04 Apr 2014, BioSpectrum Bureau , BioSpectrum
Singapore: Global generics firm, Actavis, has opened its regional office in Singapore that will serve as the headquarters for the Company's Asia Pacific and Africa (APACA) region.
In addition, Actavis' subsidiary operating in Singapore, Drug Houses of Australia (DHA), a generics drug manufacturer, will be transitioned to the Actavis brand.
"The opening of our new regional headquarters in Singapore is an important step in Actavis' global expansion and further evidence of our commitment to being a leading provider of a full range of pharmaceutical products in the region," said Mr. Paul Bisaro, Chairman and CEO of Actavis. "By centralizing our regional operations in Singapore, we will be better positioned to focus on strategies that will strengthen our growth in emerging markets across Southeast Asia, enabling consumers to have increased access to affordable, high-quality medicines that help them live longer, healthier lives."
Actavis has been a long-time leader in the Singapore healthcare market through its DHA business, which offers a broad portfolio of pharmaceuticals including generics, brands and over-the-counter (OTC) products, and maintains the number one position in the country's generic market. The Company also operates a manufacturing facility in Singapore, producing a range of products in various formulations, including tablets, capsules, oral solutions, dry suspensions, ointments and liniments. In total, Actavis employs more than 130 people in Singapore.
"The opening of Actavis' regional headquarters in Singapore is an endorsement of our position as a hub for pharmaceutical companies to drive their business growth in the Asia Pacific region," said Mr. Yeoh Keat Chuan, Managing Director, Singapore Economic Development Board. "We firmly believe that Singapore's strong connectivity to the region, our status as a trusted location, availability of talent and network of professional services firms enable companies to access regional and global markets. We warmly welcome Actavis' decision to establish its regional headquarters in Singapore."
According to IMS data, the pharmaceutical market in Asia is expected to reach USD350 billion in 2016, comprising approximately 30 percent of the global pharmaceutical market and driving close to 50 percent of global, incremental growth through 2016.
"Singapore offers the ideal strategic location for Actavis' Asia Pacific headquarters," said Mr. Hordur Thorhallsson, Actavis' Senior Vice President, APACA. "The centralized location within the region provides ready access to the Asia Pacific markets, and it offers excellent logistical and regulatory infrastructure and a government with exceptional knowledge and experience working with the global pharmaceutical industry. We look forward to further establishing and strengthening our operations in Singapore in the years to come."