Delhi-based Modi Mundipharma has formed a 50:50 joint venture (JV) with Belgium-based company Omega Pharma to sell the latter’s over-the-counter (OTC) medicines in India and manufacture on-contract drugs for the Belgian company’s overseas markets. The two companies plan to launch 15 OTC medicines and eight medicines between October 2009 and April 2010. These include Omega’s best-selling medicines, Silence (anti-snoring), Cellasaene (anti-slimming) and Salvecol (cholesterol reducer), among others. The two companies would invest e2 million and hire 75 people in its sales team to sell the products in the market, which will be scaled up to around 200 in the next five years.
Source: Economic Times
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