Mumbai, Nov 28 (UNI) Glenmark Pharmaceuticals today said that its subsidiary, Glenmark Pharmaceuticals Nigeria, plans to expand its presence in the Nigerian market.
Glenmark Pharma started its Nigerian operations in April and has successfully created a market for its products in the African country. It expects sales of 1.3 million dollar by the end of the current fiscal year.
The company is present in the areas of Dermatology, Gynecology, Anti-Infectives and Gastro-enterology, and plans to additionally launch its products in the areas of Respiratory, Oncology and Metabolic diseases.
''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 10 million dollar 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 Financial Year 2008,'' said Glenmark Pharma Director A S Mohanty.
At present, Glenmark Pharma has 14 SKU registered in 12 months and plans to have another six new products in Nigeria. In addition, 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.
Glenmark Pharma is one of the leading players in the Indian branded generics market, specifically in the areas of dermatology and respiratory. Its products, Candid B and Ascoril, feature among the top 300 pharma products in India.