Biotechnology major Biocon is planning to launch insulin glargine in Malaysia in the second half of the current fiscal as it has received regulatory nod from the country's health regulator.
"We have received rh insulin as well as glargine approvals from Ministry of Health Malaysia, which opens the doors for us to commercialise these products in Malaysia. We expect to launch these products in second half of 2016-17," Biocon Chairperson and MD Kiran Mazumdar-Shaw told reporters during a conference call today.
The biosimilar product, which is developed and manufactured by Biocon, has already been launched by its partner Fujifilm Pharma Co in Japan earlier this month.
When asked if the company was looking at launching glargine in other markets, Mazumdar-Shaw said: "Biocon has registrations in 20 countries for glargine and 60 countries for rh insulin. Our strategy is to target top 20 emerging markets for all our Biologics".
For both these products, the company is targeting markets in BRICMT (Brazil, Russia, India, China, Mexico and Turkey), Latin America and a few in Asia-Pacific, she added.
"Our Biologics business delivered a growth of 53 percent driven by the sales of biosimilars in emerging markets...," Mazumdar-Shaw said yesterday in the first quarter results release.
Biocon has posted 17 percent rise in net profit at Rs 147 crore for the first quarter ended June 30 on the back of robust growth in segments like biologics and branded formulations.
The Bengaluru-based firm has reported a net profit of Rs 126 crore during the same period last fiscal.
Total revenue of the company rose to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the corresponding period of previous fiscal.
Shares of Biocon were trading at Rs 824.70 per scrip in the afternoon trade on BSE, up 17.56 percent from its previous close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
