Glenmark Pharmaceuticals Nigeria Ltd, a subsidiary of the Glenmark Pharmaceuticals Ltd announced its plans for expanding presence in the Nigerian market. Glenmark started operations in April 2007 and has successfully created a market for its products in the country expecting sales of USD 1.3 million by the end of this fiscal.
Currently in Nigeria, the company is present in the areas of Dermatology/Gynaecology, Anti-infectives and Gastroenterology; and plans to additionally launch its products in the areas of Respiratory, Oncology and Metabolic diseases. Mr. A.S. Mohanty, Director - Formulations, Glenmark Pharmaceuticals Ltd., said, "Nigeria is the biggest market in West Africa and Glenmark has established its presence there in a very short span of time. We plan to double our business in 2008-09 and meet the US$10 million mark by 2012-13. Our gastroenterology product Relcer-gel has done really well in Nigeria and we expect to sell more than half a million bottles by the end of FY08."
At present the Company has 14 SKU registered in 12 months, and plans to have another six new products in Nigeria. In addition, Glenmark also has plans to substantially increase its team in Nigeria in the coming fiscal, and increase the presence of local talent in its sales
and marketing team. Glenmark is one of the leading players in the Indian branded generics
market, specifically in areas of dermatology and respiratory. Its products, Candid B and Ascoril, feature among the top 300 pharmaceutical products in India. About Glenmark
Glenmark Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical company headquartered in Mumbai, India. The Company is a leader in India in the discovery of new molecules. Glenmark has 11 lead molecules at various stages of development in NCE & NBE research. Three of the leads are in Phase II whereas eight other leads are into the pre-clinical and discovery stages in the broad areas of inflammation, metabolic disorders and oncology.
The Company has generic formulation and API business interests in over 85 countries across the world including the highly regulated markets of USA and Europe. Glenmark's branded formulation business spans several product segments such as Dermatology, Internal Medicine, Paediatrics, Gynaecology, ENT, Cardiology, Diabetes and Oncology.
Glenmark's first Asthma/COPD molecule, Oglemilast [GRC 3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for the North American and Japanese markets, respectively, in two landmark deals. The Company's second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes was out-licensed to Merck KGaA, Germany for the North American, European and Japanese markets. A third molecule targeting pain, GRC 6211, undergoing Phase II clinical trials in Europe, has recently been out-licensed to Eli Lilly & company.