Pharmaceutical major Wockhardt is looking at foraying into Japan either through exports or by setting up a manufacturing base.
"We are studying the Japanese market. We are exploring the options before us. Earlier, we had only one option to enter the Japanese market which was local manufacturing but now Japanese regulations allows us to export our products to Japan," Habil Khorakiwala, chairman of Wockhardt and president-elect of Ficci said.
Khorakiwala is accompanying Prime Minister Manmohan Singh, who is on a four-day visit to Japan.
Wockhardt already has a strategic alliance with Japan's fourth largest pharmaceutical company, Eisai Company for marketing of one of its leading global products Methycobol.
In recent years, Wockhardt has been consistently expanding its presence globally.
The company has subsidiaries in the US, UK and Brazil. It has full-fledged companies in South Africa, Russia, Ukraine, Kazakhstan, Mexico, Vietnam, Myanmar, Sri Lanka, and the African countries of Kenya, Ghana, Nigeria and Tanzania.
Wockhardt move's to enter Japan is aimed at strengthening the company's foothold in the world's second largest pharmaceutical market.
The Japanese market is estimated to be around $60 billion. Indian drug exports to the Japanese markets has been steadily rising during the last three years.
According to Pharmaceutical Export Promotion Council (Pharmexcil), Indian drugs worth $65.56 million were exported to Japan in 2005-06.
According to industry sources, the growing interest in the Japanese market is owing to changes in the country's approach towards acceptance of generic medicines.
The government has recently started encouraging production and import of generic drugs to contain the mounting healthcare costs.
While most major Indian generic players have started marketing their products to Japan, majors such as Ranbaxy and Zydus Cadila have gone a step ahead to set up joint ventures and subsidiaries in that country.
Indian drug companies including Strides Acrolab, Lupin, Neuland, Glenmark, Torrent all have an active interests in Japanese drug market.