The Chennai based Chemech Laboratories Ltd has tied up with a German company Bene Akton Gazclschafd GMBH to manufacture and market a first of its kind plant extracted blood coagulation drug in India.
The product, currently marketed in over 15 countries, is touted as a substitute for Heparin, an anaesthetic product prepared from the extract of pig liver. The German company will supply the raw materials, mainly an extract from a species of seaweed (algae) to Chemech, which will pay the partner the raw material costs besides royalty fees. An MoU in this regard was signed recently, T S Jaishankar, chairman of Chemech told Pharmabiz.
Chemech has applied to the Drug Controller General of India for manufacturing and marketing license and has completed the BA/BE studies as part of launching the drug in the Indian market. Chemech hopes to launch the product within six months.
“The market for anti-coagulants is huge in India, particularly considering the fact that there are some ethical issues involved in the manufacturing of popular Heparin. At present Chemech has another fast moving brand Perlyde (pergolide mesylate) for Parkinson’s disease and the product has also been found to have properties to treat ovarian cancer,” said Jaishankar.
Chemech, started in 1988 with a few hormones and blood products, had developed a basket of few rare formulations, especially gynaecological products. In 2003, the company had sold the manufacturing and marketing rights of its eight gynaecological products to Solvay India for a consideration of Rs.60 million.
Jaishankar said that Chemech would be soon converted into a major API and formulation research facility, at the same time continuing to manufacture some rare formulations. Chemech is planning to invest about Rs.21 crore for the expansion, including plans to raise Rs.15 crore through the public issue route.