Biocon has pumped in Rs. 100 crore to set up a facility to manufacture an insulin device for its Basalog One which is a new generation, patient-friendly therapy.
The facility is located within 90 acres of Biocon Park which is the country’s first private special economic zone. The Basalog device unit spans an area of 100,000 square feet and has a 10 million annual production capacity.
Basalog One will enter the Indian market next week. This will follow the company’s entry into the emerging markets after it receives the required approvals. “With this facility we could reduce India’s insulin imports by 2018, we would be able to storm into the regulated regions beginning with the US by 2018. The global insulin market is valued at $20 billion and our exports $100 million,” said Kiran Mazumdar-Shaw, chairperson & managing director, Biocon here at press briefing.
The company collaborated with the global medical device major Becton Dickinson to customize the design of this device to enable it to deliver its range of insulin products. The advanced is well aligned with the government’s ‘Make in India’ vision to transform the country into a global manufacturing hub. “Biocon has taken the lead to take this mission forward in the area of pharmaceutical and biomedical devices and invested significantly in the facility that will provide direct and indirect employment to several hundred people,” she added.
The production was inaugurated by department of industrial promotion and policy secretary Amitabh Kant who also unveiled the Basalog One, a once-a-day, ready-to-use insulin glargine disposable pen for better blood sugar management.
In 2009, the company launched Basalog which benefited scores of insulin dependent patients. Over the years, the company went on to strengthen its existing Basalog portfolio comprising vials, refills and reusable devices. Now the latest addition: Basalog One pen is priced at Rs. 749 which comes in a maximum of 80 units of 100IU insulin glargine that can be calibrated for increments of 1 unit dosing.
The global insulin delivery devices market, estimated at US$9.4 billion in 2014, is expected to grow at a CAGR of 7 per cent to reach an estimated US$14.1 billion in 2020. While Asia is tipped to be the fastest growing market for insulin delivery devices, the US presents the largest market opportunity for these devices followed by EU.
Dr Arun Chandavarkar, CEO & joint managing director, Biocon, said that India has the potential to become the next global manufacturing hub in biomedical devices and we are committed to explore this potential.