Foraying into the Indian pharmaceutical market, eyecare firm Bausch & Lomb today said it

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had entered into a deal with Bangalore-based Micro Labs for contract manufacturing of medicines to treat eye diseases.

Bausch & Lomb already has good presence in the domestic eyecare market, especially in segments such as vision care and surgical instruments.

As per the Memorandum of Understanding (MoU), Bausch & Lomb will utilise facilities of Micro Labs to manufacture its pharmaceutical products for the Indian market.

"We will use their [Micro Labs] facilities to put out our products in the market," Bausch & Lomb India & Thailand Managing Director Harish Natarajan told reporters here.

As per the agreement, the companies will introduce up to six eye drops, including Moxisurge and Aquasurge in the Indian market.

Bausch & Lomb expects to capture a significant share of the fast-growing domestic ophthalmic pharmaceuticals market, which is estimated to be worth $300 million by 2015.

According to the pact, both the firms have also agreed to explore other areas of possible alliance, including sourcing of ophthalmic solution products from Micro Labs to be sold by Bausch & Lomb in India and other markets in Asia Pacific.

Both the firms may also collaborate on manufacturing technology for the production of eye drops.

"Our collaboration with Micro Labs will enable us to enter one of the world's most vibrant yet undeserved markets in the world with high quality and dependable products developed to help people see and live better," Bausch & Lomb Asia-Pacific President Rodney W Unsworth said.

The company has hired a sales team of 70 for the pharma operations in the country, taking its total employees strength to 270 in the country.

Speaking about the development Micro Labs India Director Anand Surana said: "Our collaboration demonstrates that pharmaceutical manufacturing in India has come of age and our products meet the most stringent global quality standards."

Bausch & Lomb employs more than 10,000 people globally and its products are available in more than 100 countries.