholders that the board would take into account their demand for a bonus or at least a millennium dividend.
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