Israel's Promedico To Set-Up Own Production

2 June 1996

Promedico, one of Israel's major pharmaceutical and medical equipment importing houses, is to establish its own pharmaceutical manufacturing facility in Israel. According to the company, production should start by end-1996. It is understood that Promedico will produce under license for one of the companies it currently represents.

Recently, Promedico acquired a 26% stake for $2.3 million in another importer, Mediline, which specializes in the import and marketing of over-the-counter medicines, toiletries and cosmetics.

Sales of Promedico are estimated to reach $103 million by end-1996, compared with $55 million in 1995. A major source of this increase (around $25 million a year) comes from another recent acquisition, that of Jacobsohn, the Ciba-Geigy importer (Marketletter February 12), which was made before the announcement of the Ciba-Sandoz merger into Novartis. Novartis and Pfizer will be Promedico's main agencies from now on.

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