Glenmark Pharmaceuticals has incorporated a company in Romania for its speciality pharmaceutical business and hopes to achieve net revenues of up to 50 million dollars within five years in that country.
Glenmark Pharmaceuticals srl is the new company formed by Glenmark and hopes to achieve net revenues of up to USD 50 million within five years in Romania, based on portfolio of branded generic and speciality products, Glenmark Pharmaceuticals.
Romania is a key strategic market for the development of Glenmark's speciality business in Europe. Glenmark has a number of its products under registration in this market.
Romania is one of the two most recent additions to 27 countries of the European Union; along, with Bulgaria, that joined the EU in January 2007.
In a bid to facilitate this growth, Glenmark has appointed Mariana Wencz as the Country Manager of Glenmark Pharmaceuticals srl, who spearheaded the growth of Zentiva Romania to a leading position in the branded generics market, before joining Glenmark in late-2007.
This would be Glenmark's third country operation in Europe, following its acquisition of Medicamenta last year.