New Delhi, Aug 21 (IANS) Indian drug major Lupin Ltd has acquired a minority stake in Generic Health Pty Ltd, an Australian pharmaceutical company, it announced Thursday. “Lupin has established its presence in this market through partnership business model. It has filed 16 dossiers of generic products with a total market size of about A$850 million ($740.52 million) and has approvals for 14 of these,” the company said in a regulatory statement.

The Australian pharmaceutical market is valued at over A$10 billion ($8.71 billion), with the generics business including branded generics accounting for A$3 billion ($2.61 billion).

“We have built a significant business in this market, leveraging our existing alliances with local generic companies,” said Vinod Dhawan, president of the company’s operations in Asia, Africa, Middle East and Latin America, in a statement.