Navamedic strengthens its brand
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced changes aimed at improving efficiency, transparency and brand recognition. The entire company will now rally behind the Navamedic brand.
Navamedic has previously operated two business areas; the generic pharmaceuticals business area and its distributor of patented drugs and healthcare products which has been named Vitaflo Scandinavia.
"Navamedic has recently amended the contracts with its collaborating pharmaceutical manufacturers, enabling us to market drugs under our own brand name. As we move into a period of accelerated growth, we want to develop Navamedic into a strong brand in the Nordic and Benelux healthcare markets," said CEO Olof Milveden.
The Navamedic portfolio of drugs and healthcare products currently includes more than 100 products and the Company has a broad pipeline of new products expected to be launched in 2013 and 2014.
"As our business evolves and grows into including hospital generics and branded generics as well as patented drugs and healthcare products, the division between generic products and the Vitaflo products is no longer considered useful. In order to achieve maximum transparency and better display the value creation in Navamedic, we are also changing the reporting structure," Mr Milveden said.
From the first quarter of 2013, Navamedic's financial reporting will display three business segments: Pharma Products (various categories of generics as well as patented drugs), Medical Nutrition and Consumer Care.
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, marketing and distributing more than 100 products in the Nordic and Benelux markets. The Company operates three business areas; Pharma Products, Medical Nutrition and Consumer Care based on its relationship with a number of pharmaceutical product manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).