Nexgen Pharma eyes marketing 100 off-patent drugs in UAE by 2016
Abu Dhabi: Nexgen Pharma, a joint venture between Hetero India and Abu Dhabi-based Neopharma, plans to market off-patent branded generic drugs in various therapeutic segments in the UAE that include gastroenterology, cardiovascular, neurology, antivirals, antiretrovirals, the partners announced in the capital yesterday.
“As an initial investment, both the companies have invested $5 million each, for marketing,” B.R. Shetty, partner and managing director for Nexgen Pharma told reporters at a news conference.
“In the first phase, we will market 21 products in the UAE. In two years time, we plan to market 50 products in the country and by 2016, the plan is to market 100 products,” said Hetero Group Chairman Bandi Parthasaradhi Reddy.
Hetero, a major international supplier has a portfolio of more than 300 products and has been able to market its products in 138 countries across the globe.
Nexgen Pharma will procure the products from Hetero Labs in India. The products are manufactured in world-class facilities of Hetero, approved by the US FDA, WHO, TGA, EU, PMDA and UAE-MoH.
“Hetero’s strength is its vertical integration in discovery research, process chemistry, API manufacturing, formulation development and commercialisation. Now, with the launch of Nexgen Pharma, we intend to have the leadership in branded generics market,” said Reddy.
Reddy said in time, some of their drugs could also be manufactured by Neopharma, a local pharmaceuticals manufacturing company.
Separately, Shetty said Neopharma is investing a further Dh200 million in expanding its facility located in the Industrial City of Abu Dhabi (ICAD-I), which would take the total investment in the facility to Dh500 million.