Navamedic Marketing and distribution agreement in Korea
(Lysaker, Norway, 30 November 2006) Navamedic ASA and PacificPharm Co. Ltd has signed a marketing and distribution agreement for Navamedicís osteoarthritis product Glucomed in Korea. Navamedicís marketing and distribution network now includes 12 partners covering 22 countries.
The parties will immediately start preparations for submitting an application for approval of Glucomed as a registered pharmaceutical for symptom treatment of osteoarthritis in Korea, with PacificPharm being responsible for the regulatory matters. Product launch is expected in 2008.
Glucomed/Flexove was approved in the EU/EAA region in September, and is pending formal EU Commission approval. Navamedic has established marketing and distribution agreements in 13 of the 25 EU/EAA countries included in the procedure. The agreement in Korea further demonstrates that Navamedicís strategic ambitions extend beyond Europe. In addition to Korea, the company has earlier announced marketing and distribution agreements with partners in 8 non-EU/EAA markets, of which 3 are still undisclosed.
-We will continue to look for new markets outside Europe where we believe we will be able to register Glucomed as a pharmaceutical product, and where the market size and purchasing power offer interesting business opportunities. Korea is a prime example of such a market, with strong economic growth and a large and ageing population. We also need to find strong marketing and distribution partners in these new markets, and PacificPharm holds all the qualities we are looking for, says CEO ōyvind Brekke in Navamedic ASA.
-Pacific Pharm sees the cooperation with Navamedic and the Glucomed/Flexove product as a great addition to our portfolio. We are already one of the fastest growing pharmaceutical companies in Korea, and Glucomed fits particularly well with our already leading position in the growing osteoarthritis market, says CEO Woo-Young Lee in PacificPharm.
Korean product launch is expected in 2008, but Navamedic expects to begin launching Glucomed/Flexove in several other major countries in Europe as soon as all formalities with regards to national marketing authorisations have been settled. The product is already on the market in Sweden and Iceland, with more markets coming online from the second quarter of 2007.
About Navamedic ASA:
Navamedic is a Norwegian speciality pharmaceutical company focusing on the development and production of glucosamine HCl (hydrochloride) based medicines. Glucosamine is a generic active ingredient which relieves pain and improves function in patients with mild to moderate osteoarthritis. The product has a favourable safety profile. Osteoarthritis is a chronic disease which affects a large and growing share of the world`s population. Navamedic aims to become a leading company in the glucosamine industry, with a competitive advantage in proprietary production technology. Navamedic`s product Glucomedģ/Flexove(TM) has been approved across 25 EU/EEA states by European Medicines Agency (EMEA), as the first and only glucosamine based medicine against osteoarthritis.. The company`s products will be sold through a network of sales, marketing and distribution partners. For more information, please see www.navamedic.com
About PacificPharm Co. Ltd:
PacificPharm is one of the largest pharmaceutical companies in Korea and achieved the annual sales of 110.3 million USD with the CAGR(2001~2005) 19.6% as a fully integrated pharmaceutical company and has been focusing on the fields of musculoskeletal, gastroenterology, dermatology and cardiovascular. Especially Ketotopģ as a ketoprofen patch is the top seller in topical anti-arthritis products and its sales volume amounts to 38.8 million USD(2005). For more information, please see: www.pacificpharm.co.kr
- Contact Information
- Bernt-Olav RÝttingsnes
- Navamedic ASA
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