Ranbaxy to set up subsidiary in Spain

Saturday, 07 February 2004, 20:30 IST
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NEW DELHI: Indian pharma major Ranbaxy Laboratories is to set up a subsidiary in Spain as apart of its expansion plans in Europe. The board of Ranbaxy "has approved the establishment of a subsidiary operation in Spain as the latest step in its European expansion strategy", the company said in a statement Friday. The move follows Ranbaxy's entry into France through its acquisition of RPG (Aventis) SA on January 5," the statement said. Ranbaxy plans to expand its business in Spain, launching products from its existing wide range of quality generic medicines. It is planning to set up a wholly owned subsidiary, Laboratorios Ranbaxy SL, in Barcelona, to handle operations. "This move is a key element in our strategy of expansion in Europe. It means that Ranbaxy has a presence on the ground in five of the top pharmaceutical markets in Europe - UK, Germany and France Spain and Poland," said Brian W. Tempest, joint managing director and CEO designate, in a statement. With a prescription medicine market valued at around euro 7 billion in 2002 and growing at nine percent, Spain ranks ninth in the world market for prescription pharmaceuticals and fifth in the EU. Eyeing the generic market in Spain, Ranbaxy said though this market segment was currently relatively small at four percent of the total pharmaceutical market, it was growing at 25 percent per annum.
Source: IANS
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