Chennai, July 31: Medicorp Technologies India Ltd is constructing a formulations factory in Hyderabad to cater to the requirements of overseas drug manufacturers. These formulations will be sold to the UK drug manufacturers who are currently not allowed to do even developmental work on patented drugs.However, once off-patent, they would like the formulations to be stocked immediately without a time delay. Addressing the sixth annual general meeting of shareholders, Chairman KRV Subrahmanian said that the investments were not yet decided upon nor the mode of funding. ``But the board will decide soon and the project is expected to be completed in 18 to 24 months'' he said.
One-third of the current innovator drug sales equivalent to $30 billion is expected to lose patent protection between now and 2005. The company is expecting US FDA inspection by the third quarter of this year after which sales will begin. Three new products Enalapril Maleate, Itraconazole and Clarithromycin are being launched commercially during the current year. US FDA clearance is expected for five products by December 2001.
The company's equity share capital has increased from Rs 11.90 crore to Rs 19.24 crore as on March 30, 2000.
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