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Glenmark Pharma set to enter US market
By siliconindia staff writer
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Wednesday, 13 August 2003, 19:30 IST
MUMBAI: Glenmark Pharmaceuticals, a Mumbai-based pharma company, is poised to enter the US market and is expected to file four to five drug master files by March 2004 with the US Food and Drug Administration.
Glenmark is expected to file its first Abbreviated New Drug Application (ANDA) in the next two months while the rest of the applications will be filed by March 2004.
Glenn Saldanah, CEO of Glenmark, said that four to five drug master files (DMF) would be filed by March 2004. Earlier, Glenmark Pharmaceuticals Inc, the wholly-owned subsidiary of the Glenmark Pharmaceuticals had entered into a marketing alliance with Philadelphia-based Lannett Company Inc.
According to the agreement, Lannett will market the ANDAs that Glenmark USA will file over the next two years. The company is expected to file five ANDAs, one of which will be filed by the end of the current fiscal.
As Saldanah had pointed out: Partnering with Lannett is part of our strategic initiative to augment our presence in the US market. Lannett's operations will perfectly complement our US subsidiary's business of facilitating filing of ANDAs and marketing finished formulations in the US.'
In a bid to put its US operations together, Glenmark has appointed a team in the US headed by Jeff Weis to aggressively push its business there. Generics in the US will begin contributing to Glenmark's revenues in 2004-05.
By 2005-06, we expect 50 per cent of our revenues to accrue from exports,' the CEO pointed out. Currently, exports contribute 20 per cent to Glenmark's turnover. Glenmark has six new chemicals entities under research and development and two of these are in the pre-clinical stage. The company has several products in the diabetes segment. (Courtesy: ET)