Noumed Pharmaceuticals Pty, an Australian subsidiary of Sai Parenterals, has renewed its long-term exclusive Over the Counter (OTC) Medicines supply Agreement with one of Australia’s leading pharmacy chains with an expanded product portfolio, a longer agreement tenure, and a significantly higher agreement value of ₹1300 crore.
The exclusive OTC medicine supply agreement is for a period of 7.5 years with a further option of 3 years extension upon mutual consent, the Hyderabad-based company said in a release.
Noumed continues to manage manufacturing, product sourcing, regulatory compliance, TGA registrations, warehousing, quality assurance and nationwide distribution as a single partner.
Strengthening Presence
“The renewal of this exclusive agreement reflects the confidence that Australia’s leading pharmacy groups continue to place in our subsidiary, Noumed Pharmaceuticals. It also gives us a leap pad to our future expansion into the other highly regulated markets,’’ Anil Kumar Karusala, Managing Director, Sai Parenterals said.
Mark Thulborne, CEO, Noumed Pharmaceuticals said: “This partnership has grown meaningfully over the past few years, and this renewal, for a much longer period, further strengthens our presence in one of the world’s most regulated pharmaceutical markets as a reliable partner for a complete value chain.’’
Established in 2001, Sai Parenteral’s Limited is a global IP-led pharmaceutical formulations company with operations in India and Australia.