Daiichi Sankyo Company and Ranbaxy Laboratories Ltd today announced that Daiichi Sankyo’s subsidiary, Daiichi Sankyo Venezuela, would begin marketing products of Ranbaxy in Venezuela.
According to a press release this is “part of the hybrid business model”.
Up until now, the Rs 10,000-crore Ranbaxy has been marketing its products in Venezuela through a local distributor. Daiichi Sankyo Venezuela will now take over this role.
To kick off the new arrangement, Daiichi Sankyo Venezuela has already started promotion of Ranbaxy products in the South American country, the release says.
The Venezuelan pharmaceutical market is the third largest market in Latin America. Daiichi Sankyo had built up its presence there with products such as Benicar, a hypertension medicine.
Now, Daiichi Sankyo will also focus on expanding Ranbaxy’s portfolio of medicines. Ranbaxy Laboratories is a part of the Daiichi Sankyo group.
Ever since the Japanese group, Daiichi Sankyo, took over Ranbaxy Laboratories in 2008, Daiichi and Ranbaxy have been exploring opportunities for leveraging the synergies between the two entities.
While the replacement of the local distributor by Daiichi Sankyo Venezuela is the latest example, there have been quite a few instances of the “hybrid business model” coming into play.
For example, in April, Ranbaxy announced that its subsidiary in Romania, Terapia Ranbaxy, had launched a anti-hypertensive drug, which was originally discovered by Daiichi.