Japan Firms Capitalizing on Pet Boom in China
Osaka, April 5 (Jiji Press)--An increasing number of Japanese companies are aiming to seize business opportunities from a pet boom in China.
DS Pharma Animal Health Co., a Sumitomo Dainippon Pharma Co. <4506> subsidiary, which makes drugs for animals, agreed with a Chinese company in late March on the launch of its antiepileptic drug for dogs in China, the world's second-largest pet market after the United States.
DS Pharma's partner is animal medicine maker Shandong Sinder Technology Co., in which major Japanese trading house Sumitomo Corp. <8053> has a 25 pct stake.
The DS Pharma-developed drug, called Consave, is expected to go on sale in China in 2022 as the first antiepileptic drug for dogs available in the country.
According to sources including Sumitomo Corp., demand for pets in China has been expanding in line with rising income levels and the aging of society in the country.
[Copyright The Jiji Press, Ltd.]