Chennai, Apr 10 (UNI) Orchid Chemicals and Pharmaceuticals Ltd. (Orchid) today announced the formation of its wholly owned subsidiary in Japan -- Orchid Pharma Japan K K (Orchid Japan).
Orchid Japan, headquartered in Tokyo, would drive Orchid's foray into 'the high potential and growing Japanese generics market, a company release here said.
Orchid considers that the Japanese generics market would grow at a rapid pace in the coming years due to increasing recognition in the government and healthcare sectors of the need for quality generic medicines.
It was estimated that the generics market in Japan, currently estimated at 2.5 billion US Dollars, could double to five billion US Dollars in a short span of five years.
Orchid, with its comprehensive range of antibiotic and life style products, was ideally positioned to meet a broad spectrum of acute and chronic therapy needs of the growing Japanese healthcare market.
The move into Japan follows Orchid's highly successful emergence in the US antibiotics generics market as a leading cephalosporin generics player. Orchid was 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.
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