Piramal Enterprises is assessing to come back in the domestic formulation market after a non-compete agreement with AbbottBSE 0.85 % expires this year.

Piramal sold its domestic formulations business to Abbott for $3.8 billion in 2010 and then scaled up its remaining pharma businesses, focusing on over-the-counter products, global generics, contract manufacturing and critical care.

The company is looking at introducing respiratory and central nervous system formulations in India.

It has lined up meetings with distributors and trade channels to evaluate the market for such products and is expected to roll out the business by September. 

Top executives of Piramal Enterprises were noncommittal about the specific therapies it would likely target. 

Amid a slowdown due to regulatory action, India's Rs 1 lakh crore pharma spaces has emerged as a lucrative bet for companies that have seen their overseas markets, predominantly the US, getting eroded due to pricing and quality pressures.

Piramal's OTC business is now among the top five in India and the company's goal is to enter the top three in the next three years.