Lupin hires Ex-CEO of Nycomed US to lead US subsidiary

Lupin Ltd has appointed Paul McGarty, former CEO of US-based speciality drug firm Nycomed, as president of its US subsidiary.

McGarty was instrumental in transforming Nycomed from a topical product manufacturer to a leading fully integrated dermatology specialty company in the US, a Lupin statement said.

The US, which contributes 35 per cent of Lupin’s global revenues, is one of its most important target markets, with India and Japan. The appointment of McGarty will accelerate Lupin’s US growth, Vinita Gupta, CEO of Lupin Pharmaceuticals Inc, the US subsidiary, said.

“Paul has tremendous experience in building and growing speciality pharma companies that have very similar business models as ours. His presence is a very clear direction towards strengthening our management team,” said Gupta.

During the quarter ended June 30, Lupin’s US revenues rose 40 per cent to touch $350 million (Rs 1,615 crore) as compared to the corresponding quarter the previous year. It remains the fifth largest generic player by prescription in US and is the fastest growing company among the top 10 in its category. The company also stated that 13 of kts 26 generic products in the US are market leaders and 24 of these 26s are among the top three market players.