Mega Lifesciences inks partnership with Indonesian pharma company
Mega Lifesciences, a Thailand-based pharmaceutical company, has expanded into Indonesia with a partnership with one of that country's foremost pharmaceutical players, Sydna Farmar.
Vivek Dhawan, the Thai company’s chief executive officer and chief coach, said on the occasion of the signing of the deal that Indonesia was an important and emergent pharmaceuticals market with a strong growth rate of 12.5 per cent per annum. "This new partnership with Sydna Farma signals a positive new area of business and healthcare that we are honoured to be a part of."
The contract permits Mega Lifesciences to introduce efficient drug-delivery systems through Sydna Farma at lower cost. These will be built with Indonesian expertise through technology transfers and a manufacturing arrangement.
The broader aim of the agreement is to capture Asean’s largest market through leveraging Mega’s pharmaceutical know-how and Sydna Farma’s strong local manufacturing capabilities, improving market penetration with a range of high-quality pharmaceutical and neutraceutical products.
In the near term the parties will work to set up a factory in Indonesia, while jointly investing in new-product development, registration and sales.
This collaboration comes after the first mandatory Indonesian national health insurance program, BPJS, officially started on January 1, 2014. Indonesia currently has about 175 listed local and multinational manufacturing companies in the pharmaceutical sector, and this Indonesian-Thai amalgamation will be one of largest in Asean.
Indonesia’s pharma market is estimated at US$6.24 billion (Bt223 billion), with the total healthcare market at $23 billion. With Southeast Asia’s largest population of 256 million, partnerships between Indonesia and Thailand represent stronger commercial ties after Indonesia’s 2008 regulation that foreign pharma companies must partner with local manufacturers to register products.
Setiawan Aluwi, president-director of Sydna Farma, said the company was delighted to be partnering with Mega Lifesciences, one of Thailand’s most respected pharmaceutical companies, to deliver world-class pharmaceuticals and nutraceuticals to the Indonesian market.
"Truly our partnership represents the spirit and know-how of a united Asean."
Mega Lifesciences manufactures, markets, sells and distributes medicines, including nutritional supplements and pharmaceuticals, in emerging markets internationally. It is focused on servicing fast-growing developing markets, with its branded products being sold in a total of 31 countries around the globe.