Douglas Pharmaceuticals, New Zealand's largest developer and manufacturer of generic pharmaceuticals, is targeting annual revenues of $244 million by 2020 from $145 million today as it seeks higher risk, higher reward opportunities in novel drug development.

The Auckland-based company said growing exports was also critical to meeting the target, set in mid-2013.

Douglas Pharmaceuticals has four divisions: contract manufacturing for other drug developers; compliance packaging, making Medico blister packs for prescriptions; consumer products; and developing and manufacturing prescription medicines.