Chennai-based pharmaceuticals company Arvind Remedies has set up a Rs 250-crore manufacturing facility at Irungattukottai, near Chennai, to tap the US market.

The company recently started testing and development of analgesic and cardiac generic drugs (tablets) at the plant. It will seek USFDA approval in six months.

The pharma industry in the US is currently estimated at $326 billion. Nearly 93 billion patents are expected to expire in the next five years, providing huge potential for pharma companies, said B. Arvind Shah, MD and CEO, Arvind Remedies, addressing a press conference.

Arvind Remedies has set up a subsidiary in New Jersey to take care of its US strategy. It plans to market its drugs in the US and also get into contract manufacturing for other American pharma companies.

Currently, Arvind Remedies has manufacturing facilities in Chennai (Kakkalur) and Roorkee, for allopathic and ayurvedic formulations (for diabetes, gynaecology and cardiac diseases). These are supplied to the domestic market (through government hospitals and retail outlets) and exported to Asia, Africa and CIS.

The Irungattukottai plant was set up to target the American pharma market. After obtaining USFDA clearance, the company plans to seek approvals in the UK, Europe and Australia too. Since these approvals could take 2-3 years, Arvind Remedies plans to use the plant for its existing markets.

Last year, the public listed company clocked a turnover of Rs 704 crore, with a net profit of Rs 41 crore.

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