Orchid Chemicals & Pharmaceuticals Ltd has announced the formation of its wholly owned subsidiary in Japan called Orchid Pharma Japan K K (Orchid Japan). Orchid Japan, headquartered in Tokyo, will drive Orchid's foray into the high potential and growing Japanese generics market.
Orchid considers that the Japanese generics market will grow at a rapid pace in the coming years due to an increasing recognition in the government and healthcare sectors of the need for quality generic medicines. It is estimated that the generics market in Japan currently estimated at US $2.5 billion could double itself to US $5 billion in a short span of 5 years.
Orchid, with its comprehensive range of antibiotic and life style products, is ideally positioned to meet a broad spectrum of acute and chronic therapy needs of the growing Japanese healthcare market. The move into Japan follows Orchid's highly successful emergence in the US antibiotics generics market as a leading cephalosporin generics player. Orchid is set to achieve a similar presence in the European antibiotics generics space for which over 15 dossiers have already been filed with European regulatory authorities.
Commenting on the development, Orchid's managing director, K Raghavendra Rao stated that the incorporation of Orchid Pharma Japan as a wholly owned subsidiary is a reflection of Orchid's commitment to the Japanese market. "We expect the Japanese generic market to grow rapidly over the next few years. We expect to be among the leading players in this market with a turnover of about US $100 million in about 5 years' time. We are also happy that we could get on board a top management team at Orchid Pharma Japan which has the drive, expertise and experience to lead Orchid to an exciting future in Japan", he added.
Kunihiko Iwata, president and chief executive officer, Orchid Japan stated that Orchid Pharma Japan would endeavour to deliver cost-effective high quality drugs to the Japanese healthcare system, fully leveraging Orchid's capabilities in a wide range of antibiotic and life style medicines. "Orchid's successes in the demanding US and European markets, its diversified product range covering several therapeutic areas, its US FDA and UK MHRA approved manufacturing facilities covering both sterile and oral dosage forms, successful partnerships with global generics players point to the potential Orchid offers for this market", Iwata added.