Orchid Chemicals & Pharmaceuticals Limited on Thursday said that the company floated a wholly-owned subsidiary in Japan called Orchid Pharma Japan KK. Headquartered in Tokyo, Orchid Japan will exploit the high-potential Japanese generics market and expects sales of $100 million in the next five years.
Orchid considers that the Japanese generics market will grow at a rapid pace in the coming years due to an increasing recognition in the government and healthcare sectors of the need for quality generic medicines. It is estimated that the generics market in Japan, currently estimated at $2.5 billion, could double itself to $5 billion in five years. ?Orchid, with its range of antibiotic and lifestyle products, is positioned to meet a broad spectrum of acute and chronic therapy needs of the growing Japanese healthcare market,? said K Raghavendra Rao, MD, Orchid Chemicals.
The entry into the Japanese market follows its successful emergence in the US antibiotics generics market as a leading Cephalosporin generics player. Orchid is set to achieve a similar presence in the European antibiotics generics space, for which, over 15 dossiers have been filed with European regulatory authorities, he added.
According to Rao, the incorporation of Orchid Pharma Japan as a wholly owned subsidiary is a reflection of Orchid?s commitment to the Japanese market. ?We expect the Japanese generic market to grow rapidly over the next few years. We expect to be among the leading players, with a turnover of about $100 million in about 5 years. We are happy that we have a top management team at Orchid Pharma Japan, with the drive, expertise, and experience.?
