Nectar Lifesciences, a Rs 850-crore pharma company, has received approval from South Korean FDA for cefuroxime axetil (amorphous). This approval marks a significant achievement and demonstrates further progress made by the company in the regulated markets. Currently, the market size of pharma in south Korea is US$ 16.5 billion and is expected to increase to US$21.2 billion by 2011. Neclife expects business potential for the approved molecule 'Cefuroxime axetil Amorphous' to be US$ 10 million.
Dinesh Dua, CEO and director of Nectar Life, said, "I am delighted to share that we have received the KFDA approval to enter the South Korean market. This is an important milestone and in line with our strategy of having greater presence in regulated markets. We are optimistic about the new market as we believe South Korea is well placed to register substantial growth incoming years. This approval enables us to further augment our position in the cephalosporin market in three major molecules."
He added, "We remain excited about the current scenario of the pharma markets around the globe and are making stable progress towards securing approvals in other key markets."