Distribution agreement for five countries in Asia
MD Pharmaceuticals is a pharmaceutical marketing company with 12 years experience, operating in 7 countries in the region. The regional head quarter is based in Singapore. The company has special competence in Rheumatology and Orthopaedic, and is the representative for other pharmaceutical companies as Johnson & Johnson and US BioVed.
- We are very excited about this partnership with Navamedic and are determined to compete aggressively with the current market leader Viatril S. In five years, we are confident to establish Glucomed as an important prescription glucosamine product in most of these five countries, says CEO Melvin Wong in MD Pharmaceuticals.
The market for pharmaceutical glucosamine in Thailand in 2006 was approximately NOK 70 million. The markets are less developed in the other four countries. Sales of pharmaceuticals per capita are lower in this region than in Europe. The total pharmaceutical market was USD 5,8 billion in 2006, which is slightly higher than the pharmaceutical market in Greece.
-We 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. We are pleased to have secured MD Pharmaceuticals as our partner in these interesting markets, says CEO Øyvind Brekke in Navamedic ASA.
For further information, please contact:
Øyvind S. Brekke, CEO
E-mail: oyvind.brekke@navamedic.com
Office: +47 67 11 25 40
Mobile: +47 91 19 81 64
Bernt-Olav Røttingsnes, CFO/IRO
E-mail: bernt-olav.rottingsnes @navamedic.com
Office: +47 67 11 25 44
Mobile: +47 91 34 70 21
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 Glucomed/Flexove 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
For more information about MD Pharmaceuticals Pte Ltd, please see www.mdpharm.com