LAM Pharmaceutical, a biomedical company, has appointed Industria Farmaceutica Andromaco S.A. de C.V. ("Andromaco") as the exclusive distributor of its patented L.A.M. IPM Wound Gel in Mexico. In addition, in accordance with Mexican legal and regulatory requirements, LAM has appointed Andromaco as its legal representative for the purpose of Mexican Marketing Authorization. In this capacity, Andromaco will act as the Holder of Registration of the Marketing Approval of L.A.M. IPM Wound Gel for Mexico, the company reported.
This distribution agreement is especially important for the purpose of dealing with government agencies responsible for the purchase of pharmaceuticals for 55 million Mexican residents.
Andromaco is a well established Mexican pharmaceutical company with its head office in Mexico City. Andromaco was established in the 1920's in Spain and gradually migrated its operations to Central America just before World War II.
Alan Drizen, chief executive officer of LAM noted, "The distributorship agreement with Andromaco represents a significant opportunity for our company. The Mexican market currently offers limited choices to the diabetic and other patients who suffer from hard-to-heal ulcers. We are confident that our wound gel will bring a new, effective alternative to Mexican patients in need of a new and more powerful wound healing treatment modality."
Joseph Slechta, LAM's president and chief operating officer added, "We are delighted about the prospects of working with a well established company such as Andromaco. We will be able to take advantage of Andromaco's marketing contacts that include local government purchasing organizations that account for the majority of pharmaceutical purchases in Mexico. Also, once we establish our products in the Mexican market, we will have the opportunity to negotiate with Andromaco to expand our distributorship agreement to include its strong market contacts in other Latin American countries."