The Menarini Group, an Italian pharmaceutical company, launched a new affiliate in Bogotá last week in hopes of capturing more of the market in the Andean region. Toward the same goal, the firm also opened an office in Lima, Peru.
In explaining its desire to establish a presence in Colombia, the Florence-based company highlighted that this is a country with a population of nearly 50 million that is among the top 20 countries in the world in terms of receiving direct foreign investment, according to the United Nations Conference on Trade and Development (UNCTAD).
“Both countries have emerging economies which offer the company opportunities for market expansion with its high-quality, made-in-Italy pharmaceuticals,” said the company in a statement.
Menarini specializes in medicinal products for pain relief as well as cardiovascular, respiratory, digestive tract, and urological treatment. With global annual revenue of more than €3.3 billion in 2015, according to the firm, it is also involved it research and development into cancer treatments.
The company formally inaugurated its new office in Bogotá on March 9 and now employs 40 people at the location. The launch celebration was held at the Italian embassy in the capital alongside Caterina Bertolini, the Italian ambassador to Colombia.
“We are enthusiastic about increasing our presence in Latin America with the opening of our branches in Peru and Colombia, strategic countries where Menarini has decided to strengthen its commitment to guarantee that patients have access to extremely high-quality medicinal products,” said Alberto Giovanni Aleotti, vice chairman of the Menarini Group. He added that, “this represents a stepping stone for international growth of the group.”
The launch event for Menarini’s smaller office in Peru, which employs 30 workers, took place in Lima two days earlier on March 7 at the Lima Art Museum. The ribbon-cutting ceremony was attended by Italian Ambassador Mauro Marsili.
The opening of two offices marks a significant expansion of Menarini’s presence in the region. The company opened its first Latin American branch nearly four decades ago in Guatemala, and it has since grown in Central America into Panama, Costa Rica, El Salvador, Honduras, Nicaragua, and Belize. In 2015, it reported 11% growth in this region to hit €93 million.
The Menarini Group has also had a presence in Mexico since 2009, and maintains distributors in Brazil, Argentina, Chile, Ecuador, and the Dominican Republic.