Biocon India Group expects its turnover to touch Rs.520 crore and register a profit to the tune of Rs.120 crore for this fiscal year ending March 31 2004. In the last six months of 2003, the company registered Rs.259 crores, which is a 102 per cent increase from the corresponding period 2002-03. It’s turnover for the last fiscal year ended March 2003 was Rs.283 crore.
According to Kiran Mazumdar-Shaw, chairman and managing director, Biocon India Group, the main factor attributing to the high growth rate is statins: lovastatin, simvastain, atrovastatin and pravastatin. It has gained a formidable position in the global market where its share in the US is a little over 30 per cent and 50 per cent in Europe. Teva, which continues to be its competitor, recognizes Biocon as a sound statin major. In 2006, Biocon will introduce Pravastatin for the regulated markets, Shaw informed.
The company is all set to launch its first ever-branded insulin formulation ‘Insugen’ in the Indian market in March 2004. Going by the product quality, the company will adopt a science-based marketing route where it will focus on disease management solutions as opposed to disease treatment approach. The company will also share its findings about the disease and the product with medical specialists.
With Novo Nordisk and Eli Lily already having reduced cost of insulin products, Biocon has no intentions to play the price card and make it a low priced product to enter the market.
Biocon is a leading player in oral anti diabetic APIs (active pharmaceutical ingredients) in the categories of Meglitinides (Pioglitazone, Rosiglitazone) and Thiazolidinediones (Repaglinide, Nateglinide), Alpha-glucosidase (acarbose). Through, Clinigene, its subsidiary, it has embarked on a research programme in Type II Diabetes to pursue novel biomarkers and new drug targets.
Insugen, which is currently undergoing multi-centric trials in the country, has received good response and the company will source the vials for from the Mumbai-based MJ Pharma.
Going hand in hand with its first insulin formulation, Biocon is also keen to aggressively pursue its oral insulin project which is a three-way research collaboration with the Hannah Research Institute of Scotland and its spin out company, FFAST Solutions Limited for the development of an Oral Insulin based on Hannah’s proprietary platform technology. The development is in “Proof of Concept” and too early to be talked about, said Shaw.
While there are expansion plans in infrastructure on a 90 acre land close to the present facility at Hebbagodi at an invest of around 300 crore, the company would also hire an additional 500 staff in 2004 (100 for sales/marketing, 200 people for its subsidiaries Syngene & Clinigene, 300 personnel for the new plants including R&D).
Biocon joins drive to eradicate polio in 30 villages
Biocon Limited organized a programme to administer pulse polio drops to children in over 30 villages on January 4, 2004. Over 1600 children were immunized against polio as a part of this programme.
Dr Nirupa Bareja, Group Head-HR, Biocon Limited said “Biocon would like to join forces with others in this drive for eradicating polio from India. We hope to contribute and build upon India’s successful record of combating polio and hope the disease can be wiped out in the next few years.” “Biocon’s pulse polio programme has been an ongoing activity for the last four years to promote good health and strengthen the under privileged communities,” she added.
Spearheaded by Biocon HR team and supported by volunteers, doctors and medical staff from Biocon, visits were made to most of the villages and schools around Biocon (Shanti Nagar, Shantipura, Hical Labour, Basavanagar, Govind Shetty Palya, Veerasandra & Extension, Gollahalli and many others). Biocon also organized eight mobile camps to cover various other villages in and around Bangalore.