The Mumbai-based Elder Pharmaceuticals will be shortly signing a marketing Joint Venture in western Africa. The company has finished its talks with a Ghana-based pharmaceutical company for setting up the JV for marketing its products in western African countries.
The company plans to market products from various segments in African countries like Ghana, Uganda, Botswana etc. Elder's JV partner will market the products in Ghana and the neighbouring countries. Presently, Elder has its presence in other African countries like Nigeria and Kenya.
Alok Saxena, director, international division, Elder Pharmaceuticals told Phamabiz, "We are on the verge of signing the JV agreement. Through this JV, we hope to establish our presence in almost all African countries. Presently, we have presence in South African countries and good sales revenue from Nigerian and Kenyan markets."
Our focus is on India and Africa and we are giving least importance to regulated markets like Europe and the US, he added.
Saxena also informed that they are keen on buying either a pharmaceutical company or some established brands.
"We are open to buying brands or acquiring a company. Our focus is on the company with good products in segments like wound care, gynaecology and cardiology with having good manufacturing facility. But the talks are yet to be started. We are looking at both domestic as well as foreign companies," he added.
Meanwhile, Elder Pharma's 120-crore Greenfield plant project in Dehradun is under progress. One of the three plants for manufacturing tablets has been already commissioned. The two other plants, expected to be commissioned at the end of 2006, will manufacture capsules, injectables and ointments. The cost for the plant meant to produce capsules and injectables is around Rs 90 crore. The plant, spread over an area of 10 acres, is situated at Langadoon.
The Rs 300-crore company is a leader in three therapeutic areas such as women's healthcare, wound care and nutraceuticals. It operates through five divisions - pharma, consumer products, Hartmann, medical instrument and exports.
Shelcal is Elder's best product with a sales turnover of Rs 46.6 crore. Elder's Chymoral Forte is a leading drug in wound care enzyme segment. Another leading drug is Eldervit, a vitamin B12 injectible. The company's top five products, which contribute 60% of sales, include I-Vit, Amifru, Carnitor and Tiger Balm. While I-Vit is a leading antioxidant, Amifru is a leading anti-hypertension product and Carnitor is a leading cardiovascular product.
Elder exports bulk drugs and formulations to over 25 countries. The company's 65 products are registered in 13 countries and another 80 products are under registration in 12 countries.