From Daijiworld's special correspondent
August 11, 2006
Indoco Remedies Ltd, one of the country's fast growing pharma companies, announced a 24.9% jump in its consolidated revenue to Rs.269.6 cr. for the year FY06 (July-June), while the consolidated Net profit for same period stood at Rs.31.5 cr., compared to Rs.25.0 cr. in the preceding year, accounting for a growth of 25.8%.
The Net Profit for the last quarter FY06 appears lower at Rs.15.9 cr., compared to Rs.19.3 cr. during the corresponding quarter of FY05, mainly on account of the VAT related issues and due to the commissioning of new R&D Centre and the manufacturing facility at Baddi.
Indoco is focusing on exports to the regulated markets and entering the US market in the niche ophthalmology segment for business growth. In FY06, the Company received US FDA approval for its sterile ophthalmic preparations facility at Goa. This will facilitate the production and export of the Company's ophthalmic preparations to USA. Indoco has signed agreements with eneric companies in USA and will supply products from the Goa facility.
The company is looking at filing a total of 7 ANDA's by December 2006. The market size of the products aggregates to USD 1.1 bn. The exports to regulated markets of Europe grew by 76% in FY06.
Government serious over pre-marital HIV tests
Faced with criticism by non government organizations and even by local Church, Goa government is making its last ditch efforts to get through its legislation making HIV testing mandatory before marriage in the state.
"Some court may come up with directive some day making it mandatory for the state governments to have HIV testing compulsory before marriage. That time, we will realize that we should have done it earlier," health minister Dayanand Narvekar said in a desperate efforts to convince public and media on the legislation.
The health minister, recently speaking in a seminar organized by local NGO on sensitizing media about covering HIV issues, stole the opportunity to speak on the legislation. "we need public support to get this legislation through.. At least by enacting such legislation, we would begin a thinking process," Narvekar said.
The state government's plans to enact landmark legislation making HIV testing mandatory before marriage met a dead end with NGOs and certain quarter of public opposing it. The public hearings held in both the districts had NGOs suggesting that the testing should be made voluntary. Some even came with the suggestion that counseling should be given to the couple before they enter wedlock.
The biggest jolt came from local Church which favoured voluntary testing instead of compulsory.
The state government shelved its plans to enact the legislation in the monsoon session, held last month, and instead have kept it in a cold storage. The recently held cabinet meeting, too, did not take up the matter, considering that this year is an election year and any step hurting public sentiments would lend them in a ditch.
"Voluntary testing provision would dilute the legislation. What is the fear to get tested if you are not HIV positive," questioned Narvekar, who is battling hard to get his brainchild legislation materialize.
Narvekar assured that the state government would procure enough kits to conduct tests. "The tests could be done free in government-run Goa Medical College Hospital or at two district hospitals so that they are accurate."