Advertisement
Monday, Oct 25, 2021
Outlook.com
Outlook.com

Reorganisation of Glenmark into 3 entities to be concluded this fiscal: Saldanha

Reorganisation of Glenmark into 3 entities to be concluded this fiscal: Saldanha
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Sep 3 (PTI) Drug firm Glenmark Pharmaceuticals has initiated the process of reorganising itself into three different entities and expects the process to be completed in the current fiscal year, according to its Chairman and MD Glenn Saldanha.

This reorganisation is designed to place Glenmark on an accelerated trajectory and these three different entities will together make up the Glenmark group of companies, he said said in the company''s annual report 2018-19.

In his message to the company''s shareholders, Saldanha said the three entities will focus on different verticals -- generics, branded and specialty products; active pharmaceutical ingredients (API); and breakthrough innovative drugs.

"We have consistently identified these as the main pillars of our strategic vision and to that extent, there is no departure from the past," he added.

With the separation - completed partially in FY 2018-19 and to be concluded in FY 2019-20 - each business will maximise its potential by sharpening its focus, unlocking value and leveraging resources and partnerships to achieve goals faster than before, Saldanha said.

The group''s flagship Glenmark Pharmaceuticals will focus on generics, branded and specialty products. The API and innovation units will reside in two separate subsidiaries spun out of the flagship, he added.

"With the spin-off, each company improves its strategic focus and is free to raise capital at valuations that reflect the potential of its business," Saldanha said.

Each company can enter into alliances or partnerships to further its business interests and recruit global talent that has the passion, requisite skills and capabilities to deliver on the firm''s goals and objectives, he added.

"In spite of the headwinds of greater regulatory rigor and pricing pressure, the global generics market will continue to offer a significant opportunity to bring value to patients and medical professionals who are looking for affordable, high-quality substitutes for expensive innovator brands," Saldanha said.

With operations that straddle five continents, state-of-the-art Indian and overseas manufacturing and an accent on consistent quality compliance across the organisation, Glenmark Pharmaceuticals is well-placed to fulfil this demand, he added.

On the API front, Saldanha said, an unprecedented opportunity is being created by the curtailing of API manufacturing in China, owing to tighter pollution control norms.

Company''s API subsidiary, Glenmark Life Sciences is ideally placed to leverage this opportunity in a cost-effective and quality-conscious manner. Moreover, we expect the API business to grow at a good pace, he added.

"The innovation business, in the process of being transferred to an as yet-unnamed new company or NewCo, is at an inflection point" Saldanha said.

With two candidates completing proof-of-concept in humans, it is "our belief that the separation will accord this unit the independence and focus that are needed to expedite the development of its pipeline," he added. PTI AKT MKJ


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Website

Mohamed Salah Hits Hat-trick As Liverpool Hammer Manchester United 5-0

Mohamed Salah Hits Hat-trick As Liverpool Hammer Manchester United 5-0

A lacklustre Manchester United suffered a humiliating defeat against Liverpool at Old Trafford in their Premier League match.

IND Vs PAK, T20 World Cup: Imran Khan, Ramiz Raja Hails Pakistan's Historic Win Against India

IND Vs PAK, T20 World Cup: Imran Khan, Ramiz Raja Hails Pakistan's Historic Win Against India

Pakistan drubbed India by 10 wickets in a Super 12 game for their first win over their arch-rivals in a World Cup match in 13 attempts.

IND Vs PAK, T20 World Cup: India Were Outplayed By Pakistan, Says Virat Kohli

IND Vs PAK, T20 World Cup: India Were Outplayed By Pakistan, Says Virat Kohli

Pakistan produced a clinical effort to crush India by 10 wickets for their first win in a World Cup match in 13 attempts.

More from Outlook Magazine

My Name Is Khan: The Face That Launched A Thousand Products

My Name Is Khan: The Face That Launched A Thousand Products

Behind SRK’s lover-boy image lies instability—sensitive to social, cultural and political change.

A Fanboy’s Bollywood: Before And After The Khans

A Fanboy’s Bollywood: Before And After The Khans

How the larger-than-life Hindi film hero of ­yesteryears gave way to the relatable charm of Shah Rukh and the other Khans.

A Passage To India: Shah Rukh Khan Through The Eyes Of His Greatest American Fan

A Passage To India: Shah Rukh Khan Through The Eyes Of His Greatest American Fan

Superstar Shah Rukh Khan has grown beyond the confines of Bollywood and India to find fame and fans worldwide, writes Beth Watkins.

Advertisement

Outlook Newsletters

Advertisement
Advertisement