Biocon plans to enter LOVASTATIN market in US

http://www.biocon.com/biocon_press_archive_news29.asp

May 28, 2001 Publication : Economic Times

ARMED with the United States Federal Drug Administration (USFDA) approval to manufacture lovastatin, Biocon India plans to enter $1 billion US lovastatin market. Lovastatin along with simvastatin, pravastatin, atorvastatin, cerevastatin and others statins represent a group of cholesterol reducing molecules referred to as �statins?which collectively account for a market size of $15 billion worldwide. Biocon is one of three companies globally to obtain USFDA approval for Lovastatin, which goes off patent in June 2001. "The current US market for lovastatin is $1 billion but is expected to increase once the generic molecule is introduced into the market," said Kiran Mazumdar Shaw, CMD, Biocon. In addition to the US market, Biocon is working on newer statins and plans to enter newer markets especially regulated markets armed with the USFDA approval. To enter the regulated markets of US and Europe, the company plans to set up a dedicated facility. "The facility will be a prime source of all statin manufacturing," said Ms Shaw. The company is targeting United States and Europe for lovastatin and simvastatin, for pravastatin and atorvastatin from South America and Europe followed by the domestic market, revealed Ms. Shaw. "Biocon has focused statin strategy and currently markets lovastatin, simvastatin, pravastatin and atorvastatin to unregulated international market segments and hopes to be a global major in statin production," Ms Shaw added. Biocon�s lovastatin process is based on a proprietary fermentation technology and is the first fermentation process in the country to be approved by USFDA. The Indian statin market valued at $16 million has players like Ranbaxy, Intas, Emcure, Cipla and US Vitamins, which is less than .001 percent of the $17 billion global market ($10 billion regulated and $7 billion unregulated markets). The Indian statin market as a whole is growing at 40 per cent annually. The crucial cardio-vascular statin segment is growing at 14 per cent per annum. Similarly, while the global market is growing at 30 per cent annually, the cardiovascular segment is rising at 9 per cent per annum.