TAD Pharma establishes a subsidiary in Italy. Co-operation with Italian pharmaceutical service provider Marvecspharma / Significant growth of turnover expected
Cuxhaven / Rechterfeld, June 1st 2005. On April 11th TAD Pharma Ltd, a company of the PHW Group, founded the subsidiary TAD Pharma Italia s.r.l. together with the Italian pharmaceutical service provider Marvecspharma Services s.r.l. (Milano). Marvecspharma is a renowned service specialist in Italy and has a wide network of sales representatives. General Manager of the company registered in Milano is Dr. Massimo Barindelli, a former employee of Marvecspharma. The supervisory board is filled with Jens-Peter Schütz, Jörg Pallentin and Francesco Danzo and Dr. Massimo Barindelli.
“The market situation in this fourth biggest pharmaceutical market in Europe as well as the fact, that we have a lot of substances that will soon lose their patents in Italy over the upcoming years led us to this conclusion”, says TAD Pharma Manager, Jens-Peter Schütz. By entering the Italian market TAD Pharma anticipates a significant growth in turnover. The turnover of TAD Pharma in 2003/2004 was 48 Mill. Euro. Being one of the top seven generics in Italy within the next years is the ultimate goal.
Based upon sold units the generic market in Italy grew by 29% in 2004, and reached a rate of 4% on the total market. In the upcoming years this development will continue. In Italy a lot of the so called “Block-Blusters” are still patented, compared to the rest of Europe. In order to lower the costs in the health care system the generic rate on the total market shall be raised up to 11% by using corresponding legislation. Right now this rate is still at 2,08 %.
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