Ind Swift Lab gets Australia's nod for its Dera Bassi plant

NEW DELHI: Drug firm Ind Swift Laboratories on Friday said it has received approval from the Australian health regulator to make seven active pharmaceutical ingredients at its Dera Bassi plant in Punjab.

The company has received approval from Australia's Therapeutic Goods Administration (TGA) to manufacture seven APIs including Clarithromycin and Letrozole, Ind Swift Laboratories said in a filing to the BSE.

The company's Dera Bassi facility consists of 19 manufacturing blocks of which 11 are used to produce drugs for the regulated market, it added.

Commenting on the development Ind Swift Laboratories Vice Chairman and Managing Director NR Munjal said: " ...The recent accreditation from TGA will facilitate our growth and penetration, specifically in the diebetology and cardiovascular diseases."

According to the firm, Australia's generic market will be worth USD 830 million this year and is expected to grow at an average of 7 per cent annually.

"Australia is the most attractive market for pharmaceutical investment in the Asia Pacific region,primarily due to its growing and ageing population, excellent access to medicines and fast recovering economy," the company said.

Shares of Ind Swift Laboratories today closed at Rs 82.70 on the BSE, down 4.34 per cent from the previous close.