At the press conference held in Brussels, Omega Pharma and Modi-Mundipharma signed the final documents, thus enabling the 50/50 joint venture, Modi Omega Pharma (India) Private Limited, to bring the first eight brands of Omega Pharma to the Indian market between October 2009 and April 2010. The brands concerned are : Addax (skin care), Calcia (calcium supplements), Cellasene (anti-cellulite, slimming), Charbon de Belloc (anti-flatulation), Paranix (anti-headlice), Restiva (prevention of hair loss), Salvecol (cholesterol reducer), Silence (anti-snoring).
Modi Omega Pharma (India) will make its debut in the $1.3 billion OTC pharma category with a limited starting capital of 2 million euro and a team of 75 sales representatives who will introduce the products to 6,000 physicians and 10,000 pharmacies and other retail outlets. The business plan stipulates that these numbers may grow 2.5 times in five years’ time. In the start-up year 2009, the sales contribution is expected to amount to 0.2 milion euro, but this amount may sharply increase in the future.
Manufacturing is largely outsourced to a pharmaceutical plant of Modi-Mundipharma (with WHO-GMP certificate) and the cosmetics plant of Modi-Revlon, both in India. Moreover, Modi-Mundipharma is currently completing the construction of a new pharmaceutical plant, especially for the Indian joint venture.
Mr. Umesh Modi, Chairman of the Umesh Modi Group and CEO of Modi Omega Pharma (India), states: “With this joint venture my dream comes true. Our group already has several successful joint ventures in other sectors, but was still looking for a suitable partner in the attractive OTC-sector in India. We have selected Omega Pharma not just for the eight brands which we will shortly launch in India, but even more because of the numerous innovative OTC products that we can expect from Omega Pharma in the future.”
Marc Coucke, CEO of Omega Pharma, adds: “This joint-venture is the perfect combination. Omega Pharma was looking for a partner with an in-depth knowledge of the Indian market and the required expertise in manufacturing of OTC products. Without Modi-Mundipharma we would not be able to make our brands available in India in the short term. We will honor the commitment expressed by Modi-Mundipharma with the construction of a new plant, by having other products of Omega Pharma manufactured in India, as well. More specifically, we refer to the manufacturing of soft gel capsules for existing products. We also want to underscore that Modi-Mundipharma can count on the innovation power of Omega Pharma as we are going to create 15 new corpoate functions in this area, which will be filled this year.”
The signing by Umesh Modi, Christopher Mitchell (Modi-Mundipharma), Marc Coucke and Sam Sabbe (Omega Pharma) took place in the presence of Dr. Jaimini Bhagwati, Ambassadeur of India in Belgium and Mr. Vincent Van Quickenborne, Minister for Economy and Administrative simplification in the Belgian federal government. The minister joined the vision that each company will have the best chances for the future in this open, global economy when it concentrates on its proper strengths, and when it looks for an equally strong partner for supportive activities.
Modi Omega Pharma (India) will make its debut in the $1.3 billion OTC pharma category with a limited starting capital of 2 million euro and a team of 75 sales representatives who will introduce the products to 6,000 physicians and 10,000 pharmacies and other retail outlets. The business plan stipulates that these numbers may grow 2.5 times in five years’ time. In the start-up year 2009, the sales contribution is expected to amount to 0.2 milion euro, but this amount may sharply increase in the future.
Manufacturing is largely outsourced to a pharmaceutical plant of Modi-Mundipharma (with WHO-GMP certificate) and the cosmetics plant of Modi-Revlon, both in India. Moreover, Modi-Mundipharma is currently completing the construction of a new pharmaceutical plant, especially for the Indian joint venture.
Mr. Umesh Modi, Chairman of the Umesh Modi Group and CEO of Modi Omega Pharma (India), states: “With this joint venture my dream comes true. Our group already has several successful joint ventures in other sectors, but was still looking for a suitable partner in the attractive OTC-sector in India. We have selected Omega Pharma not just for the eight brands which we will shortly launch in India, but even more because of the numerous innovative OTC products that we can expect from Omega Pharma in the future.”
Marc Coucke, CEO of Omega Pharma, adds: “This joint-venture is the perfect combination. Omega Pharma was looking for a partner with an in-depth knowledge of the Indian market and the required expertise in manufacturing of OTC products. Without Modi-Mundipharma we would not be able to make our brands available in India in the short term. We will honor the commitment expressed by Modi-Mundipharma with the construction of a new plant, by having other products of Omega Pharma manufactured in India, as well. More specifically, we refer to the manufacturing of soft gel capsules for existing products. We also want to underscore that Modi-Mundipharma can count on the innovation power of Omega Pharma as we are going to create 15 new corpoate functions in this area, which will be filled this year.”
The signing by Umesh Modi, Christopher Mitchell (Modi-Mundipharma), Marc Coucke and Sam Sabbe (Omega Pharma) took place in the presence of Dr. Jaimini Bhagwati, Ambassadeur of India in Belgium and Mr. Vincent Van Quickenborne, Minister for Economy and Administrative simplification in the Belgian federal government. The minister joined the vision that each company will have the best chances for the future in this open, global economy when it concentrates on its proper strengths, and when it looks for an equally strong partner for supportive activities.
