Medico Remedies expects its recent foray into ointments to pave the way into regulated markets in Europe and the United States.
Its new ointment production plant in Palghar (Maharashtra), has a capacity of three million tubes a month, and is set to apply for a WHO-GMP (World Health Organization GMP -Good Manufacturing Practices) certification.
The new plant will make about 20-25 products, and the company will apply for WHO-GMP certification in a month, Medico’s Managing Director Harshit Mehta told businessline. It is also in talks with companies for contract manufacturing alliances, he added.
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The ointment industry is growing at 17 per cent, annually. The company further expects to apply for regulatory approvals in the United Kingdom and the US, in future, it added.
The ₹140-crore Medico is a formulation company that makes anti-infectives, BetaLactums, cephalosporin, antimalarial, antiretroviral etc. It has two other plants in Palghar, making general products, including capsules, tablets, and dry syrups; besides the antibiotic and cephalosporin products.
Medico Remedies closed on the BSE at ₹83.10, up almost 2 percent on Monday.