SHAH ALAM: CCM Duopharma Biotech Bhd (CCM Duopharma) has today unveiled its new corporate identity as Duopharma Biotech Bhd after obtaining shareholders’ approval in line with its integral corporate rebranding exercise.
The rebranding exercise was undertaken following by the demerger from its then 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 today.
Leonard said it was scheduled to officially change its name by April this year and post-demerger, Permodalan Nasional Bhd would become the largest of shareholder of CCM Duopharma with more than 50 per cent stake.
CCM Duopharma expects to increase biosimilar products revenue contribution to more than 25 per cent from the current 22 per cent.
“Earlier this year, we got registration for Erysaa, Erythropoietin (EPO) product that was co-developed with Korean company. We completed the clinical trial in the first quarter of last year.
“We hope to launch Erysaa in April this year. In the meantime, we are participating in tenders for EPO mainly products for kidneys treatment to increase red blood cells count,” he explained.
The company will also launch the first oncology manufacturing facility in Malaysia by September this year.
“Generally, we spend about three per cent of our total revenue in R&D annually. But we also do corporate venture capitalism by acquiring certain equity 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,” he said.
Leonard said its foray into biologic is vital to ensure the reduce the cost for medication not only for consumers but also the government.
CCM Duopharma is expected to receive the Goods and Services Tax (GST) 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 million (ringgit), but single digit. There are still questions that need to be addressed with the Ministry of Finance,” he said.
It was reported last year that the government still owes the pharmaceutical firm about RM10 million in GST refunds.
Meanwhile, Leonard said the current stronger ringgit against US dollar bodes well 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, Leonard said.