Pharma Startup Elbrit Life Sciences Raises $3 Mn from Its Parent & Qatar-based Investment Firm
This major investment is aimed at expanding the company’s domestic footprint in branded formulation business. Elbrit Life Sciences started its operations in 2014 and has since witnessed an impressive growth rate of more than 100% per annum.
“We are planning to use the additional funds to expand geographical footprint and to focus on nephrology, urology, gynecology and oncology therapy segments. “ said the spokesperson of Elbrit Life Sciences, while talking about the expansion plans. He added that the company majorly operates in South India and has sales force strength of 200 front line sales representatives. It has 45 brands and 150 SKUs. He further added that, “The company is currently not looking at any acquisitions and instead prefers to take the organic route to fuel further growth”.
In addition, Elbrit Life Sciences is aggressively focusing on cardio-vascular, diabetes, neurology and nutraceuticals market in the country. Operating in a country with a population exceeding 1.3 billion, Elbrit Life Sciences has a dedicated WHO-GMP manufacturing facility. Moreover, the pharma company is in the process of upgrading its facilities to foray into export markets.
The company is expecting that this deal may close before the 2ndweek of October and once the deal is closed, the company expects to pursue growth opportunities. Furthermore, 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.
Recently, Pharmaceuticals and Automobiles were cited as the best sectors to work for in JobBuzz Workplace Index August 2018 edition – a monthly ranking to identify which sector offers the best work environment. This ranking is based on employee reviews among top 10 sectors on four parameters which includes – work-life balance, salary, career growth and work culture.
Source: IndianWeb2
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