Sun Pharma has formed an alliance with Mitsubishi TanabePharma Corporation to market its 14 established brands, which were acquired by the Mumbai-based pharma major from Norvatis for $ 293 million in March this year, in Japan, the world’s second largest pharmaceutical market.
“The company has initiated a phased transfer of manufacturing & marketing rights in Japan for the 14 established prescription brands acquired from Novartis. These 14 prescription brands, acquired by the company earlier this year, will be transferred from Novartis Pharma KK to Sun Pharma’s subsidiary in Japan beginning October 2016,” said Sun Pharma in a press release.
Under this alliance, following the transfer of manufacturing & marketing rights to Sun Pharma’s subsidiary in Japan,Mitsubishi Tanabe Pharma Corporation will market and distribute all the 14 brands as well as provide information on their proper use to healthcare professionals.
Isao Muramatsu, president & representative director, Sun Pharma Japan Ltd, Sun Pharma, commented, “Through this alliance, we have the opportunity to leverage Mitsubishi Tanabe Pharma Corporation’s specialised expertise to create a strong business foundation for us in Japan. Sun Pharma will focus on expanding its sales channels in Japan’s pharmaceutical market while continuing to ensure a stable supply of medicines and healthcare information.”
Sun Pharma has been eyeing to grow its business in the strategically important market of Japan. The size of the Japanese pharmaceutical market is estimated at $ 73 billion, accounting for over 7 percent of the $ 1 trillion global pharmaceutical market, according to IMS Health.
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