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Ranbaxy strikes deal with Scigen
By siliconindia staff writer
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Thursday, 19 August 2004, 19:30 IST
NEW DELHI: Ranbaxy is set to make a big-bang entry into the fast-growing domestic insulin market with an imported product.
The pharma major has struck a deal with Singapore-based Scigen for marketing its insulin product in India.
While details of the Ranbaxy-Scigen deal are kept under wraps, sources said Ranbaxy is planning to position the product differently to make an early impact in the market, currently dominated by two multinationals Novo Nordisk and Eli Lilly.
Ranbaxys move to enter the insulin market is in line with the companys strategy to reinforce its presence in high-growth therapeutic categories. The insulin market is currently growing at a healthy 25%. The company would gradually be reducing its reliance on segments like anti-infectives, which has seen major de-growth.
According to an IMS world-wide survey, more than 135m diabetes cases exist in the world today, and this is expected to rise to 300m by 2025. The anti-diabetes market is expected to cross $20bn by 06.
Currently, there are only a few players Novo Nordisk, Eli Lilly, USV, Aventis and Wockhardt in the Rs 300 crore domestic insulin market. Novo and Lilly command about 80-85% of the market. The last round of price cut on human insulin, the steepest ever, was initiated by Lilly in January 02.