Daewoong inks contract with Asia-Pharma to distribute URSA, Eposis and Tobra opthalmic solution in Mongolian market

Daewoong Pharmaceutical, a Korea-based drug manufacturing and distribution company, has signed a contract with Mongolia’s pharmaceutical company, Asia-Pharma to export  'URSA (capsule 250mg)','Eposis prefilled syringe Inj (EPO), and ‘Tobra Opthalmic Solution’’ during the Bio Korea Pharm Fair held in KINTEX, Ilsan, recently. Under the terms of the agreement, Asia-Pharma has granted the right to supply and distribute URSA, Eposis (EPO), and Tobra Opthalmic Solution to Mongolia’s local markets. Daewoong Pharmaceutical plans to finalize the licensing procedures by 2014 for the three  products and start local sales and anticipates raking in more than $7.5 million in sales from the local market for the first five years after the products are rolled out. Eposis (EPO), a haematopoietic agent produced by genetic recombinant technology, is effective in treating the anemia of patients with chronic renal failure and has been exported to Turkey, Vietnam, Thailand, Indonesia, Sri Lanka, Pakistan, Syria, etc. URSA is currently exported to about 10 countries including China, Vietnam, and Philippines. Asia-Pharma, founded in 2002, is the second largest local pharmaceutical company carving out 18 per cent share in Mongolia’s pharmaceutical market and has built a close network of approximately 700 pharmacies in Mongolia. Jeon Seong-ho, general manager, global marketing team, Daewoong Pharmaceutical, said, “Mongolia has witnessed a surge in the demand for pharmaceutical products, fuelled by recent economic growth, and is an attractive market for overseas pharmaceutical companies as it has heavy reliance on foreign medicines, importing 70 to 80 per cent of its drugs. This export contract will be vital for making foray into Mongolian market and make bridgehead into central Asia.”

Source:http://www.pharmabiz.com