Orchid Chemicals & Pharmaceuticals has formed a wholly owned subsidiary Orchid Pharma Japan K K (Orchid Japan) to foray into the high potential Japanese generics market.
The company expects the Japanese generics market to 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 USD 2.5 billion, could double itself to USD 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 company said in a statement.
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.
K Raghavendra Rao, managing director, Orchid, said, ``We expect to be among the leading players in this market with a turnover of about USD 100 million in about 5 years time.``
Shares of the company declined Rs 5.7, or 2.45%, to trade at Rs 226.9. The total volume of shares traded was 5,305,662 at the BSE. (2.02 p.m., Thursday)