Looking to expand its presence in the Rs 6,500 crore domestic over the counter (OTC) pharmaceutical sector, UK Modi Group s Modi-Mundipharma has formed a 50:50 joint venture with Europe s Omega Pharma. In its first year of operation, the JV company Modi Omega will launch 15 products followed by 5-7 products each year thereafter. We are not looking at the traditional OTC products because it is too crowded there and not much scope for substantial growth, said UK Modi, chairman, president and CEO, Modi Group of Industries. Our focus will be on niche OTC products which account for about 30 per cent of the market. This has been the philosophy of Omega Pharma globally and it is the same for us in India as well. This year Modi Omega is expecting sales of only Rs 1.3 crore but has projected it to grow to Rs 13 crore by 2010 and ultimately to Rs 150 crore in five years.
Posted by
ChandruCNT
May 3, 2009
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