Navamedic prepares for generics pharma launch
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced that the number of generic product candidates filed for registration
has reached ten. Navamedic expects its first generic product to be on the market
within eight months.
"The number of product candidates filed demonstrates that Navamedic is on track
in building an attractive generic pharmaceutical business. We have filed for
registration in the Nordic countries, Belgium and Netherland. The available
markets for the ten candidates currently filed amount to approximately NOK 700
Million," said Navamedic CEO Olof Milveden.
The markets for generic pharmaceuticals are growing rapidly, as health
authorities across Europe encourage a substitution to generics when patents for
the original products expire. The Norwegian Medicines Agency estimates that the
annual savings in selecting generic alternatives currently amount to NOK 2
billion in Norway alone.
An increasing number of patents will expire over the next few years, supporting
continued strong market growth for generic pharma products. The Nordic and
Benelux generics markets are expected to have a total market value of more than
NOK 10 billion in two years. By this time Navamedic will have at least 13
generic products in the market. The registration and approval process for
generic pharmaceuticals can take up to 34 months.
Navamedic started preparations for entering the generics market 14 months ago,
when the Company entered into a partnership agreement with Aspen Pharmaceuticals
of South Africa. Aspen is one of the world leaders in generic pharmaceuticals
and Navamedic is the Group's sole distributor in the Nordic and Benelux markets.
For further information, please call Olof Milveden, CEO, telephone
+46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company. Through its
subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of
nutrition and pharmaceutical products in the Nordic markets. Navamedic is
currently building up a generic pharmaceutical business for the Nordic, Dutch
and Belgian markets based on its partnership with Aspen Healthcare of South
Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Navamedic ASA via Thomson Reuters ONE
[HUG#1509789]
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Datum: 27.04.2011 - 17:59 Uhr
Sprache: Deutsch
News-ID 53942
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