SOUTH African drug maker Adcock Ingram is eyeing expansion opportunities in India and East Africa and is also planning to bolster its fast-moving consumer goods portfolio.
Adcock, which was unbundled from Tiger Brands last year and in the process lost its FMCG products, is seeking new revenue streams after failing to buy its smaller rival Cipla Medpro.
"We're aggressively looking at East Africa for expansion," Jonathan Louw, the company's chief executive officer, said yesterday. The company plans to sell branded over-the-counter medicines in its Africa expansion drive.
Louw said that the company was also scanning India for expansion opportunities.
During the unbundling, Adcock gave up most of its FMCG items such as Ingram's Camphor Cream and it is now planning to compete with former parent Tiger Brands in some areas.
Adcock bought personal care and supplements business TLC earlier this year, which Louw said would be used as a stepping stone to launch other personal care products.
In June Adcock scrapped a R2,1billion plan to buy Cipla Medpro, dashing hopes to boost its share in the fast-growing generic market and bolster its respiratory portfolio.
The deal would have allowed it to compete more effectively with larger rival Aspen, which embarked on a string of deals aimed at strengthening its international operations. - Reuters