Dr Reddy's Lab, Fujifilm end generic drug JV
Hyderabad: City-based pharma major Dr Reddy's Laboratories Ltd (DRL) and Japan's Fujifilm Corporation on Monday announced that they had decided to...
Hyderabad: City-based pharma major Dr Reddy's Laboratories Ltd (DRL) and Japan's Fujifilm Corporation on Monday announced that they had decided to terminate the MoU to enter into an exclusive partnership in the generic drugs business for the Japanese market and to establish a joint venture in Japan.
Though the MoU for generic drugs has been cancelled, both the companies will explore partnerships in other related areas, Dr Reddy's said.A Dr Reddy's and Fujifilm signed an agreement on July 28, 2011 and the duo had conducted detailed studies on the establishment of a joint venture for developing and manufacturing generic drugs in Japan. However, as Fujifilm realigns its long-term growth strategy for the pharmaceutical business, both companies have come to a mutual agreement to terminate the deal, the statement added.
"Unfortunately, we will not be able to partner with Fujifilm specifically for generic formulations business in Japan. However, I want to reinforce our commitment towards a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide," said GV Prasad, Chairman and CEO, Dr. Reddy's.
However, both the companies will continue to explore partnership/alliance opportunities in other pharmaceutical businesses such as API (active pharmaceutical ingredient) development and manufacturing and contract research, besides the development and marketing of super-generics.
"In the long-term we will be focusing more on priority fields such as new drugs in cancer field, more value-added super generic and bio-related business by using our core technologies: analysis technologies, original nanotechnology, and high reliability and high quality manufacturing technologies," said Takatoshi Ishikawa, Corporate Vice President and General Manager of Pharmaceutical Products Division, Fujifilm.