In order to tap $3 billion diabetes market in the European Union, Mumbai-based pharma major Wockhardt Ltd is in talks with some players for distribution and marketing for its recombinant insulin ‘Wisulin’.
The drug maker expects to launch the product in the European market by early next year.
?As we want to maximise the reach of the product there will be a mix of both. In some countries we will distribute the insulin on our won while in some cases we will tie up with other to do it for us,? Habil Khorakiwala chairman Wockhardt Ltd told FE. Diabetes affects approximately 170 million people worldwide and the figure will swell up to 300 million by 2025. The global diabetes drugs treatment market is valued at $17 billion with 5% growth per annum. The company will launch ‘glargine’ insulin in the domestic market, which helps remain blood sugar level in diabetics for longer duration and would also reduce the need for injection.
The company has filed over 20 abbreviated new drug approvals in the US and will launch the products, covering areas like cardiovascular, oncology, and sterile injectibles, over the next few years. The company also intends to launch one biotech product every year in the domestic market.