Elder Biomedia is a distributor and manufacturer of oral drugs in the Bulgarian pharma market.
Elder Pharmaceuticals has recently increased its stake in Elder Biomedia from 61% to 92.2% through its wholly owned Dubai subsidiary Elder International FZCO.
Reuters has quoted Elder Pharma director of International Business Alok Saxena as saying that the Mumbai-based firm sees the Indian products clocking sales of €5-10m in Bulgaria in two years.
"We are looking at building synergy between India and Bulgaria operations to launch Indian products in the European market," Saxena said.
Elder has recently, through Elder International FZCO, acquired UK based NeutraHealth for €9.8m, to get access to a variety of brands in the UK, expand its product portfolio and presence in the regulated EU markets.
Saxena said the India-based drugmaker is also looking to launch more than 60 products from its UK unit NeutraHealth in India on a long term basis.
Elder Pharma is engaged in the manufacture of a wide range of pharmaceutical product through research and development and also in the manufacturing and marketing of diverse products through licensing agreements with international pharmaceutical companies.