Pharmascience and Kolmar to create Korean generics joint venture

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Pharmascience and Kolmar to create Korean generics joint venture

Generics/News | Posted 24/01/2013 0 Post your comment

Canadian generics maker Pharmascience and Korea-based Kolmar Holdings (Kolmar) announced on 2 January 2013 that they had entered into an agreement to create a new joint venture, Pharmascience Korea, for the marketing of Canadian-made bioequivalent medicines.

Pharmascience Korea will seek approval via the Korea Food and Drug Administration to market Pharmascience’s generic medicines in Korea by mid-2014.

Pharmascience, which was founded in 1983, manufactures generic drugs in a number of key therapeutic areas, including cardiovascular health, gastroenterology, central nervous system, anti-inflammatory and anti-infectives, among others. Their medicines portfolio includes more than 1,000 formats in wide range of dosage forms–everything from powders and tablets to capsules to suppositories.

The initial product portfolio for Pharmascience Korea will focus on generics of central nervous system medications to treat a variety of psychiatric disorders. The generics will be manufactured by Pharmascience at its state-of-the-art facility in Montreal, Canada, which underwent a US$40 million expansion and upgrade in 2011.

The companies will contribute 50:50 to the partnership, which is expected to enable Pharmascience to establish a significant presence in the important Korean pharmaceutical market by making use of Kolmar’s local expertise.

The Korean generic drug market is ranked the 13th largest in the world, while that of Canada is ranked 10th.

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Source: Pharmascience