Yesterday, New Jersey-based topical generic pharmaceutical company IGI Laboratories announced it will launch its first IGI labeled generic products later this year.
The company has an extensive partnership with Medimetriks Pharmaceuticals, Inc., which is a branded specialty pharmaceutical company focused on the dermatology market. As part of this relationship, IGI serves as Medimetriks’ authorized generic dealer for certain products. On Nov. 1, IGI received authorization to launch generic distribution of certain of Medimetriks’ recently launched Synalar (fluocinolone acetonide) line of prescription topical products.
IGI will work closely with Medimetriks to help ensure the successful launch of these generic topical prescription products. IGI believes this launch with its important partner is an essential component of the company’s long-term strategy. The current market conditions indicate a total addressable market for the first three products of around $30 million, of which IGI expects to achieve a meaningful market share.
Launch activity has commenced, and with the authorization to go to market, only a few steps remain before the company’s first IGI labeled generic topical product is ready to launch. The company has made significant strides in finalizing the needful state licensing requirements for commercial distribution. IGI is actively negotiating its logistics agreements with the proper wholesalers and retailers, and the company additionally plans to announce its distribution partner in the near future.
The pivot discussed in IGI’s last earnings call is well underway. With this launch, the company is in motion to deliver on its promise to become a leader in the generic topical pharmaceutical market.
IGI Laboratories is engaged in the development and manufacturing of topical formulations for the pharmaceutical, OTC, and cosmetic markets. The company’s aim is to become a leading player in the generic topical prescription drug market.
For more information, visit www.igilabs.com
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