MUMBAI, India and BANGALORE, India, March 21, 2024 – GlobalSpace Technologies, a trailblazer in innovative digital pharma solutions for over a decade, is delighted to announce the signing of a Memorandum of Understanding for the acquisition of InnoPharm Healthcare Private Limited with a 51% stake and share swap of an undisclosed amount. This marks a significant step forward in our growth strategy aligned with our vision for the pharma industry. InnoPharm is a distinguished contract sales force organization with marquee pharmaceutical companies as clients. This strategic move marks a significant milestone for both companies, bringing together their complementary strengths, to create a powerhouse of integrated solutions.
GlobalSpace technologies is revolutionizing healthcare through cutting-edge solutions, analytics, and AI. At the beginning of this year, the company forayed into digital therapeutics with GoRoga, a one-of-a-kind anti-stress wearable. Now, the synergy between the technological capabilities of GlobalSpace and the Salesforce capabilities of InnoPharm is poised to create a unique value proposition for the combined client base of both entities. Cross-selling opportunities and operational efficiencies will drive enhanced market presence.
“At GlobalSpace Technologies, we are always focused on delivering value to our customers while addressing their evolving needs. Through this acquisition, we are solidifying our position in the DTP ( Digital – Telecalling – Physical) model. The DTP model leveraging our digital assets DocExa and MEDIOLA has already demonstrated a 20% growth for Vintage Pharma MNC brands through a pilot project. While DocExa has reached 1.18 + lac doctors, the MEDIOLA app serves 30000+ pharmacies. The merger of GlobalSpace’s Digital and tele-calling strengths with Innopharm’s ability to manage feet on the street amplifies the potential for GlobalSpace Technologies to elevate the Stakeholder value creation” according to Founder and CEO Krishna Singh, GlobalSpace Technologies Limited.
“InnoPharm Healthcare already has an established presence as a contract sales force organization. The platform has made a significant impact on the operational efficiency and productivity of the field force of large pharma companies. This collaboration will further strengthen the positioning and open new avenues for creating enhanced value for the pharma industry. Leveraging GlobalSpace’s existing technological solutions, we anticipate a positive impact on EBITDA, contributing to sustained growth and profitability of the combined enterprise” according to Agnelo D’Silva, Founder Director, Innopharm Healthcare Private Limited.
More than 50 pharma vintage brands seek to enhance their market penetration to foster growth. With this acquisition and the demonstrated success of the DTP model, we are well-poised to become the perfect partners for these brands. The signing of this MOU underscores our commitment to enhancing shareholder value. We look forward to working closely with all relevant stakeholders throughout the due diligence process and seek their support and approval as we progress towards the finalization of this acquisition.
