Mumbai-based Glenmark Pharmaceuticals has set up a wholly owned subsidiary in US - Glenmark Pharmaceuticals USA Inc. The company has appointed Geoffrey Weiss as the Chief Executive Officer. The US subsidiary will help Glenmark Pharmaceuticals to make further inroads to the US market for the company's formulations and Active Pharmaceutical Ingredients [API]. The subsidiary will be based in Princeton, New Jersey.
Weiss brings with him over 15 years of experience in the pharmaceutical industry in the US and has worked with organisations like Dr. Reddy's and Ranbaxy in the US, Akzo Nobel and Pliva Inc.
Glenn Saldanha, MD & CEO, said, "The setting up of the US subsidiary is part of the company's strategic initiative to augment its presence in the American market. The subsidiary will help in filing Abbreviated New Drug Applications [ANDAs] and to market finished formulations in the US."
Jeffrey Weiss, CEO, Glenmark Pharmaceuticals USA Inc, said "The American pharmaceutical market represents immense potential as well as equal measure of challenge for the Indian companies; especially in the post 2005 scenario. Glenmark will be pursuing the alliances to enter the US. We are hopeful of filing 2-3 ANDAs over the next 18 months." Nevertheless, Saldanha also feels that it will take another five years from today for the company to start reaping revenue benefits from these ANDAs.
At present the company will manufacture the APIs at its Indian plants, which will be marketed in the US by its US subsidiary. Subsequently, it is also looking for manufacturing and marketing alliances in the US.