Ranbaxy Laboratories Ltd is studying the possibility of entering the pharmaceutical market in Pakistan, Brian Tempest, CEO and managing director, said on Tuesday.

"We are evaluating the option. It is an attractive proposition for expanding our business," Tempest said adding that much would finally depend on how fast the relationship between India and Pakistan improves in the near future.

According to Tempest, the Pakistani pharmaceuticals market is quite similar to that of India. Also, the prevailing patent regime is the same in the two countries.

At the moment, India does not recognise product patents, though it recognises process patents. But this is set to change from January 1, 2005, when India will revert to the regime of product patents.

Also, Tempest is no stranger to Pakistan, having dealt with the pharmaceuticals industry there when he used to work or GlaxoSmithKline. As and when Ranbaxy's business in Pakistan kicks off, it will be a part of the company's South Asian business which includes countries such as India, nepal and Bangladesh.

Ranbaxy has, thus, joined a growing list of Indian companies planning to do business in Pakistan ever since two countries took steps to bring bilateral relations to normal. Ranbaxy is already present in Afghanistan where it sells 30 products.

Tempest also said Ranbaxy is eyeing a turnover of close to $100 million from West Asia and Africa in 2004. "We did a turnover of $65 million in West Asia and Africa in 2003 and the business is growing at 50 per cent," he said. The company clocked a turnover of $15 million in West Asia and a turnover of $50 million in Africa.

Ranbaxy has identified three regions for driving growth in the future: US, Europe and the BRIC countries (Brazil, Russia, India and China). "West Asia and Africa don't get talked about. But our turnover there is larger than the total exports of many companies," he said.