Daiichi Sankyo and Ranbaxy debut hybrid business model in Venezuela
Japanese drug major Daiichi Sankyo (TYO: 4568) announced that its Daiichi Sankyo Venezuela unit would begin marketing products from its 64% owned Indian subsidiary Ranbaxy Laboratories (AB: BO) in Venezuela as part of their hybrid business model.
Thus far, Ranbaxy has been marketing the products in Venezuela through a local distributor, the role of which Daiichi Sankyo Venezuela will now take over. To kick off the new arrangement Daiichi Sankyo Venezuela has already started promoting Ranbaxy products starting this month.
The Venezuelan pharmaceutical market is the third largest in Latin America, and was valued at $6.8 billion in 2010, an increase of 32.7% on the previous year.
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