Mylan re-brands Matrix Labs to enter Indian market

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Mylan re-brands Matrix Labs to enter Indian market

Biosimilars/News | Posted 17/06/2011 0 Post your comment

US generics manufacturer Mylan announced on 27 May 2011 that it plans to rebrand its India-based subsidiary Matrix Laboratories as Mylan in order to launch its own prescription drugs in the emerging Indian market over the next year.

Matrix, one of the world’s largest manufacturers and suppliers of active pharmaceutical ingredients, was bought by Mylan in 2007. Since then, Mylan has integrated the two organisations, along with the generics business of Merck KGaA, to build a global pharmaceutical platform with US$5.5 billion in 2010 revenues, a workforce of more than 17,000 employees, and commercial sales in more than 150 countries and territories.

Mylan’s Chairman and CEO Mr Robert J Coury said that the ‘rebranding will lay the groundwork for continued expansion in India through our entry into the Indian commercial market with our own prescription pharmaceuticals within the next 12 months’. The Matrix workforce has already more than doubled over the last four years and further significant expansion is planned according to Mr Coury.

The move underpins Mylan’s intention to tap into the lucrative domestic Indian pharmaceutical market, which was estimated by IMS Health to be worth US$10 billion in 2010, and is expected to add US$5-15 billion in annual pharmaceutical sales by 2013.

Source: IMS Health, Matrix, Mylan