Biocon, India's biotechnology major is gearing up to consolidate its presence in the Middle East with its range of products in cardiovascular, diabetes and cancer management.
The company which entered the region seven years ago will has already introduced its Insugen -- a recombinant human insulin --which is been well accepted. Efforts are on to launch BioMAb EGFR, a monoclonal antibody for head and neck cancer.
According to Rakesh Bamzai, president, marketing, Biocon Limited, the Middle East is a lucrative and vibrant market for biotech drugs. A key reason for this market to be a major attraction for biotech companies is the higher purchasing power in the region.
Middle East covers Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen and Palestinian Territories. Biocon is significantly present in all these countries and is an important market for the company.
The Rs. 793 crore biotech major is expected to generate double digit growth from the region with its range of products which includes both active pharmaceutical ingredients and formulated dosage forms.
Going by the prevailing trends in the market which indicates a growing demand for life style disorder drugs like diabetes and cardiovascular, there is also a major requirement for critical diseases like cancer and this is where BioMAb EGFR could meet the needs of patients.
The total value of the Middle East market is estimated to be around $6.35 billion which is registering growth rates of 15-18 percent. The largest markets include Iran valued at $ 1 billion, Iraq is $1billion, Jordan is $900 million Saudi Arabia $700 million, Libya is $500 million, Yemen $220 million and a small share by the other countries.
The GCC region is predominantly a private tenders' market and the process of registration is similar to those in the regulated markets of US, Europe and Japan.
Among the problems in the region for marketing drugs are high cost of drug registrations and time consuming inspection processes. The region continues to portray its inclination to pharma companies in the West for its supplies. But the reality is that pharma companies in US and Europe are looking at India for many drug imports, added Bamzai.