The company has entered into an agreement with Abbott Point of Care (APOC), the medical and diagnostics devices division of Abbott, for the distribution, marketing and promotion of the entire range of products by APOC in the entire country of India. The agreement covers the entire length and breadth of the country.
A statement informed, “The agreement will increase the annual diagnostic tests supplied by Generic Pharmasec by more than two-fold to an upwards of one million test annually. It will also improve the Product Margin on the Abbott Point of Care products by Generic Pharmasec by 2.5 per cent which is almost 50 per cent higher than current margins.”
The statement also divulged, “Generic Pharmasec 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 and improve access to critical diagnostic solutions in Tier-2 and Tier-3 towns, Generic Pharmasec will appoint 15 new sub-distributors over the course of the next 24 months in such identified towns across the country.”
“We aim 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 and promotion with this unique partnership with Abbott Point of Care Inc,” informed the company.