Navamedic prepares for generics pharma launch
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced that the number of generic product candidates filed for registration has reached ten. Navamedic expects its first generic product to be on the market within eight months.
"The number of product candidates filed demonstrates that Navamedic is on track in building an attractive generic pharmaceutical business. We have filed for registration in the Nordic countries, Belgium and Netherland. The available markets for the ten candidates currently filed amount to approximately NOK 700 Million," said Navamedic CEO Olof Milveden.
The markets for generic pharmaceuticals are growing rapidly, as health authorities across Europe encourage a substitution to generics when patents for the original products expire. The Norwegian Medicines Agency estimates that the annual savings in selecting generic alternatives currently amount to NOK 2 billion in Norway alone.
An increasing number of patents will expire over the next few years, supporting continued strong market growth for generic pharma products. The Nordic and Benelux generics markets are expected to have a total market value of more than NOK 10 billion in two years. By this time Navamedic will have at least 13 generic products in the market. The registration and approval process for generic pharmaceuticals can take up to 34 months.
Navamedic started preparations for entering the generics market 14 months ago, when the Company entered into a partnership agreement with Aspen Pharmaceuticals of South Africa. Aspen is one of the world leaders in generic pharmaceuticals and Navamedic is the Group's sole distributor in the Nordic and Benelux markets.
For further information, please call Olof Milveden, CEO, telephone +46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company. Through its subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of nutrition and pharmaceutical products in the Nordic markets. Navamedic is currently building up a generic pharmaceutical business for the Nordic, Dutch and Belgian markets based on its partnership with Aspen Healthcare of South Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)