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news.India-based Dr. Reddy's Laboratories and Fujifilm have cancelled plans to set up a joint venture (JV) business for developing and manufacturing generic drugs in the Japanese market.
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The memorandum of understanding, which was signed on 28 July 2011, was concluded following mutual consent from both the companies and to enable Fujifilm to realign its long-term growth strategy for the pharmaceutical business.
Dr. Reddy’s chairman and CEO GV Prasad said the company is not able to partner with Fujifilm specifically for generic formulations business in Japan.
"However, I want to reinforce our commitment towards a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide," Prasad added.
Fujifilm pharmaceutical products division director corporate vice president and general manager Takatoshi Ishikawa said, "In the long-term we will be focusing more on priority fields such as new drugs in cancer field, more value-added super Generic, and bio-related business by using our core technologies: analysis technologies, original nanotechnology, and high reliability and high quality manufacturing technologies."
Both the companies are expected to continue exploiting future collaborations with each other in other fields including active pharmaceutical ingredient, development and manufacturing, contract research and development and manufacturing, and the development and marketing of super-generics.