Glenmark Pharmaceuticals has entered into a strategic in-licensing agreement with Stratpharma AG, Switzerland to market and distribute the product Strataderm in India.
The company in a filing to the Bombay Stock Exchange said that this move is part of its effort to enter fast-growing and high potential scar management segment. The estimated market size of scar and marks removal cream in India is around Rs 80 crore.
“The entry into the scar management therapy area will strengthen Glenmark's leadership position in the dermatology segment,” the company said in the filing.
A S Mohanty, Director, Formulations, Glenmark said, “This is our first in-licensed product for the Indian market and we will continue to pursue in-licensing opportunities to bridge product gaps in operating therapy areas as well as in-license differentiated products to strengthen our product portfolio and leadership in this area.”
Strataderm can be used on all types of scars and will be available in a gel formulation in a 10 gm tube at all leading chemists across the country.