Chennai-based Accord Group, which is into diversified interests in medical education, a technical university, hospitals, breweries and hotels, has announced entry into domestic pharma market through Accord Life Spec, a pharmaceutical company it had initiated three years back. The company has invested around Rs 600 crore into a manufacturing facility in Chennai and plans to invest around Rs 1,500 crore by March 2022, for R&D, acquisitions and others as part of expansion.
Accord Group, founded by Dravida Munnetra Kazhagam (DMK) leader and former Union Minister S Jagathrakshakan, has recently bid for the debt-ridden Orchid Pharma under the Corporate Insolvency Resolution Process (CIRP) and went to the National Company Law Appellate Tribunal (NCLAT) seeking its revised bid should be considered as against the National Company Law Tribunal (NCLT) approved bid by Dhanuka Laboratories.
The company found Orchid Pharma as a firm which could be managed well, which was not happening earlier, and the latter's oral solid dosage facility would have helped manufacturing and exports of its product portfolio with adequate regulatory approvals, said the company management. The proposed investment would include acquisitions to help it grow faster. The target is to achieve a revenue of Rs 5000 crore in five to six years, said Manish Choube, CEO, Accord Life Spec.
It has today launched its Oncology and Nephrology product portfolio in the domestic market, and will have sales in 18 States in the country soon. Plans are to expand the production to Monoclonal antibodies and hormone products, said Satessh Singh, senior vice president, sales and marketing Accord Pharma - India Business.
It is expecting WHO standard approvals by October, 2020 and would start exporting to countries where the standard is accepted. Plans are to start exporting to around 55 countries, he added.