Glenmark into Nigerian Market

Glenmark Pharmaceuticals Ltd has informed that Glenmark Pharmaceuticals Nigeria Ltd, a subsidiary of the Company, 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 / Gynecology, Anti-Infectives & Gastroenterology, and plans to additionally launch its products in the areas of Respiratory, Oncology and Metabolic diseases.

Mr. A S Mohanty, Director - Formulations of the Company, 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 FY 08."

At present the Company has 14 SKU registered in 12 months and plans to have another six new products in Nigeria. In additional, the Company 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.

The Company 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 pharmaceuticals products in India.