CCM Duopharma revamps brand identity
SHAH ALAM: CCM Duopharma Biotech Bhd unveiled its new corporate identity as Duopharma Biotech Bhd after obtaining shareholders’ approval yesterday, in line with its integral corporate rebranding exercise.
The exercise was undertaken following the demerger from itsthen parent Chemical Company of Malaysia Bhd on December 28 2017.
CCM Duopharma group managing director Leonard Ariff Abdul Shatar said the rebranding initiative complemented its mission to spearhead the development and offering of new and much needed medical therapies.
“This exercise would enhance public health and extend our footprint in new markets within and beyond Asean,” he said at a briefing, here, yesterday.
Leonard said it was scheduled to officially change its name by April while post-demerger, Permodalan Nasional Bhd would become the largest CCM Duopharma shareholder with more than 50 per cent stake.
CCM Duopharma expects to increase biosimilar products revenue contribution to more than 25 per cent, from 22 per cent.
“Earlier this year, we got registration for Erysaa, Erythropoietin (EPO) product that was co-developed with a South Korean company. We completed the clinical trial in the first quarter of last year.
“We hope to launch Erysaa in April. In the meantime, we are participating in tenders for EPO, mainly products for kidney treatment to boost red blood cells count,” he said.
The company will also launch the first oncology manufacturing facility locally by September.
“We spend about three per cent of our total revenue in research and development annually. But, we also do corporate venture capitalism by acquiring certain equities in companies.
“This gives us access to unique technology as we want to expand beyond the normal generic medicine to focus on biologic.
“That explains our foray into insulin and EPO while focusing on oncology as therapeutic area.”
Leonard said its foray into biologic was vital to ensure the cost reduction for medication for consumers and the government.
CCM Duopharma is expected to receive the Goods and Services Tax refund from the government this year, which would contribute to better earnings.
“Hopefully the tax refunds will occur within this financial year. It is in millions (ringgit), but in single digit,” he said.
It was reported last year that the government still owed the pharmaceutical firm about RM10 million in GST refunds.
Meanwhile, Leonard said the current stronger ringgit against US dollar was good for the healthcare sector.
“Apart from salaries and packaging, primarily all raw materials are imported for pharmaceuticals and it’s all denominated in US dollar,” he said.