India's Mankind Pharma setting up plant in New Jersey

New Delhi-based Mankind Pharma said it was spending $45 million to set up a manufacturing plant in New Jersey as part of its plans to become a global player in the U.S. market and to become one of the top three Indian drug companies there as well. "We wish to become a multinational pharma company by tapping the foreign markets. At the same time, we aim to place our self amongst the top three pharmaceutical companies of India. Therefore, the U.S. market will come up with new innovative products which will further distinguish us from others," Mankind Pharma chairman and founder R.C. Juneja said in a report by Livemint. The company plans to earn at least $150 million from global markets and already operates in Sri Lanka, Myanmar, Cambodia, Kenya, Uganda, Zambia and Tanzania. The company said the U.S. investment would help it expand its R&D and production of generics, which will also feed into its exports to Asia and Africa and an expanded presence in Russia. Report