Wockhardt today announced the formation of majority joint ventures (JVs) in Mexico and South Africa, and the establishment of a wholly-owned subsidiary in Brazil.According to a release issued to the BSE today, Wockhardt has signed an agreement with Representaciones E Investigaciones Medicas, S.A. de C.V., one of Mexico's leading national companies. The JV will initially market all forms of insulins manufactured by Wockhardt. Wockhardt South Africa is a 51:49 joint venture between Wockhardt and Pharma Dynamics, the 10th largest generic pharmaceutical company in South Africa. Wockhardt has established a sales and marketing subsidiary Wockhardt Farmaceutica do Brasil in Brazil to market its pharmaceutical and biopharmaceutical products. Habil Khorakiwala, chairman of Wockhardt, said: "We are now establishing building blocks of our global footprint in biopharmaceuticals with majority joint ventures in Mexico, South Africa and a subsidiary in Brazil. We have already received nine approvals for our biopharmaceuticals and we expect another 25 approvals during the year in Russia, former CIS countries, South America, South East Asia and North Africa."Biotechnology is now a strategic business unit for Wockhardt, and Dinesh Dua will now lead the business as president, according to a release issued to the BSE.The world-scale biopharmaceuticals complex at Aurangabad has been fully stabilised. "Wockhardt has received nine registrations for its biotech products from countries in South America, Central and South East Asia. The company is creating front-end marketing organisations in various parts of the world to market its products," the release added.
