By Bernama,
Manila : India’s third largest pharmaceutical firm will soon enter the Philippine market through a distribution deal with a local company.
Dr. Reddy’s Laboratories Ltd’s application to transact business in the Philippines has already been approved by the Securities and Exchange Commission, a Filipino government organ in charge of studying application for transacting business by foreign companies.
Quoting a local daily, China’s XINHUA news agency reported Monday that the setting up a partnership with local company Britton Marketing Corp. for the Philippine Market, Part, the Indian company will engage in “information dissemination, act as communication center and promote company products as well as quality control of products for export”.
The company will also set up a plant in Bulacan, north of Manila in two years’ time from now, either for manufacturing or packing, said the report.
The Philippine Congress is debating on a bill to introduce cheaper medicines to the country’s estimated 76 billion peso (US$1.8 billion) market, which is dominated by a few pharmaceutical companies such as Mercury and Watson.