Drug major Lupin has inked a marketing pact with South Korea's LG Life Sciences to launch its anti-diabetes drug in India.
As per the strategic distribution pact inked between the two companies, Mumbai-based Lupin will launch LG Life Sciences' Insulin Glargine, a novel insulin analogue, under the brand name BasugineTM.
"According to the agreement, Lupin would be responsible for marketing and sales of BasugineTM in India," Lupin Ltd said in a statement.
Insulin Glargine is indicated for the treatment of adult patients with type 1 diabetes mellitus or in type 2 diabetes mellitus.
Commenting on the development, Lupin Group President, India Region Formulations, Shakti Chakraborty said: "I believe that our entry into the insulin analogue market with launch of BasugineTM is a step in the right direction."
Lupin's foray in this segment will help the company further strengthen its diabetes portfolio enabling it to grow deeper into the segment and fuel growth in the years to come, he added.
According to IMS MAT data, the overall diabetes market size within the Indian pharmaceutical Market (IPM) stood at Rs 6,032 crore, growing at 18 per cent year-on-year.
The total insulin analogue market size is valued at Rs 585 crore with three year CAGR of 24 per cent while the total Glargine molecule market is estimated to be around Rs 218.5 crore.
Lupin's shares were trading 0.17 per cent down at Rs 1,175.45 apiece during afternoon trade on the BSE.
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Updated Date: Aug 07, 2014 08:11:05 IST