Biocon's Kiran Mazumdar-Shaw has been one of the leaders in India attempting to build a biotech community capable of developing drugs for worldwide markets. Now the company has a test case on its hands.
India's Biocon reported a huge fiscal year for its CRO arm, growing 36% over the previous year and becoming the largest clinical research provider in the country, the company said.
The two partners are keeping the specific terms under wrap, but Mylan agreed to share the development costs of the three programs in exchange for commercialization rights in the critical European and U.S. markets.
With generous tax laws, incentives and a location ideal for servicing Southeast Asia, Malaysia is drawing new plants from manufacturers looking to expand in those markets.
After months of bureaucratic debate, the Indian government has decided to require government approval of all foreign investment in domestic pharma companies. The Foreign Investment Promotion Board will have to clear every deal, even those that don't involve transfer of control.
In the event Biocon's experimental oral insulin proves to be a winner, Bristol-Myers Squibb has a new option to snap up worldwide rights to the potential next-generation product outside India. The deal comes on the heels of World Diabetes Day, which reminded healthcare stakeholders that the growing epidemic threatens the health of millions of patients and economies around the globe.
Biocon is plotting an IPO for Syngene, its in-house CRO, and GE is jumping in early, paying $23 million for a 7.7% stake in the CRO.
Bolstered by a fresh blast of positive new data on its insulin program and growing profits, India's Biocon today also won a big financial backer for its R&D outsourcing arm as it prepares to take the unit public.
Want to be a billionaire? If you're an Indian pharma entrepreneur, you're on the right track. The latest ranking of India's richest pegs the drug business as a powerful wealth creator, second only to the country's manufacturing sector.
In India, drug sales reps are straightforward about what they expect from doctors--and what doctors can get in return. Foreign and domestic drugmakers hand out gifts, cash and luxury vacations to doctors, and they get prescriptions in return.