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| Mega Lifesciences CEO Vivek Dhawan |
Thailand-based pharma manufacturer Mega Lifesciences is partnering with Sydna Farma of Singapore as part of its efforts to expand into Indonesia.
Under the agreement, Mega Lifesciences will offer drug-delivery systems through Sydna Farma at a lower cost. The systems will be built in collaboration with Indonesian experts through technology transfers and a manufacturing arrangement, The Nation reported.
"This new partnership with Sydna Farma signals a positive new area of business and healthcare that we are honored to be part of," Vivek Dhawan, Mega Lifesciences' CEO, told The Nation.
Mega Lifesciences believes Indonesia is an important and emergent pharmaceuticals market with a growth rate of about 12.5% a year.
The partners said they will begin to establish a factory in Indonesia as well as joint investments in new-product development, registration and sales.
The deal comes after the first mandatory Indonesian national health insurance program was launched in 2014. Currently, Indonesia has about 175 listed local and multinational manufacturing companies in the pharmaceutical sector.
Indonesia's pharma market is estimated at $6.24 billion, with the total healthcare market at around $23 billion.
- check out The Nation's article