New European Internet exchange for generics and P-Is

A new company, indiemed.com, is being set up to create the firstEuropean Internet exchange for generic and parallel-imported medicines, through which, it says, drug manufacturers, wholesalers, exporters, importers and dispensers can all do business.

Manufacturers Alpharma and William Ransom & Son and distributor The Intercare Group have announced their investment in the company, which is being set up by the London, UK-based venture development company Credo Group.

A statement from the new company values the total European markets for generic and parallel imported branded drugs at over L7 billion ($10.58 billion) at retail level alone although, it adds, as products are frequently traded many times before reaching the patient, the total value is significantly greater. Both the generic and parallel-import markets are currently fragmented, inefficient and inherently national in outlook, it says. Prices can vary considerably over time depending on supply levels and sources, manufacturers are separated from end-user demand and there is a general lack of market transparency.