Orchid Chemicals & Pharmaceuticals today announced the formation of its wholly-owned subsidiary in Japan called Orchid Pharma Japan K K (Orchid Japan).According to a release issued by Orchid to the BSE today, Orchid Japan, which will be headquartered in Tokyo, will drive Orchid's foray into the high potential and growing Japanese generics market."It is estimated that the generics market in Japan, currently estimated at $2.5 billion, could double to $5 billion within five years. Orchid, with its comprehensive range of antibiotic and life style products, is ideally positioned to meet a broad spectrum of acute and chronic therapy needs of the growing Japanese healthcare market," the release added.K Raghavendra Rao, managing director, Orchid, said: "We expect the Japanes generic market to grow rapidly over the next few years. We expect to be among the leading players in this market with a turnover of about $100 million in about five years. We are also happy that we could get on board a top management team at Orchid Pharma Japan, which has the drive, expertise and experience to lead Orchid to an exciting future in Japan."
