Actavis, a leading global specialty pharmaceutical company, announced the official opening of its new regional office in Singapore that will serve as the headquarters for the company's Asia Pacific and Africa (APACA) region.
In addition, Actavis announced that its subsidiary operating in Singapore — Drug Houses of Australia will be transitioned to the Actavis brand. Drug Houses of Australia is Singapore's leading manufacturer of generic drugs and a key driver in the biomedical sciences sector that accounts for approximately five per cent of the city-state's gross domestic product.
"The opening of our new regional headquarters in Singapore is an important step in Actavis' global expansion and further evidence of our commitment to being a leading provider of a full range of pharmaceutical products in the region," said Paul Bisaro, chairman and chief executive officer of Actavis. "By centralising our regional operations in Singapore, we will be better positioned to focus on strategies that will strengthen our growth in emerging markets across Southeast Asia, enabling consumers to have increased access to affordable, high-quality medicines that help them live longer, healthier lives."
Actavis has been a long-time leader in the Singapore healthcare market through its DHA business, which offers a broad portfolio of pharmaceuticals including generics, brands and over-the-counter (OTC) products, and maintains the number one position in the country's generic market. The company also operates a manufacturing facility in Singapore, producing a range of products in various formulations, including tablets, capsules, oral solutions, dry suspensions, ointments and liniments. In total, Actavis employs more than 130 people in Singapore.
"The opening of Actavis' regional headquarters in Singapore is an endorsement of our position as a hub for pharmaceutical companies to drive their business growth in the Asia Pacific region," said Mr. Yeoh Keat Chuan, managing director, Singapore Economic Development Board. "We firmly believe that Singapore's strong connectivity to the region, our status as a trusted location, availability of talent and network of professional services firms enable companies to access regional and global markets. We warmly welcome Actavis' decision to establish its regional headquarters in Singapore."
According to IMS data, the pharmaceutical market in Asia is expected to reach $350 billion in 2016, comprising approximately 30 per cent of the global pharmaceutical market and driving close to 50 per cent of global, incremental growth through 2016.
Regionally, Actavis has leading positions in Singapore, Indonesia, Hong Kong, Australia and New Zealand, and is quickly growing in Vietnam and Malaysia. Last year, Actavis launched more than 70 new products and filed more than 85 applications for new products within the region.
"Singapore offers the ideal strategic location for Actavis' Asia Pacific headquarters," said Hordur Thorhallsson, Actavis' senior vice president, APACA. "The centralised location within the region provides ready access to the Asia Pacific markets, and it offers excellent logistical and regulatory infrastructure and a government with exceptional knowledge and experience working with the global pharmaceutical industry. We look forward to further establishing and strengthening our operations in Singapore in the years to come."