Biocon has filed for registration of Insugen, the recombinant human insulin, in 40 countries. The company has gone in for registration of its product with the EMEA which is expected to take around 18 months, after which it will market the product in Germany. Insugen is already marketed in Middle East, Pakistan, South East Asia and Far East.
"We intend to increase our presence in the global markets and we also intend to market Insugen as an affordable drug in these countries", stated Kiran Mazumdar-Shaw, chairman and managing director, Biocon Limited.
In Germany alone the insulin market is valued at Euro 950 million and by 2015 it is expected to be around Euro 4-5 billion.
As part of its innovative global business initiatives, the company has chalked out a plan to enter into exclusive marketing agreements (EMA) in several countries to grab a major share in the global market with formulations developed from innovative molecules. It signed an exclusive agreement with Bayer HealthCare to market Insugen in the Chinese market which heralds its entry into the international branded formulations arena.
The company launched Insugen in November 2004. It is recognized as the world's first recombinant human insulin developed by using Pichia expression. The company has managed to grab a substantial share in the Indian market.
Insugen has been an important contributor to our top and bottom line growth. "We are gaining market share not only in India, but in other parts of the world. Going forward we see this as an important product for the company," Shaw said.
The insulin market in India is valued at Rs 300 crore and growing at 20 per cent annually. The three insulin MNC majors in the country, Novo Nordisk, Eli Lily and Aventis, have captured 75 per cent market share. The remaining 25 per cent rests with Biocon, Wockhardt, Shreya, Ranbaxy and Dr Reddy's.