Chennai, Aug 6 (IANS): Drug major Lupin Ltd Wednesday announced its agreement with South Korean company LG Life Sciences to source and market in India diabetic medicine Insulin Glargine under the brand Basugine.
In a statement, Lupin said it would be responsible for marketing and sales of Basugine in India.
"We will import the drug from LG Life Sciences and market it here. The market is attractive but how much volume the company would import is yet to be decided," Lupin's spokesperson told IANS over phone from Mumbai.
He said Lupin is in the diabetic drug segment for the long run and if the demand for Basugine is good the possibilities of making it here under an appropriate agreement would be explored.
According to Lupin, the overall domestic diabetes market size stood at Rs. 6,032 crore and growing at 18 percent.
The total insulin analogue market size is valued at Rs.585 crore with three year CAGR of 24 percent.
The total Glargine molecule market is Rs.218.5 crore with three-year CAGR of 23 percent.
The company said it ranks second in the conventional insulin market.
According to Lupin, Insulin Glargine is indicated for once - daily subcutaneous (injection) administration for the treatment of adult patients with type 1 diabetes mellitus or in type 2 diabetes mellitus; patients who need basal insulin (long acting) for controlling hyperglycemia.
The primary activity of insulin, including Insulin Glargine, is the regulation of glucose metabolism. Insulin and its analogues lower blood glucose levels by stimulating peripheral glucose uptake, especially by skeletal muscle and fat, and by inhibiting hepatic glucose production.