New Delhi: Japanese pharma major Daiichi Sankyo will start selling Ranbaxy Laboratories products in Venezuela under their hybrid business model, the two companies said on Wednesday.
Daiichi Sankyo's subsidiary Daiichi Sankyo Venezuela S.A. would begin marketing products of Ranbaxy, which has been marketing its drugs in Venezuela through a local distributor, the two firms said in a joint statement.
"To kick off the new arrangement Daiichi Sankyo Venezuela has already started the promotion of Ranbaxy products starting this month," it added.
The Venezuelan pharmaceutical market is the third largest in Latin America, it said.
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 statement said.
Under the hybrid business model adopted by the two firms, Ranbaxy primarily focuses on generic medicine research both for itself and its parent firm, while the new drug discovery programme is undertaken taken up by Daiichi Sankyo.