Today at the opening bell, SOHM, a manufacturer of generic pharmaceutical, nutraceutical, and cosmeceutical drug products, announced the launch of its umbrella brand, “SohMed™,” in the U.S. generic over-the-counter (OTC) medicines market. The company is specifically targeting pain, fever, cold, antacid, and alertness sectors.
Shailesh Shah, president and CEO of SOHM, stated, “SOHM believes in providing low-cost quality medicines to its customers. The SohMed™ range of generic medicines will be made available in the United States through a nationwide network of distributors, warehouse stores, convenience stores and more. Additionally, we are also in the active process of collaborating with large retail and pharmacy chain stores to further extend our reach in the huge North American market.”
It is estimated that more than a third of American adults use OTC medication. Use of these medications is increasing and is expected to continue to rise as more drugs move from prescription to OTC status. Retail sales of OTC medicines in the U.S. totaled more than $17 billion in 2010, unchanged from the preceding year, but showing a more than $3 billion increase over a 10-year period, according to the American College of Preventative Medicines. The global market for OTC drugs is also on the rise, and is expected to surpass $70 billion by 2015.
SOHM expects the growing market to strengthen demand for the SohMed™ line of OTC products and create significant revenue growth for the company.
“SOHM team is also working aggressively to supply these products under white label agreement,” concluded Shah. “With the launch of SohMed™ range of products and some of the other products like Salic-2® Gel, I-Prolec™ and Fohm® by Sohm®, we anticipate a big jump in revenue during 2013 and beyond. During the first six months of 2013, SOHM has already surpassed the revenue achieved in the full 12 months of 2012. Our third-quarter product launches will continue to drive company value and help SOHM achieve 100 percent revenue growth in 2013.”
For more information on SOHM, visit www.sohm.com
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