Indian Biotechnology major, Biocon Limited and Abu Dhabi based pharmaceutical company Neopharma have signed an MOU to establish a JV to manufacture and market a range of Bio-pharmaceuticals for the GCC countries (Gulf Cooperation Council).
This agreement between the two companies heralds the region's first foray to develop and market life saving biopharmaceutical products.
Speaking on the occasion of this pioneering new initiative, Dr. B R Shetty, Chairman and CEO of The Neopharma Group, stated "Neopharma's foray into Biotechnology will catalyze a wave of Biotechnology initiatives in the region". Dr. B.R. Shetty, a recipient of the prestigious Abu Dhabi Award, is well recognized for his contribution in providing comprehensive healthcare in the UAE, through a chain of hospitals, pharmacy chains and an integrated pharmaceutical distribution network.
Dr. Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited said, "The GCC region is an important market for Biocon and the JV with Neopharma is an important milestone for Biocon's global foray. Neopharma has established a world class manufacturing facility for finished formulations which was inaugurated by President APJ Abdul Kalam in 2003".
The JV will benefit from the position that Neopharma enjoys in the region and expand Neopharma's existing portfolio with a range of Biocon's generic and novel therapeutics that encompass Diabetes, CVS, Oncology, Auto-immune and Immunosuppressive drugs.
