Generic Pharmasec, engaged in the business of pharmaceutical activities has entered into an agreement with Abbott Point of Care (APOC) Inc, the medical & diagnostics devices division of Abbott, the world's 8th largest Pharma Company, for the distribution, marketing and promotion of the entire range of products by APOC in the entire country of India. The agreement has just now become effective and covers the entire length & breadth of the country.

The agreement will increase the annual diagnostic tests supplied by Generic Pharmasec by more than two-fold to an upwards of 1 million test annually. It will also improve the Product Margin on the Abbott Point of Care products by Generic Pharmasec by 2.5% which is almost 50% higher than current margins.

Generic Pharmasec will now increase its focus on creating high value propositions for all hospitals in India for all their Critical Diagnostic Requirements. To increase the footprint in the country & improve access to Critical Diagnostic Solutions in Tier-2 & Tier-3 towns, Generic Pharmasec will appoint 15 new sub-distributors over the course of the next 24 months in such identified towns across the country.

"We aim to increase i-STAT devices penetration by at least 1,000 additional hospital set-ups in the next 24 months by creating long-term strategies for Marketing & Promotion with this unique partnership with Abbott Point of Care Inc," the company said.

Shares of the company gained Rs 1.61, or 18.9%, to settle  at  Rs 10.13.  The total volume of shares traded  was  1,771,266 at  the BSE (Monday).