MUMBAI, Oct 30 (Reuters) - India's Lupin Ltd expects a pickup in sales in India and growing demand for its branded drugs in the United States to boost growth in the current fiscal year, its chief executive said on Wednesday.
The company, India's No. 3 pharmaceutical company by market value, sees its India business growing by 18-20 percent by the end of this fiscal year in March, Vinita Gupta told Reuters. The drugmaker posted a 40 percent rise in quarterly profit.
Lupin's sales in India, which accounts for 25 percent of its business, grew 9 percent in July-September from the year-ago period. Sales had fallen in the June quarter due to a new government drug pricing policy.
Under the policy, the prices of 348 drugs deemed essential are being regulated, compared with 74 previously. The move has curbed prices in a market where drug prices have already hit rock-bottom due to a large generics industry.
Lupin sees its branded drugs business in the United States, which brought in 10 percent of total U.S. sales in the September quarter, accounting for 10-15 percent of sales in its largest market in the next two quarters, Gupta said.
"In the U.S., we have a significant pipeline in place and more exclusive products that would come to the market over the next couple of years, including in the next couple of quarters we have some good opportunities," she said.
"Looking forward to grow our brand business over the next two quarters."
Lupin also plans to launch new products in December in Japan, its third-largest market accounting for 12 percent of sales, which are expected to add to revenue growth in the remaining two quarters of this fiscal year.