Glenmark to launch 15 new generic drugs in Europe

NEW DELHI: With the acquisition of Medicamenta in Czech Republic, Glenmark Pharmaceuticals is planning to launch 15 new generic drugs in the next 2-3 years to mark its European foray. The company will leverage the manufacturing facility of Medicamenta as a quality approval and improvement centre for its generic drugs that will be launched in Europe. Glenmark CEO and MD Glenn Saldanha told ET, “We want to expand the product profile of products. Glenmark has a pipeline of products and will launch 10-15 products in 2-3 years time. The Medicamenta plant will be used for quality control and product improvements of our drugs.”

Glenmark currently has a dosage formulation plant in Goa and an API plant in Ankleshwar. Though both the facilities are USFDA approved and have been inspected by the UK’s Medicines and Healthcare Agency products regulatory agency, the company has not yet received the approval so far. Hence, it cannot market its products, which are manufactured in these units in the European market.

These drugs, which the company plans to introduce in Europe, will be manufactured in Indian facilities while the quality approval, mandatory for marketing in Europe will be done at Medicemanta’s plant in Vyoske Myto. The unit is spread over 13,000 sq meters and is approved by the Czech Regulatory Agency and currently manufactures 29 solid dose and semi solid products.

With Medicemanta facility in place, it can straight-away market its products in Europe, which accepts the Czech’s regulatory standards. It also becomes easier for the company to get regulatory approvals from other European countries. The company plans to have a pan European presence and is eyeing for acquisitions of pharma companies of the size of Medicamenta.

Sources involved in the deal said that the company was acquired for $12-13 million and the company would fund the finances through internal accruals. Glenmark will also expand its sales and marketing operations in European.