Vaishali Pharma bags orders from Nicaragua & Madagascar for its registered products
Vaishali Pharma Limited has received orders from Nicaragua and a preliminary order from Madagascar for the supply of its registered products including various antibiotics and other generic medicines such as painkillers, etc.
Nicaragua is located in Central America and borders Honduras, Costa Rica, and the Atlantic & Pacific Oceans. The majority of diseases include high food or waterborne diseases, bacterial diarrhoea, malaria, leptospirosis, Hepatitis A, and typhoid & dengue fever. In Nicaragua, the markets are import-driven; thus, creating huge opportunities for the company. The pharmaceutical market value is approximately USD 475 million with location production being less than 20 per cent. The compound annual growth rate stands at 4.5 per cent.
Madagascar, officially, the Republic of Madagascar, and previously known as the Malagasy Republic, is an island country in the Indian Ocean, approximately 400 kilometres off the coast of East Africa across Mozambique Channel. The diseases, which are highly prevalent in Madagascar, include cholera, malaria, dengue, chikungunya fever, pneumonia, schistosomiasis (bilharzia), leprosy, rift valley fever, meningitis, and syphilis. HIV/AIDS and tuberculosis are prevalent in Madagascar but are relatively low in comparison to countries within the African continent.
In Madagascar, the pharmaceutical industry is expanding and the imports of pharmaceutical products was USD 142.61 million during 2019 while the African pharmaceutical markets are growing in every segment, given that between 2017 and 2030, prescription drugs are forecast to grow at a compound annual growth rate of 6.5 per cent, generics at 10 per cent, over-the-counter medicines at 7.1 per cent, and medical devices at 12.1 per cent is expected to grow in the upcoming years.
The company further plans to strengthen its presence in Nicaragua and Madagascar as well as enhance stronger relations with its clients and Nicaragua Ministry of Health.
On Monday during the morning session, the stock of Vaishali Pharma was trading 1.4 per cent higher at Rs 41.40 from its previous close of Rs 40.85 on NSE.