Pfizer Inc has entered into a series of agreements with Aurobindo Pharma Ltd to commercialise generic medicines, including pills and injectables, that are no longer patent protected, and have lost market exclusivity in the US and Europe, to push its established products business.
Pfizer's established products business unit, focuses on the commercialisation of products where market exclusivity has been lost. Currently, Pfizer's established products business unit has annual sales of $10 billion globally.
''Pfizer has acquired rights to 39 generic solid oral dose products in the US and 20 in Europe, and an additional 11 in France. The medicines cover a broad range of therapeutic areas, including cardiovascular disease and central nervous system disorders,'' Pfizer said in a release.
Pfizer expects the products acquired to deliver more than $200 million in annual revenue in 2013, according to David Simmons, general manager of Pfizer's established products business unit.
Pfizer said it planned to commercialised these products in the US through its Greenstone subsidiary. The company, however, did not disclose financial terms of the deal.
Pfizer has also acquired rights to 12 sterile injectable products in the US and Europe. These medicines are antibiotics, including penicillins and cephalosporins.
''We will dramatically change Pfizer's established products portfolio to an engine of positive growth. These agreements represent solid, measurable progress, and a strong commitment to achieve our growth objectives,'' said Simmons.
The global generics market is estimated to be of the order of $270 billion with solid oral dose products representing the largest drug category. This category is expected to rapidly increase its market share to over $500 billion within the next five years.
''Established products has the benefit of Pfizer's strong brand recognition, track record of proven efficacy and safety, broad and deep commercial infrastructure around the world and a powerful portfolio,'' the company said.
Simmons said Pfizer planned to expand the established products portfolio through additional activities with Aurobindo and other companies to provide our customers with a wider product offering.
Pfizer and Aurobindo had, in July 2008, entered into an agreement for commercialising five Arrobindo products. The current agreement now extends the tie-up to 44 solid oral dose products to Pfizer's existing portfolio of established brands in the US.
Pfizer, the world's largest dug firm, has a presence in 150 countries undertaking drug discovery, development, manufacture and marketing of prescription medicines. Aurobindo is a leading generic pharmaceutical company with sales in more than 100 countries.