Spain's Faes looks for new revenue sources

Foreign drugmakers have been lamenting the price cuts in Spain, not to mention the fact that many regional medical facilities haven't been paying their drug bills. Now, a domestic pharma company is setting forth its plan for bearing the pain of Spain's austerity programs, Bloomberg reports.

Faes Farma, which won European approval for its allergy drug bilastine last fall, plans to take the remedy to some new markets, hoping the foreign sales will offset revenues lost at home. The company also plans to sell off its over-the-counter operations, figuring the marketing costs on its OTC products make them too expensive for the revenue they bring in.

"In the period through 2012, it would be highly recommended to have some extra revenue to compensate for cutbacks in pharmaceutical spending," General Director Gonzalo Lopez told the news service. "There are conversations right now with some companies possibly interested in several products."

Faes plans to take bilastine before year's end to France, Italy and Portugal, as soon as pricing agreements are set. Its arrangements for selling the drug in Southeast Asia are coming over the next few weeks, Lopez told Bloomberg. It's on the verge of a marketing partnership in Indonesia, and it's in talks to license the drug in Philippines, Thailand and Vietnam. Japan's also on the list. Plus, Faes is considering acquisitions in Latin America within three to 5 years.

- read the Bloomberg piece