Bionova to grow 300% by end of FY 2017
Today, Bangalore based application research and formulation company, Bionova announced that the company expects the Indian biopharma industry to develop rapidly and that it predicts a 300% jump in revenue by the end of fiscal year 2017. The company is all set to launch a new range of over the counter (OTC, non-prescription) products for infant and child nutrition, diabetic supplements and general wellness. The new products are expected to will enhance Binova’s competitive edge among both Indian and MNC market challengers.
Commenting on the announcement, Suddhir Jain, Managing Director of Binova said, “We are poised to achieve a strong set of numbers during current financial year. The new organization structure will enable us to deliver superior results while our current product range has been performing strongly. Our human wellness focused unique formulations vertical is growing at a rapid pace and will be launching an exciting range of product line over next few months. We are accelerating research and invention initiatives to establish the company as globally respected premium pharmaceutical brand, while company is remained focused on developing its pipeline products across its business segments to sustain our long term growth.”
Bionova says that the public’s increasing awareness of alternative health products combined with increased confidence in OTC products and the transition of prescription drugs to the OTC category will boost the pharmaceutical market. The company added that various segments of OTC nutritional supplements, along with OTC products designed for self treatment of gastrointestinal complaints and common colds, are driving the popularity of OTC items.
Bionova is the biotech branch of Pragati Biocare Pvt. Ltd., a biotech company with diversified interests in marketing, manufacturing, research and development in areas of nutraceuticals, biotechnology, animal nutrition and biopharmaceuticals. Bionova is a GMP certified, and ISO 9001:2008 certified nutraceuticals manufacturing unit. Bionova was awarded the ONICRA “SE 2A” rating in 2013, which is given to companies with high performance capability and financial strength. The same year the company was awarded the ‘Rashtriya Udyog Ratan’ award as well.