Mumbai-based Allmpus Laboratories, one of India’s leading research-based pharmaceutical enterprise, is turning to local manufacturing for pharma essentials. The initiative is taken to localize supply networks and reduce dependency on other countries for raw materials and Active Pharmaceutical Ingredients (APIs) to make the Indian healthcare self-reliant.
According to reports, India is the third-largest pharmaceuticals market with exports standing at US $19 billion (approximately Rs 1.5 lakh crore) in 2019. However, 90% of its raw materials and APIs are sourced from other countries, two-thirds of which are procured from China. Amid the lockdown, the industry faced vast supply chain challenges with the non-availability of resources severely impacting the Indian Pharmaceuticals ecosystem.
The company mentions in a press statement that in the post-pandemic world, Indian pharmaceutical manufacturers can establish a robust supply network and capture a respectable market share. It also claims that the pharmaceuticals and other essential sectors are expected to see a drastic rise in demand, as high as 200 times to be precise.
Allmpus Laboratories is working to increase its capacity and shift their focus from pharmaceutical impurity standard or drug standard to extensive R&D and reinforce its portfolio with diverse pharma related products.
Atish Rodge, managing director, Allmpus Laboratories, said, “Allmpus is looking at the pandemic as an opportunity in pharma and other essential sectors. We are actively working to reduce raw material dependency on other countries. Previously, the Indian pharma market was operating on the value-added model of sourcing from other countries and selling the drugs to the world. However, due to the pandemic, this model needs a massive step up.”
“We are planning to start formulation work in the fourth quarter of the financial year, specifically focusing on raw material and APIs. We are expecting revenue growth of five times due to increased demand for domestic raw materials and APIs in the following months,” he added.