Daiichi To Spread Its Footprint In Africa, Latin America
Japanese pharmaceutical company Daiichi Sankyo has framed a major business plan for the next two years under which it plans to better synergize its functioning with its Indian subsidiary Ranbaxy Laboratories and spread out in Africa as well as Latin America.
Eyeing a turnover of $3 billion for Ranbaxy Laboratories by Dec 2012, Daiici stated that its Indian division will also set up its presence as the number one player in the country's prescription medicines and pharmaceuticals market.
The company stated, "Daiichi Sankyo and Ranbaxy will collaborate in fast-growing emerging markets and fully deploy the hybrid business model. It will also expand its presence in African and Latin American markets."
The company thinks that better synergies with Ranbaxy will aid group expand at a faster rate than counterparts in Japan, Europe and the US.
Majority stake in Ranbaxy was obtained by Daiichi Sankyo in the year 2008 for around $5 billion, comprising the total 34.8% shares held in the company by the family of the Delhi-based brothers, Malvinder and Shivinder Mohan Singh.
Ranbaxy makes a wide variety of generics, and has manufacturing facilities in seven nations, apart from undertaking research on various original molecules and new drug findings. (With Input from Agencies)