27th June 2008, Godalming, UK: Sinclair Pharma plc (“Sinclair”: SPH:L), the international specialty pharmaceutical company, announces it has concluded its first marketing distribution agreement in India. This agreement is a further step towards Sinclair’s goal of establishing its brands in the key BRIC (Brazil, Russia, India, China) countries.
The agreement has been signed with Wockhardt, an Indian pharmaceutical and biotech company employing 7,500 people and sales last year of around $670 million. The 10 year agreement with Wockhardt in India initially covers the following products:
Atopiclair® - non steroidal cream for atopic dermatitis Aloclair® - presentations for the treatment of mouth ulcers Papulex® – presentations for the treatment of acne Decapinol® - product range for the treatment and prevention of gingivitis and plaque
Under the agreement Sinclair will provide finished product to Wokhardt but switch to local manufacture as soon as possible, which will enhance the margins for Sinclair.
The Indian pharmaceutical market is currently valued at $7 billion, with a growth rate of 17 percent compared to 7 percent annual growth of the global industry, and is expected to generate the third largest incremental growth amongst all markets over a decade.
Dr Michael Flynn, CEO of Sinclair Pharma plc, noted: “We are very pleased to appoint Wockhardt as our distributor for these products in India. Wockhardt is a dynamic and rapidly growing company and we hope this is the first step towards forging a long-term and mutually rewarding relationship. We have a very active programme pursuing opportunities in the BRIC countries and the Middle East which we believe offer substantial growth opportunities for the sales of our products in the coming years. We approach the end of our most successful year witnessing a rewarding level of growth and a new era as Sinclair starts to reap the benefit of several years’ investment in developing new products and establishing effective, geographically diverse distribution.”
