Apex Laboratories Private Ltd., which makes zinc-based formulations, has drawn up a four-pronged strategy to drive its revenue to $100 million by 2020 from the current $75 million.
As part of this exercise, Apex will focus on stepping up its presence in overseas markets, including the regulated ones, and launching new products. Apex is hoping to leverage its manufacturing strength to achieve this. According to S.V. Vishagan, executive director (business development), innovation would form the fulcrum for the future growth of Apex.
A second generation entrepreneur, Mr. Vishagan said product innovation could be the key for Apex to solidify its presence especially in the regulated markets such as Europe, the U.S. and the like. “My focus will be on how to sustain affordability of innovative medication,” he said. In this context, he said that efforts were under way for Apex to make a foray into the U.S. market.
Though the process was already on, it would take a while for Apex to enter the U.S. market, he added. To a question, he said innovation could also mean “redesigning specific molecules for other indications”.
Besides four manufacturing units in and around the city, Apex has a Department of Scientific and Industrial Research-approved R&D facility. Apex, he said, had developed and applied for patent in respect of close to 100 product brands.
The first product to come out of this facility was SOFINOX Cream in 2013 for the treatment of bacterial infections and wound care. The product has patent grant in about 22 countries. “Currently, the division is focussing on the development of dermatology products to cater to the U.S. and E.U. markets,” he added.