Ranbaxy, one of the first Indian companies to set up a venture in China in 1993, is bullish in its operations, securing increased market share for its innovative medicines and also for sourcing intermediaries to cut down production costs, a top executive has said.
"There are a lot of opportunities for collaboration and partnership and to do more than what we have been doing," CEO and Managing Director of Ranbaxy Laboratories Limited, Malvinder Mohan Singh said.
"We are not looking at any acquisitions in China," Singh said on the intentions of the company, which is now ranked among the world's 10 best in the generic business.
"Our objective is to seek partners with whom we can work for the domestic Chinese market and jointly do things and bring a wider range of products," Singh, who is participating in the Inaugural Annual Meeting of the New Champions organised by the World Economic Forum in
Dalian.
A "decent part" of Ranbaxy's sourcing is coming from China, he said, adding that the sourcing of intermediaries enables the company to continuously focus on cost reduction, cost competitiveness and add value on that in making the final product.
"We are working with a few Chinese companies, exploring options with the regulatory knowledge and the developed country knowledge that we have, how we can work with them to jointly to make them move up the value chain as well," Singh said.
One is our own business in China for the Chinese market and the second is leveraging China's scale, capacity, capability, economies of scale for our own raw material needs and add value and take it forward, he said.
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