Elder Pharma to Sell Indian Brands in EU through Bulgarian SubsidiaryIndustry | June 8, 2011, Wednesday // 18:48| views
Alok Saxena, Elder Pharmaceuticals Limited Director (International Business). Photo by biomeda.net
Drug maker Elder Pharmaceuticals based in Mumbai, India, has announced that it will be starting to sell Indian brands in the EU through its Bulgarian subsidiary Elder Biomeda AD.
The move is part of the Indian company's strategy to step up its exports in Europe, Indian newspaper The Economic Times reported Wednesday.
"We plan to launch five products in Europe during this fiscal (2011-12) through our Bugarian subsidiary Elder Biomedia, which has secured approvals to market them in the region," Elder Pharmaceuticals director Alok Saxena said in a statement.
Of the five products to be exported, Shelcal, a calcium supplement for women, is one of the largest selling pharma brands in the country, contributing Rs.200 crore to the company's sales turnover of Rs.800 crore in fiscal 2010-11. Elder plans to double its export revenue to 20% over the next two years from 10% last fiscal by foraying into the European market in a big way.
"We plan to unveil about 40 products in the domestic and overseas markets for pain management, women healthcare, skin care and neutraceuticals. Of these products, five will be in-licencesed products of multinationals," Saxena said but did not name the multinationals.
Back in April, Elder Pharmaceuticals, ranked 28th among India's 300 largest companies, said it plan to start manufacturing up to six of its products at the facility of its Bulgarian arm ''Elder Biomeda AD'' to market them in Europe.
Last year Elder Pharmaceuticals increased its stake in its Bulgarian subsidiary Elder Biomedia AD from 61% to 92.2% through its wholly owned Dubai subsidiary Elder International FZCO.
Elder Biomedia makes ointments, capsules and tablets and employs about 300 people. Indian company Elder Pharmaceuticals first purchased a share, 51%, of Bulgarian company Biomeda 2000 Ltd in 2007, subsequently increasing its stake. Biomeda itself was started as a Bulgarian-German company for the manufacturing of herbal medicinal products in December 1989.
Elder Pharmaceuticals has seven manufacturing plants in India located in Maharashtra, Uttarakhand and Himachal Pradesh. Its research and development centre at Navi Mumbai is recognized by the department of scientific and industrial research under India's ministry of science and technology.
In addition to its Bulgarian subsidiary, the Indian company recently acquired UK-based vitamins maker NeutraHealth, which focuses on the highly fragmented vitamins, minerals and supplements sector within the UK and Europe. It has three group companies - Biocare, Brunel Healthcare and Totally Nourish.
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