New Delhi: German drug maker Ursapharm Arzneimittel GmbH on Wednesday announced its foray into the Indian pharmaceutical market, for which it has formed a joint venture company.
The company has received the nod of Drug Controller General of India (DCGI) to launch its products, including eye drops and ointments, nasal sprays and nasal drops, as well as an array of proprietary preparations for general medicines.
In the joint venture named Ursapharm India, the German firm holds majority stake of 76% and the rest is with Jarnail Singh’s family, which would be responsible for managing sales in the country.
Ursapharm Arzneimittel expects to sell around 60,000- 65,000 units of each of its products in the first year of its operations in India.
“The distribution network is already in place for the major metros and we target to achieve a national sales and distributor network by the end of this year,” Ursapharm Arzneimittel Gmbh Managing Director Rolf Schneider told reporters here.
In the first phase, the company is exploring the market in Delhi, Mumbai, Lucknow and Bangalore. In the second phase, it will launch products in other parts of the country, including Chennai, Hyderabad and Chandigarh, Schneider said.
The company has applied for DCGI permission to introduce other products in the country and is also going to apply for a patent for its innovative COMOD system, which enables medicines to be kept germ-free without adding preservatives ensuring its long-term use.