Lupin on Wednesday announced that it entered into a strategic partnership with Yabao Pharmaceutical Co. Inc to meet demand for quality drugs with pediatric formulations in the Chinese markets. The demand for high quality pediatric medicines has been growing rapidly in China as a result of the governments support and policy measures. The latest Chinese pediatric pharmaceutical market report indicated that the market for pediatric drugs in China is expected to reach 210 billion CNY $33 billion in 2021 growing at a rate of 9.23%.
Dr. Fabrice Egros president corporate development and growth markets of Lupin said We are excited about this partnership as it paves the way for us to bring quality pediatric formulations to the growing needs of patients in China. In addition to marketing our pediatric products in the Chinese market we intend to expand our collaboration in other strategic therapeutics areas such as cardiometabolic central nervous system and gastroenterology. Yabao Pharmaceutical Co is a leading China pharmaceutical company with fully integrated development manufacturing and commercialization in China. Yabao is recently pursuing strategic development of innovative pharmaceuticals in addition to its wellestablished business in modern traditional Chinese medicines and chemical generics.
Lupin is a transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations biotechnology products and APIs in over 100 markets in the U.S. India South Africa and across Asia Pacific APAC Latin America LATAM Europe and MiddleEast regions. The companys consolidated net profit jumped 24.47% to Rs 545.52 crore on a 3.57% rise in total revenue from operations to Rs 4160.93 crore in Q3 FY22 over Q3 FY21.
Shares of Lupin were trading 1.91% lower at Rs 744 on BSE.