SME Times News Bureau | 27 Jan, 2017
Biotech major Biocon on Thursday said its Malaysian subsidiary has won a Rs 460 crore order to supply recombinant human insulin to the Malaysian health ministry.
"The insulin cartridges and re-usable pens will be produced and supplied from our biopharmaceutical plant at Johor in Malyasia under its government's off-take agreement initiative, which promotes local manufacturing and lowers reliance on imported medicines," the city-based pharma said in a statement in Bengaluru.
The three-year contract is extendible by two years with the government's approval.
The National Pharmaceutical Regulatory Authority approved the company's product for commercial sales in the Southeast Asian country.
"We expect our Malaysian facility to cater to the growing need for affordable insulin across the globe," said Biocon Chairperson Kiran Mazumdar-Shaw in the statement.
Rapid urbanisation, changing lifestyles and sub-optimal dietary habits are leading to a high incidence of diabetes in Malaysia, with over 3.3 million people diagnosed with diabetes.
"Locally manufactured affordable insulin has the potential to reduce the diabetes treatment cost burden and increase the access to insulin therapy for diabetes patients in Malaysia," added the statement.
