Singapore: Mumbai-based Ipca Laboratories Ltd plans to acquire a pharmaceutical company in Indonesia with a view to enter the largest South-East Asian market.
“We are scouting for an Indonesian company, especially with a generic product marketing licence,” Ipca regional manager S Sugumaran said here on Wednesday.
The company has put together a $20 million war-chest for the acquisition, to be made within the next few months, said Kuala Lumpur-based Sugumaran, adding that a number of companies have been shortlisted, though he kept the names confidential.
“We need good access to the Indonesian market and an established pharmaceutical company would be good vehicle to market Indian pharma products in Indonesia,” said Sugumaran on the sidelines of a seminar on the Indian pharmaceutical sector in Singapore.
The seminar was addressed by several pharmaceutical companies and officials from India and Singapore, including Deputy Drug Controller of India A K Pradhan.
Eleven Indian companies participated in the seminar, where elaborate discussions were held on India-Singapore pharmaceutical trade under the Comprehensive Economic Cooperation Agreement.
“We expect Indian pharmaceutical companies to expand into the South-East Asian markets through Singapore, leveraging on the bilateral benefits under the CECA,” said Dr Manju Kalra Prakash, the assistant secretary general of the Federation of Indian Chambers of Commerce and Industry, which organised the seminar in conjunction with the Indian High Commission to Singapore.
Over 100 delegates attended the seminar, which was also addressed by Singapore’s Economic Development Board and the Health Sciences Authority.