Generic Pharmasec enters into agreement with Abbott Point of Care (APOC)

The agreement has just now become effective and covers the entire length & breadth of the country.

May 31, 2021 04:05 IST India Infoline News Service

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Generic Pharmasec has informed that the company has entered into an agreement with Abbott Point of Care (APOC) Inc, the medical & diagnostics devices division of Abbott, the world's 8th largest Pharma Company, for the distribution, marketing and promotion of the entire range of products by APOC in the entire country of India.

The agreement has just now become effective and covers the entire length & breadth of the country.

The agreement will increase the annual diagnostic tests supplied by Generic Pharmasec Limited by more than two-fold to an upwards of 1 million test annually.

It will also improve the Product Margin on the Abbott Point of Care products by Generic Pharmasec by 2.5% which is almost 50% higher than current margins.

Generic Pharmasec Limited will now increase its focus on creating high value propositions for all hospitals in India for all their Critical Diagnostic Requirements. To Increase the footprint in the country & improve access to Critical Diagnostic Solutions in Tier-2 & Tier-3 towns, Generic Pharmasec Limited will appoint 15 new sub-distributors over the course of the next 24 months in such identified towns across the country.

The company aims to increase i-STAT devices penetration by at least 1,000 additional hospital set-ups in the next 24 months by creating long-term strategies for Marketing & Promotion with this unique partnership with Abbott Point of Care Inc.

Generic Pharmasec ended at Rs10.13 per share higher by 18.90% on Sensex.

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