Plethico adopts contract manufacturing model to sustain biz

New Delhi: Plethico Pharmaceuticals has adopted contract manufacturing model in order to sustain its business operations.

"With a view to address the delay in repayment of principal and interest on fixed deposits, service banking facilities, pay statutory dues and sustain its business operations, the company has opted to adopt contract manufacturing model for its operation," Plethico Pharmaceuticals said in a regulatory filing today.

Further, with a view to maintain existing market share in various geographies, the company is tying up with prominent distributors present in those geographies, it added.

"It is also entering into binding agreements with them on exclusive and non-exclusive basis, for distribution of the products manufactured by the company with conducive terms in payment and credit period," the company said.

Plethico focuses on manufacturing and marketing a range of branded generic pharmaceutical formulations. Domestically, the company operates in various segments including sports nutrition, confectionery and over-the-counter (OTC) products.

Currently, the company has a portfolio of over 200 branded products sold in more than 60 countries.