Indoco in JV to sell ophthalmic products in US
Indoco Remedies has formalised a joint venture agreement with New Jersey-based Amneal Pharmaceuticals to market 10 ophthalmic products in the US market.
By TNN |
MUMBAI: Indoco Remedies has formalised a joint venture agreement with New Jersey-based Amneal Pharmaceuticals to market 10 ophthalmic products in the US market. Under the terms of the agreement, Indoco Remedies will be responsible for drug development and manufacturing while Amneal Pharma will distribute the products in the US market.
The Indian company said these products had a potential market size of over $1 billion in the US. "We expect to be able to launch the first product through this joint venture by the end of 2008," said the company chairman and managing director, Suresh G Kare. The remaining products will be launched over the next five years.
The agreement may be extended to more medicines in the ophthalmic segment as well as to the ones belonging to other drug categories. The Mumbai-based drug maker is developing three topical applications and expects to file marketing applications with the US Food and Drug Administration (FDA) for two of these products in 2008. Indoco Remedies is already marketing ciprofloxacin drops in the US through a different partner in the US, and has two more ophthalmic products pending approval with the US FDA.
The company has already made product filings in Europe, too, and is looking for partners to market its drugs. Indoco Remedies recorded a net profit of Rs 42.04 crore in the year ended March 2007, aided by a revenue of Rs 344.4 crore. Exports of finished formulations contribute 18% of the company's overall revenue.
The Indian company said these products had a potential market size of over $1 billion in the US. "We expect to be able to launch the first product through this joint venture by the end of 2008," said the company chairman and managing director, Suresh G Kare. The remaining products will be launched over the next five years.
The agreement may be extended to more medicines in the ophthalmic segment as well as to the ones belonging to other drug categories. The Mumbai-based drug maker is developing three topical applications and expects to file marketing applications with the US Food and Drug Administration (FDA) for two of these products in 2008. Indoco Remedies is already marketing ciprofloxacin drops in the US through a different partner in the US, and has two more ophthalmic products pending approval with the US FDA.
The company has already made product filings in Europe, too, and is looking for partners to market its drugs. Indoco Remedies recorded a net profit of Rs 42.04 crore in the year ended March 2007, aided by a revenue of Rs 344.4 crore. Exports of finished formulations contribute 18% of the company's overall revenue.
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