Press release : Navamedic launches it's third generic drug
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced the successful launch of its third generic pharmaceutical product. The launch is an important step in becoming a significant Nordic generics provider.
Donepezil® is a drug used by patients suffering from Alzheimers Disease and other dementia conditions. The product can replace Pfizer's Aricept. The patent for Aricept expired in February this year. Navamedic has launched the drug in the Danish market and will launch also in Sweden and Finland shortly. The sequence of launches is determined by the national tender processes in the respective countries.
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. An increasing number of patents will expire over the next few years, supporting continued strong market growth for generic pharma products. The Norwegian Medicines Agency estimates that the annual savings in selecting generic alternatives currently amount to more than NOK 2 billion in Norway alone.
In addition to the three products now launched, Navamedic currently has 16 products under review by medicines authorities, progressing towards approval. Navamedic expects to launch several new generic products later in 2012.
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).