Beijing Med-Pharm Corporation, one of China's leading pharmaceutical companies, said the company inked an agreement with Shanghai Novartis Trading Limited, a wholly owned subsidiary of Novartis AG, to register, market and distribute Enablex (Darifenacin) in the People's Republic of China. Financial terms of the agreement were not disclosed.
Under the terms of the agreement, Beijing Med-Pharm is responsible for attaining SFDA approval of Enablex, a process that is expected to last through 2010. Once approved, Beijing Med-Pharm will have the exclusive rights to sell, market and distribute Enablex in China for ten years.
Enablex is a prescription medicine used in adults to treat symptoms of urinary incontinence, urgency and urinary frequency related to an Overactive Bladder (OAB). Global annual sales of OAB medication is estimated to be $2.25 billion. In China, OAB afflicts an estimated 24-29 per cent of the population over the age of 24, or over 200 million people, and treatment rates are historically low, with less than 15 per cent of OAB sufferers seeking treatment.
"We are delighted to partner with Novartis, a global pharmaceutical giant, to bring the Enablex to China," said David Gao, chief executive officer, Beijing Med-Pharm. "Today's announcement is a vote of confidence in Beijing Med-Pharm and speaks to our proven ability to navigate China's complex healthcare environment, from managing the approval process to ultimately optimizing sales and profitability. We believe this is one step in a successful, long-term relationship with Novartis. The potential sales opportunity for Enablex is extremely compelling in China. There are currently few medications available to combat OAB and, concurrently, millions of Chinese have not yet accessed treatment. While we are seeking SFDA approval, we plan to educate doctors and patients on OAB."
Beijing Med-Pharm Corporation is a pharmaceutical marketing and distribution company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China and is pursuing partnerships with other companies seeking to enter the Chinese pharmaceutical market. It is the only US public company to offer industry partners a comprehensive suite of market-entry services in China that includes pre-market entry analysis, clinical trial management, product registration, market research, as well as pharmaceutical marketing and distribution.
Novartis AG is a world leader in offering medicines to protect health, cure disease and improve well-being. The company's goal is to discover, develop and successfully market innovative products to treat patients, ease suffering and enhance the quality of life.