Drug maker Lupin would not scale down its operations in emerging markets despite currency fluctuations and the company would look at acquisition opportunities in specialty product business for growth, its managing director Nilesh Gupta said here on Tuesday.
Lupin, which acquired drug firm Medquimica in Brazil last year, is now expanding its business in Mexico as well. Rest of the world segment, which included business from Latin America and the Philippines, contributed 6.8 per cent of Lupin’s revenue in the third quarter of FY16 and the segment saw a 36.8 per cent growth in revenue in the first nine months of FY16. South Africa contributed three per cent of the revenue in the third-quarter and nine-month sales increased by 8.5 per cent. In 2014, Lupin entered into a strategic partnership with drug company Merck Serono to expand business in emerging markets.
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Gupta said Lupin would look at acquisitions of both products and companies in speciality product segment to achieve $5 billion turnover by 2018.
Lupin’s $850-million acquisition of US drug firm Gavis will be concluded in a few days and the deal is expected to boost the company’s US business. In FY17, the firm expects double-digit growth from the US market. Lupin is also setting up a plant in Japan, which will be ready next year. It has commissioned a plant in Goa to cater to the Japanese market, Gupta added.