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Ind –Swift Chalks Out Ambitious Over $ 20 Million Expansion Plan

The Company has chalked out ambitious Expansion plans of over $ 20 million which is at advanced stages and we expect to complete it successfully by the end of August, 2005. The company’s expansion plans includes setting up of three dedicated facilities, a new R&D center to facilitate ISLL's entry into regulatory markets, particularly of US & Europe, with filing of 25 DMFs by 2007-08, as drugs worth US$ 84 billion go off patent by 2008. Further the company expects the number of global companies with which it has long term tie up to double in next 2-3 years.

The expansion is for the following:

a) A new high value low volume multi purpose facility confirming to USFDA standards to facilitate filing of 4-5 DMFs every year has become fully operational from January, 2005. The total investment in the facility is USD 3.5 mn.

b) Two new dedicated facilities are at advanced stages of completion. The one facility is for manufacturing of statins and another is for leading Anti-histamine drug Fexofenadine the investment in both is USD 10 mn.

c) A new API manufacturing facility in Jammu. This facility is entitled to all tax benefits for next ten years which include exemption from Sales, Excise and Income tax. The facility is almost complete. The investment is in range of USD 3.5-4 mn.

d) A new state of the art R&D centre at Mohali, Punjab at an investment of USD 5.50-6 mn. The centre would have 8 analytical laboratories which will besides facilitating the company’s entry to the regulated market will focus on the development of NCEs.

e) The capacity expansions at the existing manufacturing facilities. The company has put in order a further multi-fold increase in the capacities of its key molecules thus thereby ensuring that it meets the growing Contract Manufacturing opportunity where market worth US$ 8 bn will be available for CRAMS. The Company is in talks with a number of Global Generic Companies for the Contract Manufacturing deals.