NEW DELHI: Drug firm Wockhardt plans to launch 12-15 products in the US market this fiscal and also increase its reach in the European market. "The company received 7 abbreviated new drug applications (ANDA) approvals this year. The company has plans to launch 12-15 products in the US market during the financial year 2011-12," Wockhardt said in the Annual Report for 2010-11.
Currently, the company markets over 60 products in the US, it added.
"In US, we have an excellent range of existing products and expect to add a number of new products in the coming year," the report said.
The company, however, did not specify the details of the products that it would launch this fiscal. When contacted, Wockhardt spokesperson also did not elaborate.
As per the report, the company's sales during 2010-11 exceeded USD 225 million for the first time in the US.
Apart from more product launches in the US, Wockhardt also plans to spread its reach to the entire European region.
"In Europe, in addition to the geographies where we currently have operations, we will be reaching out to the entire Europe with our products portfolio and manufacturing capacity through our B2B model," it said.
The Mumbai-based firm has plans to launch nine new products in the UK in this fiscal.
"The company is well recognised in the UK healthcare system with a strong hospital business and is the largest Indian pharma company in UK. It plans to launch nine products in 2011-12," the report said.
In the domestic market, the company plans to enter new therapies and is developing task forces to gain market traction and expand the product portfolio.
Further, the company is looking to enhance its workforce to drive growth in India as well as in other regulated markets. "The management has developed expansion plan in manufacturing facilities for key products in regulated and Indian markets to ensure uninterrupted product supply," the report said.
In March, Wockhardt got relief from the Bombay High Court, which stayed the admission of a winding up petition filed against it by its foreign currency convertible bonds (FCCB) holders. It had undertaken a corporate restructure programme to recast Rs 3,700 crore debt in 2009.
Under the Corporate Debt Restructuring (CDR) programme, Wockhardt had offered to settle repayment of USD 110 million FCCBs, issued by it in 2004, at a discount.
A group of bond holders led by QVT, which had subscribed to 41 per cent of the FCCB, had refused to take the offer and moved court.