"The company has created a separate division under the name ‘Divyam’ to manufacture medicines of gastrointestinal and liver diseases from next month," executive director of the pharmaceutical company Hari Bhakta Sharma, said speaking at a programme organised to mark the Silver Jubilee Year of the company’s establishment today in the capital.
We are preparing to manufacture and make available new medicines of gastrointestinal and liver diseases at an affordable price, he said, adding that the company’s initiative is expected to bring down import of similar medicines.
The company has allocated a budget of Rs 100 million for the new division. "The company will invest Rs 100 million in Divyam while Rs 500 million will be put in the production of injectable medicines," he informed.
The company will also work on upgrading to newer technologies to ensure quality products also to cater to international markets,” he said, adding that the company also plans to export the new drugs. "The company planned to invest big in these three segments as part of its plan to diversify its products."
The WHO-GMP and ISO 9001 and ISO 14001 certified company, currently manufactures 300 types of drugs from its five production plants. The company's investment has increased to Rs 1.20 billion from Rs 5 million, according to Sharma.
Deurali Janta Pharmaceuticals Pvt Ltd (DJPL) holds a 4.7 per cent share in the domestic market that is estimated at Rs 27 billion and growing at an annual rate of 12 percent, the company claimed.
A total of 355 companies have been selling their products in the local market, in which Nepali products hold 40 percent market share, according to the Department of Drugs.
The domestic market is facing tough competition from foreign drug makers, apart from shortage of fuel – due to Indian blockade – and raw materials that have pulled the production down to just 55 per cent capacities.
"Our production capacity has come down to 33 per cent, while transactions have dropped by 50 per cent,” Sharma added.