Lilly, Ranbaxy Agree To Develop and Market Products in India
Oct. 26, 1994
INDIANAPOLIS (AP) _ Eli Lilly and Co. announced Wednesday it has reached an agreement with India's largest pharmaceutical company to develop, manufacture and market products in India.
The agreement between the Indianapolis-based pharmaceutical company and Ranbaxy Laboratories Ltd. of New Delhi, India, will allow Lilly to develop generic products and expand its current product line in India.
The agreement also gives Lilly the right to market Ranbaxy's products, as well as products from a previous Lilly-Ranbaxy joint venture, in the United States.
''This agreement provides Lilly access to high-quality, low-cost products, which help in disease-management programs in the United States, as well as broaden our offering of products outside the U.S.,'' said Sidney Taurel, executive vice president of Lilly and president of the company's pharmaceutical division.
Lilly and Ranbaxy established Eli Lilly-Ranbaxy Ltd. at New Delhi in November 1992. The joint venture gave Lilly a foothold in the Indian market.
Ranbaxy has the second-highest share in the domestic retail market, and distributes its products in more than 50 companies worldwide. Almost 40 percent of Ranbaxy's revenues come from overseas operations.