Wockhardt Limited has set up two business joint ventures in Mexico and South Africa to enter the biopharmaceutical markets in these countries.
The Mexican joint venture, which has been signed with Representaciones E Investigacions Medicas, will initially market all forms of insulins manufactured by Wockhardt, would take care of the registration of Wockhardt's products in Mexico.
The other majority joint venture of the company, which has been formed with Pharma Dynamics of South Africa, will undertake the commercialization of pharmaceutical and biopharmaceutical product portfolios of Wockhardt.
As part of the JV, Wockhardt will supply APIs and crystals to the joint venture companies for formulation manufacturing under a contract- manufacturing basis. The products will be marketed with the Wockhardt brand name by the joint venture companies.
While talking to media on the company's global initiatives, Habil Khorakiwala informed that the company has also floated 100 per cent subsidiary in Brazil -Wockhardt Farmaceutica do Brazil. This subsidiary would market Wockahardt's pharmaceutical and biopharmaceutical products in the $5-billion Brazilian market. In Brazil, the company's major focus will be on the diabetic segment.
Wokhardt Limited recorded a net profit of Rs 214 crore for the year ended December 2004 with a total global revenue of Rs 1239 crore. Over the period, the company's domestic business grew at 13 per cent compared to the industry growth of 6.4 per cent, Habil said.