THD NewsDesk, New Delhi: The Pharma giant, Sun Pharmaceuticals have declared their plan of expansion in China and Japan. As per the annual report of 2019-20, they have marked their presence in the US market.
Dilip Shanghvi, Managing Director, Sun Pharmaceuticals Industry, said the strategy to increase production has already started bearing fruits in a positive direction. He added,
“We expect this momentum to continue over the next few years, although the COVID-19 pandemic and lockdowns may throw up some uncertainties in the near-term.”
The space of the medicinal arena is confronting the challenge of chronic, complex or rare diseases which needs advanced research and motivation. The specialty medicines are hence the need of the hour.
The Company’s global specialty revenue for the year 2019-20 amounted up to USD 430 million (about Rs 3,200 crore). This revenue accounted for 9% of the consolidated revenue of the Company, Rs 323 billion.
Mr Sanghvi said that the specialty business is helping them move up the pharmaceutical value chain and try new innovative tactics to the business. He noted,
“We have invested significant resources over the past few years in building this business and are now focusing on commercial execution to ensure that future cash flows justify these significant investments.”
In June 2019, the Company announced licensing agreements with a subsidiary of China Medical System Holdings Ltd (CMS) for development and commercialisation of two specialty products for the treatment of psoriasis and eye disease.
Mr Sanghvi said that these agreements would mark their entry into the China market, which is the second-largest pharmaceutical market in the global arena.
Last year the country filed an application for manufacturing and marketing authorisation of Ilumya for moderate-to-severe psoriasis with the Pharmaceuticals and Medical Devices Agency (PMDA), Japan. This application has been approved, and the Company has started its launch preparation, said Mr Sanghvi.
Mr Sanghvi also added,
“We have also recently entered into an exclusive licensing and distribution agreement with Hikma Pharmaceuticals PLC for commercialisation of Ilumya in the Middle East and North Africa (MENA) region.”
In his interview to Business Outlook, on being asked about the impact of lockdown on the Company’s business, he said
“Despite our proactive COVID risk response initiative, we do estimate some softening of sales in the near term due to the lockdowns and economic slowdown across various countries, although it is difficult to quantify the impact as of now.”
Sun pharma intends to increase role and production in the pharmaceutical market through enhancing the specialty business.