Romanian market benefits Ranbaxy
Terapia, the Romanian company acquired by Indian drug company Ranbaxy for US$324m, is expected to contribute more than $100m to Ranbaxy's turnover in 2006, displacing France as the third largest market for the group.
Terapia, the Romanian company acquired by Indian drug company Ranbaxy for US$324m, is expected to contribute more than $100m to Ranbaxy's turnover in 2006, displacing France as the third largest market for the group.
In 2005 the US was the largest market for Ranbaxy with sales of $332m, followed by India at $238m, then France at $73m.
Terapia registered growth of 50% with a turnover of $80m last year. The Romanian company's operations will be integrated with Ranbaxy's subsidiary in Romania and will be completed by the end of July.
"The Romanian market, is growing at 15-20% annually, and will become a hub for the company's European operations," said Ranbaxy ceo Malvinder Singh. "Terapia plus Ranbaxy's existing activities will create the largest generics company in the Romanian market and boost Ranbaxy's presence in CIS markets."
India's leading pharma companies are now increasingly focusing on Europe, due to pricing pressure and registration problems which continue to depress growth in the US, previously their number one market.