Abbott launches established products division

Abbott has announced the creation of a new established products division which will allow it to improve its standing in the generic drugs market.

The new business unit will be dedicated to marketing the company’s portfolio of established products in regions outside the US, with a focus on emerging markets.

This represents the next phase of a long-term initiative by Abbott to expand its generics business, having added a large number of products to its portfolio with the acquisition of Solvay Pharmaceuticals this year.

Additionally, Abbott announced that it has also signed a licensing and supply agreement with healthcare company Zydus Cadila, adding at least 24 more drugs to its range.

Olivier Bohuon, executive vice-president of Abbott’s pharmaceutical products group, said: “Our new established products division will focus on expanding our presence and product offerings in the world’s fastest-growing emerging markets.”

Last month, the company published its financial report for the first quarter of 2010, a strong period which saw Abbott experience double-digit year-on-year sales growth.