Indian pharmaceuticals major Ranbaxy has entered into an agreement with Japanese pharma giant Daiichi Sankyo for selling the products from Ranbaxy laboratories in Venezuela. The two companies, after inking the deal, revealed the same to the media. Under this agreement, the subsicidary of Daiichi Sankyo, Daiichi Sankyo Venezuela S.A would market the medicines in Venuzuela through a local distributor.

Ranbaxy said Venezuelan pharmaceutical market is third largest in Latin America. The company has also said it would further concentrate on hybrid business models to ensure the company makes its presence felt in the market off shores. As of now, generic medicine from Ranbaxy would be promoted.

It is known that a generic drug is a medicine, which would be sold under the chemical name and would not contain any company's brand for promotion. In India, the medicines given by the government dispenseries are generic drugs.  Generic drugs are comparitively cheaper.

(AW Phani)