Shire PLC (SHPGY) has plans to expand its geographical footprint and is looking to establish itself in a number of emerging markets, Chief Financial Officer Angus Russell said Monday.
Speaking on the sidelines of the Financial Times Global Pharmaceuticals conference in London, Russell said that the highest growth potential for the drug industry will not come from traditional markets in Europe and the U.S., but from other parts of the world, such as Latin America and China.
As a result, the U.K.'s third-largest pharmaceutical company is establishing a direct presence in Latin America - initially in Argentina - but will also look at expanding its sales force into Eastern Europe.
Traditionally, Shire has derived most of its sales from the U.S., where its best-selling drug Adderall XR has gained the largest share of the hyperactivity drugs market. Business Intelligence
But the acquisition last year of U.S. biotech company TKT has brought in new drugs that will be marketed in Europe as well as the U.S.
Shire has already said it plans to reduce its dependence from the U.S. market by increasing the portion of European sales to 40% going forward.
Longer term, Shire expects to enter China in around five years' time, once there is demand for higher cost medicines, Russell said.
Shire, headquartered in Basingstoke, England, sells specialist drugs that treat hyperactivity and rare conditions, as well as kidney disease treatment Fosrenol.
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