Glenmark Pharmaceuticals Ltd has announced that it has implemented the re-organisation of its business into Speciality and Generics. The reorganization process had begun in Q3 FY 2007-08.
The reorganization was essential as both Glenmarks Speciality and Generics business has grown rapidly, posing a challenge of managing two diverse businesses that had both attained a critical mass. The reorganization aims to promote sharper focus on generics and specialty as separate businesses with distinctive needs, skill-sets, objectives and growth imperatives and aligned management teams.
As a result of the reorganization, Glenmark has transferred its Generics and Active Pharmaceutical Ingredients (API) businesses to its subsidiary - Glenmark Generics Ltd (GGL). GGL is guided to generate USD 180 Mn in Net Sales in FY08 and USD 255 Mn in FY09.
Mr. Terrance Coughlin (erstwhile President - API and US Generics, Glenmark) has been appointed as the CEO of GGL. Mr. Glenn Saldanha will function as the Chairman of Glenmark Generics Ltd. Glenn has been responsible for launching and running Glenmarks generic and API businesses.
Mr. Pushpinder Bindra comes aboard GGL as Chief Operating Officer.
Speaking on this development, Mr. Glenn Saldanha, CEO & MD, Glenmark Pharmaceuticals Ltd, said, The business reorganization marks the beginning of a new era in the life of Glenmark. He further elucidates, If Glenmarks recent growth was divided in phases, with the period of 2003-07 being the first phase of growth where the Company transformed from an India-centric branded generics player into a global, researched based, integrated Pharma Company in manufacturing and marketing. Here, begins the second phase, where the Company aims to become a global end to end specialty Company with capability to research, develop and launch its own differentiated branded products. On the Generics side of its business, GGL aims to be a global integrated generic and API leader.
Going forward, GGL will handle the development, manufacture and distribution of generic formulation and API businesses. The parent Company Glenmark Pharmaceuticals Ltd continue to directly manage the novel R&D, biologics and branded formulation businesses of the Glenmark group including India, Brazil, Rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.
The Generics business will inherit Glenmarks Goa plant for formulations, the three API plants in India, sales units in the USA and UK and the Argentina oncology operations. In addition, a group from R&D focused on API and Formulation Development will also move to the generics Company.
The branded business will remain in Glenmark Pharmaceuticals and retain all remaining assets, branded sales groups in India and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands.
The reorganization was essential as both Glenmarks Speciality and Generics business has grown rapidly, posing a challenge of managing two diverse businesses that had both attained a critical mass. The reorganization aims to promote sharper focus on generics and specialty as separate businesses with distinctive needs, skill-sets, objectives and growth imperatives and aligned management teams.
As a result of the reorganization, Glenmark has transferred its Generics and Active Pharmaceutical Ingredients (API) businesses to its subsidiary - Glenmark Generics Ltd (GGL). GGL is guided to generate USD 180 Mn in Net Sales in FY08 and USD 255 Mn in FY09.
Mr. Terrance Coughlin (erstwhile President - API and US Generics, Glenmark) has been appointed as the CEO of GGL. Mr. Glenn Saldanha will function as the Chairman of Glenmark Generics Ltd. Glenn has been responsible for launching and running Glenmarks generic and API businesses.
Mr. Pushpinder Bindra comes aboard GGL as Chief Operating Officer.
Speaking on this development, Mr. Glenn Saldanha, CEO & MD, Glenmark Pharmaceuticals Ltd, said, The business reorganization marks the beginning of a new era in the life of Glenmark. He further elucidates, If Glenmarks recent growth was divided in phases, with the period of 2003-07 being the first phase of growth where the Company transformed from an India-centric branded generics player into a global, researched based, integrated Pharma Company in manufacturing and marketing. Here, begins the second phase, where the Company aims to become a global end to end specialty Company with capability to research, develop and launch its own differentiated branded products. On the Generics side of its business, GGL aims to be a global integrated generic and API leader.
Going forward, GGL will handle the development, manufacture and distribution of generic formulation and API businesses. The parent Company Glenmark Pharmaceuticals Ltd continue to directly manage the novel R&D, biologics and branded formulation businesses of the Glenmark group including India, Brazil, Rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.
The Generics business will inherit Glenmarks Goa plant for formulations, the three API plants in India, sales units in the USA and UK and the Argentina oncology operations. In addition, a group from R&D focused on API and Formulation Development will also move to the generics Company.
The branded business will remain in Glenmark Pharmaceuticals and retain all remaining assets, branded sales groups in India and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands.
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