Imatinib, a drug for the treatment of chronic myelogenous leukemia, makes full-scale entry into Iranian market

Daewoong Pharmaceutical’s Imatinib, a drug for the treatment of chronic myelogenous leukemia, makes full-scale entry into Iranian market - The recent contract with Arian Salamat Sina is expected to bring $25 million in sales for the next 5 years - Concluding the fifth export deal, Daewoong Pharmaceutical is gearing up for expanding its export to the Middle East Daewoong Pharmaceutical is poised to make full-fledged inroads into Iranian market. Daewoong Pharmaceutical Co.,Ltd(President: Lee Jong-wook) entered into a contract with Iranian pharmaceutical company Arian Salamat Sina to export ‘Imatinib’, a drug for the treatment of chronic myelogenous leukemia, on April 9. This contract represents the fifth export deal that Daewoong Pharmaceutical concluded after it sealed the contracts to export CareTropin, Luphere, Neobest, and Navota. Under this contract, the Iran-based Arian Salamat Sina has the right to distribute Imatinib in Iran and is expected to achieve approximately $25 million in sales for the next 5 years after obtaining approval. Iran’s pharmaceutical market is worth about $ 3 billion, as of 2012, out of which the Imatinib ingredient has formed a market worth approximately $10 million. Particularly, Iran’s pharmaceutical market has seen greater preference for imported drugs which are assumed to be more reliable albeit higher prices, compared to indigenously manufactured drugs. To make an accommodation to such market conditions in Iran, Daewoong Pharmaceutical plans to launch the new capacity of 400mg currently not in circulation within Iran, along with the existing capacity of 100mg, in a bid to boost the sales. Jeon Seung-ho, Director of Global Marketing, Daewoong Pharmaceutical, said, “Having signed this contract, Daewoong Pharmaceutical will introduce its excellent products to Iran. Using the successful export of Imatinib -- a drug for the treatment of chronic myelogenous leukemia-- as a stepping stone, we will continue to expand our leadership position in the pharmaceutical market of the Middle East, as well as make inroads into Iranian market.” Arian Salamat Sina is one of the pharmaceutical affiliates of Iran-based Golrang holding group which specializes in consumable products and introduced overseas pharmaceutical products, such as Xeloda, Ultravist, Herceptin, etc., with the import permit granted from Iran’s Food & Drug Office(FDO) under the drug shortage program.

The release as fetched from its publisher. daewoong.co.kr ↗