LaborMed to include 12 brands in its portfolio by year-end

The move comes in accordance with a change on the local pharmaceutical market this year, whereby drugs will no longer be prescribed in terms of base substance, but rather brand.

The investment, set to be worth several million euro, is due to increase the company’s portfolio by at least 12 brands by year-end.
“The company used to sell its products using the generic name, ending in LPH, for LaborMed Pharma. If the market is to become brand-driven, we have to strengthen branding,” according to the company’s CEO, Stephen Stead, for Business Standard. He added that the company is currently identifying key products which it is going to brand. “Doctors and pharmacists remember brands,” he said.

The company, ranking 24th on the local market, posted turnover of €28 million in 2007 and targets business worth €40 million this year. The local market is worth some €1.85 billion in pharmacy prices, with GlaxoSmithKline, Roche, Sanofi Aventis, Pfizer, Ranbaxy, and Zentiva as market leaders, according to the Cegedim research company.