Nicholas Piramal enters diagnostic products jv with Arkray of Japan
Nicholas Piramal India Ltd and Kyoto, Japan-based Arkray have formed a 49:51 joint venture to market diagnostic products, mainly Self-Monitoring Blood Glucose System in the Indian market.
Nicholas Piramal India Ltd and Kyoto, Japan-based Arkray have formed a 49:51 joint venture to market diagnostic products, mainly Self-Monitoring Blood Glucose System in the Indian market.
Arkray is a market leader in the self-monitoring blood glucose market in Japan with a dominant market share. Its products are also distributed in over 80 countries around the world.
Under the agreement, NPIL will transfer all its existing Blood Glucose Monitoring Business into the jv for a consideration of Rs. 40 million. The JV will market these products and will also launch other blood glucose-monitoring Systems of Arkray including a new product in India.
The blood glucose system market in India is estimated to be worth more than Rs. 1 bn and is estimated to be growing around 20% p.a.
Dr Swati Piramal, director of Strategic Alliances & Communications, NPIL said: "India has about 41 million people who suffer from diabetes - a debilitating disease. By collaborating with Arkray NPIL plans to bring all the latest technology blood glucose monitoring products launched by Arkray to India and thereby reduce the burden of disease."
