India's Glenmark sets up in Romania

Mumbai, India-based Glenmark Pharmaceuticals has established a subsidiary company in Romania. This will be the Indian drug majors third country operation in Europe for its specialty and generic medicines, following the acquisition of a 90% stake in the Czech group Medicamenta last year, which also has operations in Slovakia (Marketletter April 9, 2007). It later acquired the remaining 10% of the company.

Glenmark expects to generate net income of $50.0 million in Romania in around five years. To achieve this, the company has appointed Mariana Wenez as country manager for Glenmark Pharmaceuticals SRL. Before joining Glenmark at the end of 2007, Ms Wenez spearheaded the growth of Zentiva Romania as market leader in generic pharmaceuticals.

"Romania is a highly attractive market, something easily noticeable from an analysis of investments made by other relevant companies contemplating an entry to the market. Glenmark chose to rely on the talent and expertise of local labor force and it intends to invest in both the development and launch of new products and in the infrastructure needed, commented Glenmark Europe president Guy Clark.