Grey India has
acquired 25 per cent equity in Sorento Healthcare Communications. This will lead to the merger of Grey's healthcare division and Sorento Healthcare Communications and, with effect from January 2006, the new agency will be called Sorento Grey Healthcare Communications.
Confirming this development to agencyfaqs!, Nirvik Singh, president, South East Asia, Grey Global, says, "Currently, the healthcare sector in India is growing at a rate of 13 per cent annually. So, the need for advertising is also growing at a much faster rate. To keep up with this pace of growth, we at Grey were looking for partners who are specialists in healthcare advertising."
Singh adds, "This knowledge based partnership will also help us acquire new businesses."
As per the deal, both agencies will now share a common client base. The new agency will be headed by Susan Josi, who is currently head of Sorento Healthcare.
Josi says, "Globally, the asset value of Grey Healthcare is estimated to be around one billion dollars. This partnership will give us access to the US and Europeans markets, where Grey is thriving."
Sorento Healthcare is the new identity for Sohum Communications, a healthcare communication agency, which was founded in 1988. To give better positioning and identity, including medical communications, the agency was rechristened Sorento Healthcare Communications in July 2004.
Sorento's client portfolio includes such pharmaceutical companies as GSK, Novartis, Solvay, Aventis, J&J, Wockhardt, Sun Pharma, German Remedies, Cipla, Astra Zeneca and Nicholas Piramal. The agency provides services such as brand launches, brand rejuvenation strategies, medical communications, direct marketing programmes and patient education films.
© 2005 agencyfaqs!