IVAX Corporation announced that it has received the 2003 Frost & Sullivan Business Development Strategy Award for the U.S. asthma therapies market. The award is presented each year to the company that has demonstrated excellence in business development within the industry.
IVAX was recognized for excellence in both its generic and proprietary asthma strategies. Specific recognition was given to the evolution of IVAX Laboratories, IVAX' proprietary unit, which throughout 2002 built a national sales force which has successfully marketed QVAR, a CFC-free aerosol asthma product. Frost & Sullivan highlighted the fact that IVAX has increased the market share of QVAR by nearly 300 per cent since acquiring the product in April 2002. IVAX had total worldwide respiratory sales of over $250 million during 2002.
"We are proud to accept this award," commented Neil Flanzraich, vice chairman and president of IVAX Corporation. "Our U.S. proprietary marketing and sales group has done a great job of developing the U.S. market for QVAR, as we prepare for launches of future proprietary drugs to treat respiratory diseases."