New Delhi, Nov 12: In a major business strategy shift, the Rs 400-crore Morepen Laboratories Ltd has decided to focus on formulation segment with as many as 66 new drugs to be launched over the next three years.The company will focus on specialised drugs for gastroenterology, respiratory tract infection, dermatology, cardiac, chest and psychiatry diseases.
The company is more than doubling its marketing team from 150 employees to 325 employees to improve its penetration in the domestic market and handle new products. "Our current business model is based on international market for generic products. We want to balance it by making inroads into the domestic market with formulation products," Morepen's new chairman and managing director (CMD) Sushil Suri told The Financial Express.
Mr Suri, who took over as CMD two weeks ago following sudden death of his 38-year old elder brother Mr KB Suri, said the company's product profile was being augmented by shifting focus from general physician drugs to specialised drugs. Morepen currently has 32 formulation products in the market."Our long term strategy is to move towards formulation and over-the-counter (OTC) products," he said.
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