Luye Pharma Group today announced that it has entered into an exclusive promotion agreement with Moksha8 Brasil Distribuidora e Representação de Medicamentos Ltda. and Moksha8 Farmacéutica, S. de R.L. de C.V., two subsidiaries of Moksha8 Pharmaceuticals (Moksha8), granting exclusive promotion rights to Moksha8 in Brazil and Mexico, for the two central nervous system (CNS) drugs: Seroquel® and Seroquel XR®. Brazil and Mexico are the two largest economies in Latin America; meanwhile the region is one of the high potential emerging markets identified as offering solid opportunities for Luye Pharma to deepen its global presence in the CNS business.
Seroquel® (quetiapine fumarate, immediate release) and Seroquel XR® (extended release formulation) are atypical anti-psychotic (AAP) medicines with antidepressant properties. The main indications for Seroquel® are the treatment of schizophrenia and bipolar disorder. Seroquel XR® is also approved in some markets for major depressive disorder and generalized anxiety disorder.
Luye Pharma is eager to further develop its strengths in key therapeutic areas, including CNS and oncology, bolstering a competitive portfolio in major international markets to improve capacity for global business operations, and to explore added growth potential. Latin America is one of the emerging markets which Luye Pharma regards as holding promising development prospects. Opportunities for pharmaceutical industry growth in this region are widely recognized.
According to IQVIA, the market size of Latin America's pharmaceutical industry is projected to grow from $55 billion in 2018 to $76 billion in 2023 with a Compound Annual Growth Rate of 7%. Brazil and Mexico are the two largest countries in Latin America, accounting for 70% of the region's pharmaceutical market, seeing year-on-year growth rates of 9.3% and 8.4%, respectively in 2019. Also worthy of mention is that CNS drugs occupy a considerable portion of the pharmaceutical market in Latin America, accounting for approximately $4.5 billion in 2019.
With Moksha8’s wealth of experience in promoting CNS drugs in Brazil and Mexico, Luye Pharma believes that its powerful business network and resources in the two countries will lead to strong growth for Seroquel® and Seroquel XR®. Based on existing mature commercial resources, the partnership will also enable many more of Luye Pharma's new CNS drugs to enter Latin America in the future, accelerating the commercialization of these drugs in the local markets and making them more accessible to local patients.
Currently, Luye Pharma has and continues to build a strong pipeline of CNS drugs covering multiple treatment indications, including depression, Parkinson's disease, schizophrenia, bipolar disorder, Alzheimer's disease, and others, with a number of investigational drugs already in the late clinical trials and NDA phase in the U.S., Europe, Japan and other major global markets. In addition, the company also boasts a number of established products in this field, with business covering over 80 countries and regions, including major pharmaceutical markets such as China, the U.S., Europe, and Japan, as well as many fast-growing emerging international markets. Luye Pharma is determined to build a competitive CNS portfolio together with the upcoming pipeline drugs, generating synergy which will help to accelerate the company’s pace of expansion in this therapeutic field.