Ludhiana-based bulk drug and chemical manufacturer IOL Chemicals and Pharmaceuticals, which has a one-third market share globally in painkiller drug ibuprofen active pharmaceutical ingredient (API), is looking to diversify its product basket. The company also plans to double its revenues in the next four years. As part of de-risking their business, the company has started reducing the share of ibuprofen in their overall turnover and adding more popular products to the portfolio.

From a single product company, now IOL Chemicals has added APIs for paracetamol (analgesic), metformin (anti-diabetic) and a few anti-cholesterol, anti-hypertensive and anti-epileptic products. It is now working on adding more APIs – the recently off-patented drugs sitagliptin and vildagliptin (anti-diabetic) are among them.