Mankind Pharma's Rs 100cr Rajasthan unit to start by year end

Mankind Pharma today said its Rs 100 crore active pharmaceutical ingredient unit in Rajasthan would be operational by the end of this year. "Our API (active pharmaceutical ingredient) unit in Rajasthan being set up at an investment of about Rs 100 crore will be functional by end of this year and boost manufacture of affordable drugs," Mankind Pharma Chairman R C Juneja told PTI here. Indian pharmaceutical industry is worth Rs 1.20 lakh crore, of which the API contributes about Rs 50,000-55,000 crore, the company said. Out of 10,000 manufacturers, about 70 per cent do drug formulation while the rest 30 per cent manufacture APIs, in which Mankind Pharma is a leader. Meerut-based Mankind Pharma has registered a turnover of Rs 3,500 crore in the fiscal year 2014-2015. In the last 10 years, the company has grown at an average of 30 per cent, against an industry average of 12 per cent.