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(Yicai Global) Feb. 19 -- Lummy Pharmaceutical has agreed a deal to act as exclusive sales agent for the first generic drug for erectile dysfunction treatment on the Chinese market.
The Chongqing-based firm's Lummy Medicine unit has signed a sales authorization agreement with Haiyue Pharmaceutical, according to a statement. Haiyue obtained approval from the country's regulator to produce Tadalafil yesterday.
US firm Eli Lilly and Company introduced the drug at home in 2003 and it has led the US market for over a decade.
Lummy Medicine will organize, develop and promote the product in China, with both parties to negotiate annual sales targets. The company will become a permanent exclusive sales agent if it achieves the agreed goal during the first three years of cooperation, the statement said.
Editor: William Clegg