Morepen Laboratories revealed on Friday the hiring plan for over 1,000 medical representatives in three years, while over 200 are set to be appointed during FY26 itself. The step is aimed at boosting the firm's formulations business in the marketplace.

"This growth is a major milestone in Morepen's history as we sharpen our focus on the expanding domestic finished dosage market," said Sushil Suri, Chairman and Managing Director of Morepen Laboratories.

By considerably expanding its sales force and enhancing reach to physicians, pharmacies, and patients, the pharma company is in a position to grab a larger chunk of the Indian pharma market worth Rs 2.38 lakh crore. This is likely to fetch higher gross margins and returns to stakeholders in the long run, he said.

Presently, Morepen's formulations business is worth about Rs 325 crore, and the company plans to touch Rs 1,000 crore in the next five years.

This target will be aided by an aggressive growth of the medical representative network and penetration into deeper markets both in urban and rural India, with significant growth likely to come from new products which the company is manufacturing at very competitive prices.

The Indian pharmaceutical industry is estimated to grow to USD 130 billion by the year 2030 with an estimated annual growth rate of 8.2 percent.
Morepen shares were up 3.84 percent at Rs 49.97 per share on the BSE.