Glenmark Pharmaceuticals Ltd., a research-led, integrated global pharmaceutical company, today announced that it has received approval from the Ministry of Healthcare, Russia to market Momate Rhino (Mometasone Furoate 50 mcg) metered nasal spray as an over-the-counter (OTC) product for the treatment of seasonal and perennial allergic rhinitis in patients above 18 years of age.
"Glenmark has built strong capabilities in the area of respiratory and is among the leading players in this therapy in several markets globally. Russia is an important market for us and we are consistently looking to expand product offerings. We believe OTC is an interesting space and this approval for Momate Rhino nasal spray will help enhance our presence in this segment," said Csaba Kantor, Senior Vice President and Head - Asia, Russia & CIS region, Glenmark Pharmaceuticals.
"Allergic rhinitis affects a significant number of people in Russia. The approval to market Momate Rhino as an OTC product paves way for the company to widen patient accessibility of this medicine, which is particularly important at the start of the allergy season," said Oxana Pozdnyakova, Vice President and Business Head - Russia, Glenmark Pharmaceuticals.
According to IQVIA, Glenmark ranked 41st in the retail segment of the Russian pharmaceutical market as of MAT February 2019. In the respiratory space, Glenmark continues to secure a strong position and ranked 4th amongst the companies present in the expectorants market in Russia as of MAT February 2019. The company is ranked 10th in the retail dermatology market in the country.
Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.636.1 as compared to the previous close of Rs. 629.5. The total number of shares traded during the day was 11448 in over 434 trades.
The stock hit an intraday high of Rs. 638 and intraday low of 627.9. The net turnover during the day was Rs. 7247487.