Report: Dr Reddy's looks to partner in Japan

India's Dr Reddy's Laboratories is seeking partners in Japan, the second largest pharma market in the world, the Financial Express is reporting.

"We are in the process of identifying partners in the generic segment in Japan, which is a tough market.'' GV Prasad, vice-chairman and CEO, Dr Reddy's Laboratories, says. The company reportedly has narrowed its list to three players and is expected to sign an agreement by the end of the year.

Analysts say global companies are now increasingly establishing a presence in Japan for both R&D and marketing. Indeed, Japan holds great promise for those generic companies, as its government has focused on increasing adoption and generics penetration, the market is estimated to grow rapidly in the next three years. The government plans to convert at least 30 percent of the country's drug prescription to generics by 2012. Currently, generic or off-patent drugs have only a 17 percent market share in Japan, the Financial Express reports.

Earlier this year, Fujifilm Holdings and Mitsubishi said they were planning to set up a joint venture to make generic drugs, according to a Nikkei report. And generics giant Teva also has made a foray into the market.

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