Leading drug manufacturer Glenmark Pharmaceuticals on Wednesday said it will expand its presence in the Nigerian market and expects sales of 1.3 million dollar in that country by the end of this fiscal.
"Nigeria is the biggest market in West Africa and Glenmark has established its presence there in a very short span of time. We plan to double our business in 2008-09 and meet the 10 million dollar mark by 2012-13," Glenmark Pharmaceuticals Director - Formulations - A S Mohanty said.
The company also has plans to substantially increase its team in Nigeria in the coming fiscal and increase the presence of local talent in its sales and marketing team, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.
The company is present in the Nigerian market through its subsidiary Glenmark Pharmaceuticals Nigeria. It started operations in Nigeria in April and has created a market for its products in that country.
Currently in Nigeria, Glenmark is present in the areas of dermatology, gynaecology, anti-infectives and gastroenterology. Besides, the company plans to additionally launch its products in the areas of respiratory, oncology and metabolic diseases.
"Our gastroenterology product Relcer-gel has done really well in Nigeria and we expect to sell more than half a million bottles by the end of FY08," Mohanty added.
At present Glenmark has 14 SKU (Stock Keeping Units) registered in 12 months and plans to have another six new products in Nigeria.
Glenmark is one of the leading players in the Indian branded generics market, specifically in areas of dermatology and respiratory. Its products, Candid B and Ascoril, feature among the top 300 pharmaceuticals products in India.