Nicholas Piramal India Ltd (NPIL), an Rs 2500 crore pharmaceutical company, has announced that the company and Kyoto, Japan based Arkray Inc., have entered into a 49:51 joint venture (JV) to market diagnostic products, mainly self-monitoring blood glucose system in the Indian market. Arkray, Inc. is a market leader in the self-monitoring blood glucose market in Japan with a dominant market share. Its products are also distributed in over eighty countries around the world.

Under the agreement, the company will transfer all its existing blood glucose monitoring business into the joint venture for a consideration of Rs 40 million. The JV will market these products and will also launch other blood glucose-monitoring systems of Arkray, Inc. including new product in India. The blood glucose system market in India is estimated to be more than Rs 1 billion in size and is estimated to be growing around 20 per cent per annum.

Commenting on the collaboration agreement, Dr. Swati Piramal, Director - Strategic Alliances & Communications, of the company said: "India has about 41 million people who suffer from diabetes - a debilitating disease. By collaborating with Arkray - NPIL plans to bring all the latest technology blood glucose monitoring products launched by Arkray to India and thereby reduce the burden of disease."