Daiichi Sankyo and Ranbaxy Launch hybrid business in Venezuela

NEW DELHI: Daiichi Sankyo and Ranbaxy Laboratories on Wednesday announced that Daiichi Sankyo's subsidiary Daiichi Sankyo Venezuela SA would begin marketing products of Ranbaxy in Venezuela as part of the hybrid business model.

Till now, Ranbaxy has been marketing the products in Venezuela through a local distributor. Daiichi Sankyo Venezuela will now take over this role, a Ranbaxy release said.

To kick off the new arrangement, Daiichi Sankyo Venezuela has already started the promotion of Ranbaxy products starting this month, it added.

Ranbaxy shares are trading at Rs 487.80, up 1.30% at the BSE..

The Venezuelan pharmaceutical market is the third largest in Latin America. Daiichi Sankyo has presence with innovative pharmaceuticals. It will now also focus on expanding Ranbaxy's portfolio of medicines to promote the hybrid business model, encompassing both innovative and generic medicines to expand its presence in Venezuela.