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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