Neo Pharma, the first pharmaceutical company in Abu Dhabi started a year ago by the UAE business conglomerate NMC group, has charted out an ambitious plan to soon tap the Middle East markets and to enter the global markets in a big way.
The company has entered into a strategic agreement with the Swiss pharma major, Lagap, for the contract manufacture of its products for the Middle East and European markets. Production has commenced in full swing and exports to Switzerland have been started within the first operational year. The company is in negotiations with several other global majors for manufacturing tie-ups, top-level sources with Neo Pharma informed Pharmabiz.
Sources said the company is in the process of introducing many blockbuster molecules in the domestic market, including key antibiotics such as co-amoxyclav, ciprofloxacin and cefuroxime etc. Neo Pharma will soon start manufacturing of nutraceutical and OTC products, besides plans to enter high growth segments such as cardiovascular, neuro-psychiatry and anti-diabetes.
A slew of OTC and nutraceutical products such as oral dehydration salts, tonics, cough syrups and food supplements are also on the anvil. Neopharma's product range covers the wide range of anti-infectives, anti-inflammatory and arthritis, cardiovascular, anti-diabetic, gastrointestinal protectives, drugs for respiratory system, cough expectorants and multivitamin tonics.
Company sources estimate the year 2005 to be crucial in its plans of foraying into the international markets. The New Year began with an audit by the Canadian global generic player Apotex, and the GCC and European audits are going on as part of Neopharma's entry into the highly regulated European and American markets and GCC countries.
Besides introducing products in the local market, an entry into the neighboring Middle East countries and other GCC countries will mark Neopharma's first steps towards globalization. Simultaneously, the company is gearing up to set foot into the regulated markets, thus marking the ultimate direction of Neopharma's globalization programme, elaborated the sources.
So far multinational companies dominated the Middle East pharmaceuticals market. With the new patent regime, cost containment is a major point of discussion across the GCC countries, and focus on generic drugs has gained greater prominence.