Daiichi Sankyo to market Ranbaxy drugs in Venezuela

Daiichi Sankyo's Venezuelan subsidiary, Daiichi Sankyo Venezuela SA (Daiichi Sankyo Venezuela), will start marketing Ranbaxy products in Venezuela, as part of the hybrid business model, Daiichi Sankyo Company Limited and Ranbaxy Laboratories Limited said in a joint statement today.

Till now, Ranbaxy has been marketing the products in Venezuela through a local distributor. Daiichi Sankyo Venezuela, located in Caracas in the Bolivarian Republic of Venezuela, will now take over this role.

To kick off the new arrangement, Daiichi Sankyo Venezuela has already started the promotion of Ranbaxy products starting this month, the statement said.

The Venezuelan pharmaceutical market is the third largest in Latin America. Daiichi Sankyo has started its business in Venezuela prior to other Japanese pharmaceutical companies and has built its presence with innovative pharmaceuticals such as the hypertension medicine Benicar (olmesartan medoxomil), the release noted.

Daiichi Sankyo will now also focus on expanding Ranbaxy's portfolio of medicines to promote the hybrid business model, encompassing both innovative and established pharmaceuticals to expand and strengthen its presence in Venezuela.

The Daiichi Sankyo Group, which maintains a portfolio of marketed pharmaceuticals for hypertension, hyperlipidemia, and bacterial infections, is also engaged in the development of treatments for thrombotic disorders and focused on the discovery of novel oncology and cardiovascular-metabolic therapies.

The hybrid business model will respond to market and customer diversity and optimise growth opportunities across the value chain, the release said.

Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is a member of Japan's Daiichi Sankyo Group. Through strategic in-licensing opportunities and its hybrid business model with Daiichi Sankyo, Ranbaxy is introducing new products in markets around the world, where it has a strong presence.