INCOR Group buys stake in Renovis Pharma, forms new joint venture

INDIA – Hyderabad-based conglomerate INCOR Group and Renovis Labs have entered into a new joint venture (JV) ‘INCOR Renovis that will focus on developing cost-effective and green technologies in the areas of human health, animal health and agriculture.

The joint venture also aims to work towards making India self-reliant in manufacturing medicines under the AatmaNirbhar Bharat Abhiyan.

Covid-19 has brought to the forefront the India’s problem of over-dependency on China for raw materials and APIs for essential medicines.

This problem dates back to last few decades, which saw Indian Pharma companies struggling to develop technologies for the raw material or the intermediates.

China is the world’s largest producer and exporter of APIs and many of the Indian companies depend on imports of the ingredients to produce formulations.

The new joint venture claims that it has come up with a new innovative methodology that uses a combination of chemical, biological and engineering solutions to create high quality, cheaper and safer medicines to counter to reduce the dependency on China

INCOR Renovis is building a directed evolution technology platform to solve chemical process challenges and also developing a microbiology platform to generate basic chemicals.

The second major goal of the company is set out to achieve in its 10-year long term plan of reducing carbon emissions associated with drug production and pharmaceutical development processes.

The company plans to use automation in manufacturing to realize this vision and is in the process of filing numerous patents for its inventions and discoveries.

Dr. Aman Iqbal, Chief Executive Officer, Incor Renovis said, “We are excited to work together to make India Self-reliant on Pharma Raw material and protect the environment.”

INCOR Renovis is building a directed evolution technology platform to solve chemical process challenges and also developing a microbiology platform to generate basic chemicals.

It is further automating chemical R&D and manufacturing to reduce time, cost and manpower requirements in the entire process.

The India active pharmaceutical ingredients market is estimated to be valued at approximately US$20 billion in 2021 and is expected to exhibit a CAGR of 8.3% during the forecast period (2021-2028), as per Coherent Market Insights report.

The report highlights that government initiatives to boost production of APIs is expected to propel growth of India active pharmaceutical ingredients market.

For instance, last year, the Government of India approved Rs 15,000 crore (US$19 billion) production-linked incentive (PLI) scheme for the pharmaceutical sector and 55 companies including Sun Pharma, Aurobindo, Dr Reddy’s Labs and Cadila Healthcare qualified for the incentives under the scheme.

The above-mentioned firms had qualified for the incentives under the Production Linked Incentive scheme for domestic manufacturing of bulk drugs and Active Pharmaceutical Ingredients (APIs).

The incentives are to be paid for a maximum period of six years to each qualified company depending upon the threshold investments and sales criteria achieved by the applicant.

The products covered under the scheme include formulations, biopharmaceuticals, active pharmaceutical ingredients, key starting material, drug intermediates, and in-vitro diagnostic medical devices, among others.

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