Biopharma company Biocon says its insulin business, which accounts for more than 10% of its sales, has been gaining market share across India and the emerging markets. In addition, it expects generic versions of its three insulin analog products, for which it is collaborating with US pharma company Mylan, to be ready by 2016-18.

Kiran Mazumdar-Shaw, chairman and managing director of Biocon tells Ajay Sukumaran that the company aims to get to the top of the overall insulin market in India in the next decade. Edited excerpts:

Your branded formulations business and contract research have performed well this fiscal. What?s the outlook for FY14?

Our new vertical structure is beginning to deliver very well, so we see insulins and small molecules continuing to do well. Branded formulations and research services, we are focussing a lot.

Now that we put our verticals into shape, we are seeing good traction.

With many programmes in advanced development stages, will research and development spends also increase?

There are many programmes like biosimilar insulins, MABs which are entering phase 3 trials, but not all of them. They are at different stages of development, but there are many programmes in Phase 3 trials. So your (R&D) spends are also more. That?s very much our business strategy.

You said you are on track to reach $1 billion in revenue by 2018 fiscal. Will it happen sooner?

It may happen but I cannot forecast. Everything is so bound by regulatory aspects.

Suddenly if we get approvals sooner than what we expected then it is a bonanza for us. But I cannot make that forecast. The only way it can be sooner is for some reason our regulatory approvals come sooner than expected.

What would be an opportune time to list the contract services arm?

I really think we should do it in the next fiscal, meaning by 2015 fiscal.

When do you expect to market products from the Mylan partnership?

We have given an indication that by 2016-18, we expect it to get into the market.

Biocon ranks No.4 in the overall insulin market. What?s the ambition on that front?

You have got Novo (Nordisk), (Eli) Lilly, Sanofi and us. Well, we want to be No.1 in the country but unfortunately the multinationals are very strong. We want to be No.1 in our own country and we are planning to do that. Ultimately we will succeed but it will take us time. I would say in 10 years we want to be number one in overall insulin.