Genpharmasec Commences First Direct Order with Abbott Point of Care, USA

In May 2021, Genpharmasec Limited had entered into a landmark Distribution Agreement with Abbott Point of Care (APOC) Inc, the medical & diagnostics division of Abbott, the world's 8th largest pharma company for selling their niche diagnostic equipment exclusively used in ICUs and ICCUs all over India. The Company began operations with one such diagnostic equipment, i-STAT Analysers and its Cartridges by purchasing the same from another distributor in India which was affecting its profitability.

The Company has now taken a major step towards improving its profitability by acquiring the same directly from Abbott Point of Care, USA. The first direct import consignment has been successfully concluded which will now open new opportunities for the Company and at the same time will improve its bottom-line. The Company is in the process of obtaining an import license for import of Cartridges required for i-STAT Analysers which is expected shortly. With these developments, the Company is confident of increasing its sales by more than 50% in the FY 2021-22 over the previous year.

Shares of Generic Pharmasec Ltd was last trading in BSE at Rs. 7.32 as compared to the previous close of Rs. 7.67. The total number of shares traded during the day was 4978237 in over 2252 trades.

The stock hit an intraday high of Rs. 8.39 and intraday low of 7.20. The net turnover during the day was Rs. 37822800.00.

Source : Equity Bulls

Keywords

GenericPharmasecLtd INE861N01036 GenpharmasecLimited AbbottPointofCare USA DistributionAgreement