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April 2, 2014 /PRNewswire/ -- Actavis plc (NYSE: ACT), a leading global specialty pharmaceutical company, today announced the official opening of its new regional office in
Singapore that will serve as the headquarters for the Company's
Asia Pacific and
Africa (APACA) region.
In addition, Actavis announced that its subsidiary operating in
Singapore — Drug Houses of Australia Pte Ltd (DHA) — will be transitioned to the Actavis brand. Drug Houses of
Singapore's leading manufacturer of generic drugs and a key driver in the biomedical sciences sector that accounts for approximately five percent of the city-state's gross domestic product.
"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
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
"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
According to IMS data, the pharmaceutical market in
Asia is expected to reach
$350 billion in 2016, comprising approximately 30 percent of the global pharmaceutical market and driving close to 50 percent of global, incremental growth through 2016.
Regionally, Actavis has leading positions in
New Zealand, and is quickly growing in
Vietnam and Malaysia. Last year, Actavis launched more than 70 new products and filed more than 85 applications for new products within the region.
Singapore offers the ideal strategic location for Actavis'
Asia Pacific headquarters," said
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."