Moneycontrol BureauIndia's third largest pharmaceutical company Cipla is targeting 10-12 percent growth in the domestic market in the next two to three years, its newly elected Managing Director and Global Chief Executive Umang Vohra said.
Cipla will be targeting its three main markets — India, US and South Africa — for growth. Increased R&D as well as better product mix is expected to aid the growth.
Speaking at the company's 80th Annual General Meeting, Vohra said that Cipla has improved its turnover by 16 percent in the last five years.
Vohra further said that the company’s restructuring plans in Europe are still in progress and the business is likely to breakeven in the fourth quarter.
As per a recent report in the ET, Cipla is targeting USD 1 billion sales by 2020.The company’s Chairman YK Hamied emphasized on the pressure of more products coming under price control. Approvals for new products have been impacted due to tightening of registration procedures, he added. Cipla has also opened a new vertical called Cipla New Ventures (CNV), which will tap into innovation-led ideas. The management also said that they arw working on reviving older drugs.
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