Ranbaxy and Dr.Reddy's Labs have cut the prices of Rosuvastatin formulations by more than 40 percent in recent weeks, it is learnt. Retail pharmacies across Mumbai and Navi Mumbai have confirmed Ranbaxy's price cut of its brand Rosuvas (10 mg) from Rs 150 (strip of 10) to Rs 89. Dr. Reddy's also effected a cut in the price of its product Rosvat in the same range.

There has been a substantial cut even in the 5 mg and 20 mg versions of Rosuvastatin, confirmed sources. Rosuvastatin is the most advanced version of statins, which are biotech anti-cholestrol drugs.

Glenmark (Razel), Sun Pharma (Rozavel), Unichem (Rostar), and some others are also considering to reduce their prices to stay in the competition, confirmed sources.

"As statins are technologically advanced products, not every manufacturer could produce it. Therefore, the fall in prices is a result of healthy domestic competition and not due to reduction in bulk prices," said Dr. V V L N Sastry, country head of the Mumbai-based Firstcall India Equity Research. There are already around 25 manufacturers of statins in the country, he added.

Indian statins market is valued at around $ 16 million. Most of the statins available in the country today are under patent.

The patent of Rosuvastatin, discovered by Astra Zeneca, will expire only after 2012. Astra's brand -Crestor -is available internationally in 5,10, 20 and 40 mg dosages.

According to analysts, Pravastatin and Simvastatin would lose their patent in 2006 whereas patents of Lovastatin and Atorvastatin will expire in 2005 and 2010 respectively.

"As some of these statins would become generic in the next couple of years, their global prices are expected to go down due to increased competition," said Keswinder Singh Suri, an analyst at the Mumbai-based Span Capital Services Pvt Ltd.

Globally, statins market is around $ 20 billion, which is likely to grow by 15 per cent over the next few years.