Chain Drug Review - Biocraft sets sales records
FAIR LAWN, N.J.–Biocraft Laboratories Inc., a manufacturer of generic drug products, has received Food and Drug Administration approval to manufacture metoclopramide tablets in a 5 mg. dosage. The product is a gastrointestinal drug and the generic equivalent of Reglan, which is made by A.H. Robins Co.
“We expect this product to complement our metoclopramide line, which consists of 10 mg. tablets and an oral solution,” says president and chief executive officer Harold Snyder. “It’s our third generic drug approval within the past six months.”
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Biocraft recently reported the highest sales for any quarter in the history of the company. Net sales in the fourth quarter of fiscal 1993 reached $38.9 million, compared with $19.7 million for the same quarter last year. Net earnings were $3.8 million, compared with a loss of $3.7 million for the corresponding period in 1992.
Snyder says that the dramatic increase in sales and earnings is largely the result of sales of ketoprofen capsules and amoxicillin chewable tablets, introduced by Biocraft in December 1992.
Fiscal year sales and earnings were also boosted by sales of other new products approved during the 1992 calender year, including cinoxacin, baclofen, minocycline and metaproterenol syrup.
Harold and Beatrice Snyder founded Biocraft 29 years ago with an initial investment of less than $13,000. At its original plant in Elmwood Park, N.J., the company’s initial product line consisted of penicillin G tablets and powders, and ointments containing antibiotics and steroids.
In 1968 the company entered into a breakthrough agreement to provide Upjohn Co. with penicillin VK manufactured by Biocraft. Similar contracts were signed with two other major drug concerns.
Having obtained approval to manufacture the antidepressants imipramine and amitriptyline in 1974 and 1976, and then approvals for an array of anti-infective, antiulcer and cardiovascular drugs, Biocraft’s next step was to establish a plant for its expanding nonpenicillin line.
In 1983 the company bought a building in Paterson, N.J., and renovated it into a state-of-the-art pharmaceutical manufacturing facility. In December 1987 Biocraft purchased a three building complex here for conversion into a computerized central distribution warehouse to enable next-day delivery on most orders.
Biocraft’s success in the pharmaceutical industry can be attributed to a strong management team. Two of the four employees who started with Biocraft in 1964 are still with the firm, and at least half of Biocraft’s line supervisors have risen through the ranks.
COPYRIGHT 1993 Racher Press, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
