Diabetes major Eris Lifesciences on Friday announced that it has formed a joint venture with Mumbai-based MJ Biopharm to enter India's insulin segment.
Eris will now extend its product offering to insulins and GLP1 agonists. These categories comprise 61 per cent of the anti-diabetes market in the USA, whereas their penetration is just 21 per cent in India, noted Eris Lifesciences in an official statement.
The firm added that the low penetration is largely on account of the limited number of suppliers in the Indian market. Eris expects significant growth in these segments, considering that diabetes is a progressive disease and Insulin/ GLP 1 therapy is the proven gold standard in diabetes management in the developed markets
The 70:30 JV, with Eris holding a 70 per cent stake, will primarily engage in marketing and distribution of Human and Analogue Insulin including Aspart, Glargine and Lispro and GLP-1 agonists and potentially other biopharma products in India. While MJ Biopharmwill be responsible for the development, manufacturing and supply of these products to the JV.
MJ Biopharm employs a biopharma R&D team of 35 personnel (including 3 PhDs) and operates two WHO-GMP/ PICS compliant manufacturing facilities in India for biologics bulk and formulations based on the microbial fermentation platform. According to Eris, MJ Biopharm has demonstrated capabilities in the development and commercialisation of recombinant biosimilar formulations. "I am excited about this collaboration with Eris and we look forward to expand the breadth and depth of the Insulin market in India," said Amol Shah, Managing Director of MJ Biopharm.
"With the formation of this JV with MJ, we are taking our commitment a step further. Over the next 10-15 years, growth in Diabetes care will be driven by DPP4-SGLT2 combinations, Insulin Analogues and GLP1 agonists, given the superior clinical evidence on their ability to provide better glycemic control, cardio-renal protection, and weight management," said Amit Bakshi, Chairman & Managing Director of Eris Lifesciences.
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