Dr. Reddy's ties up with U.S. firm for product development
Tuesday, 25 February 2003, 20:30 IST
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NEW DELHI: Dr. Reddy's Laboratories, one of India's largest drug makers, Monday announced a 15-year product development and marketing agreement with U.S.-based Leiner Health Products. The agreement is exclusively for Hyderabad-based Dr. Reddy's over-the-counter (OTC) drugs, said a company statement issued to the Bombay Stock Exchange. As part of the agreement, Dr. Reddy's and Leiner would develop innovative OTC products and establish an executive steering committee to manage product development, the statement added. "The partnership combines Dr. Reddy's scientific expertise in product development with Leiner's leadership in private label sales, marketing and distribution in the U.S. market," said Mark Hartman, executive vice president of Dr. Reddy's. "We chose Leiner to help us expand our OTC business as a complement to our growing generics business in the U.S. because of its dedication to private label sales and expertise in bringing self-care solutions to market quickly and efficiently." Gale Bensussen, president of Leiner Health Products, said: "This strategic partnership has the potential to create enormous value for our retail partners and accelerate our growth as a leading supplier of OTC products." The New York Stock Exchange-listed Dr. Reddy's Laboratories produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, the U.S., Europe and Russia.
Source: IANS
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