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Mumbai-based pharmaceutical company Elbrit Life Sciences has announced its plans to expand its geographical footprint across the country. It is also in advanced talks with its parent firm Capital Investments, along with an undisclosed Qatar-based investment firm, to raise around ₹22 crores ($3 million).
The company expects to close the deal by the second week of October, in order to pursue its growth opportunities.
While talking about the expansion plans, Spokesperson for Elbrit Life Sciences, said, “We are planning to use the additional funds to expand geographical footprint and to focus on nephrology, urology, gynaecology and oncology therapy segments.”
Elbrit Life Sciences is a pharmaceutical company established in 2014, in order to provide quality healthcare patients. The pharmaceutical company, specializing in discovery, development, manufacturing and marketing of prescription drugs, that makes a difference in the lives of millions of patients every day.
The company claims to grow at a rate of 100% year-on-year, as it looks to further expand operations across the country. It has a major presence in South India and a sales force strength of 200 sales representatives. It has more than 45 brands and 150 SKUs.
Elbrit Life Sciences also aims to be amongst the Top 150 pharmaceutical companies by the year 2020. According to the company spokesperson, Elbrit Life Sciences plans to go for an IPO somewhere around the year 2022.
Other players in the Indian healthcare industry competing with Elbrit Life Sciences include 3Hcare, Forus Health, Mitra Biotech, Portea, MyHealthcare, Cyclops Medtech, and NirogStreet, among others.
Indian healthcare industry is one of the fastest growing sectors and it is expected to reach $280 billion by 2020. There is a huge opportunity for companies to establish themselves in the industry as they further strengthen the Indian healthcare, which is plagued with inefficiencies and somewhat unorganized at the moment.