Fujifilm Corporation and Dr Reddy’s Laboratories have signed a memorandum of understanding to develop generic drugs in Japan.
The joint venture will manufacture and promote generic drugs using Fujifilm’s quality control technologies and Dr Reddy’s knowledge in the pharmaceutical sector.
Dr Reddy will hold a 51% stake and Fujifilm will gain a 49% interest in the company, which intends to launch its first products in Japan in the next three to four years.
Fujifilm president and CEO Shigetaka Komori said, “With the execution of the memorandum of understanding with D. Reddy’s Laboratories, Fujifilm will have excellent capability in developing and manufacturing across active pharmaceutical ingredients and formulations of generic drugs.”
Dr Reddy CEO and vice-chairman GV Prasad added, “We are confident that Fujifilm’s advanced R&D capabilities, backed by Dr. Reddy’s high-quality generic drug development, will help the joint venture establish a strong presence in the Japanese pharmaceutical market. Our planned entry into Japan underscores our commitment to bring affordable and innovative drugs to more patients worldwide.”
The government of Japan actively promotes the use of generics and hopes to increase the market share of generic drugs by sales volume to at least 30% by 2012.