Nectar Lifesciences (NecLife) today got an approval from Korean Food and Drug Administration (KFDA) for Cefuroxime Axetil (Amorphous). The company expects business potential worth $10 billion in South Korea for the approved molecule.
South Korean pharmaceuticals market size is $16.5 billion and is expected to increase to $21.2 billion by 2011.
Dinesh Dua, CEO and director, NecLife said: "This approval is in-line with our strategy of having grater presence in regulated markets. We can further augment our position in the cephalosporin market." Cephalosporin is one of the broad spectrum antibiotic obtained from fungi and is related to penicillin.
NecLife is one of the largest producers of cephalosporin, present in 50 countries. It offers oral and sterile cephalosporin and semi-synthetic active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs). The company is growing its presence in empty hard gelatine capsules (EHGCs) and menthol products.
