Piramal Healthcare Ltd has announced launch of its first drug-free bioelectronics product, ActiPatch, for pain management in India through an agreement with the US-based BioElectronics Corporation, the maker of anti-inflammatory medical devices and patches.
ActiPatch, a medical device that utilises Pulsed Electro-Magnetic Frequency (PEMF) to accelerate healing of soft tissue injuries, is a drug-free patch with an embedded batter operated microchip. Patients suffering from pain and swelling in conditions such as, low back pain, sports and work injuries, ankle sprain, tennis elbow, all kinds of sprains and strains and inflammation can benefit from this product, claims the company.
The product is available in four different ranges - for back pain therapy, knee pain therapy, foot and ankle pain therapy and for wrist pain therapy. The range for back pain and knee pain therapy works for maximum 720 hours and that of foot and ankle and the wrist pain therapy has a working time of 360 hours. The product will cost Rs 1600 per kit in India. Though marketed as an over the counter product worldwide, ActiPatch will be marketed under prescription and will initially be launched in tier-1 cities, informed Swati Piramal, director, Piramal healthcare Ltd.
"With our current product portfolio of almost eight to nine top brand drugs in pain management, the product fits nicely into our line of operations. We have set a target of Rs 5 crore sales for the product in India initially. The product will be launched in tier two cities in next three to four months," said Piramal. The company will also conduct a post marketing study in India through 200 orthopaedic specialists in 1400 patients to analyse the needs of the market and the efficacy of the product in Indian patients.
The product, which has found to accelerate healing for patients by 30 to 50 per cent in US, is targeting the Indian pain management market valued at Rs 3000 crore with around 1.5 lakh patients on some form of pain management therapy everyday. The daily cost for the therapy would be around Rs 53 when compared to Rs 150 per day for the cost of physiotherapy done in clinics, added Piramal.
The company may also look into extending the tie up with BioElectronics Corporation to market its another major brand Recovery Rx in India, once the market for ActiPatch is established.
Piramal Healthcare Ltd, a Piramal Group company, is one of India's largest pharma companies with a growth track record of above 29 per cent compounded annual growth rate (CAGR) since 1988. The company had consolidated revenues of USD 656 million in Financial Year 2009 and is currently ranked fourth in the Indian market with a diverse product portfolio spanning 14 therapeutic areas.