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 BL report. Quoting the statement released by Ranbaxy, the report said: this is 'part of the hybrid business model'.
Currently, the Rs 10,000-crore Ranbaxy has been marketing its products in Venezuela through a local distributor. What is more, Daiichi Sankyo Venezuela will now take over this role, said the report. To kick off the new arrangement, Daiichi Sankyo Venezuela has already started promotion of Ranbaxy products in the South American country, the release said. 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, noted the report.
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 instance, in April this year, Ranbaxy announced that its subsidiary in Romania, Terapia Ranbaxy, had launched a anti-hypertensive drug, which was originally discovered by Daiichi, added the report.