LaborMed to include 12 brands in its portfolio by year-end
Pharmaceutical producer LaborMed Pharma, recently bought by Advent International investment fund, is currently focusing on brand investments, reads daily Business Standard on April 14.
The move comes in accordance with a change on the local pharmaceutical market this year, whereby drugs will no longer be prescribed in terms of the base substance, but rather of the brand. The investment, set to be worth several million euro, is due to increase the company’s portfolio by at least 12 brands by year-end.
"The company used to sell its products using the generic name, ending in LPH, for LaborMed Pharma. If the market is to become brand-driven, we have to strengthen branding," Business Standard quotes the company’s CEO Stephen Stead as saying. He added that the company was currently identifying key products that it is going to brand. "Doctors and pharmacists remember brands," he said.
The company, ranking 24th on the local market, posted turnover of 28 million euros in 2007 and targets business worth 40 million euros this year. The local market is worth some 1.85 billion euros in pharmacy prices, with GlaxoSmithKline, Roche, Sanofi Aventis, Pfizer, Ranbaxy, and Zentiva as market leaders, according to the Cegedim research company.