Biocon exploring treatment to curb monkeypox spread
Premium- Biocon reported 71% increase in its net profit from the year ago to ₹144 crore for the June quarter of the fiscal year
NEW DELHI :
Rising monkeypox cases has prompted Biocon Ltd to consider developing a treatment for the disease, the company’s deputy chief executive officer Shreehas Tambe said in an interview.
It is also awaiting regulatory approvals for launching Insulin Aspart, a new product for diabetic patients in India, said Tambe. “We have been in the insulin business since 2004 when the company launched its first recombinant human insulin in India. And that really transformed the landscape for treatment of diabetes. Before that insulin had to be imported from Europe. That was a big burden for many diabetics in the country. Over time, we added so many products to our portfolio and today our recombinant human insulin is sold in over 40 countries. We have also added several analogues. Basal Insulin analogue, which is used once a day, glargine, is now approved in 60 countries. Last year, we were able to reach over 5 million patients across the globe. A new product, Insulin Aspart has been approved by 40 countries with the approval in Europe. We are now looking for regulatory nod in India and the US," Tambe said.
Insulin Aspart treats type 1 diabetes, wherein the human body stops producing insulin and, therefore, cannot control the amount of sugar in blood in both adults and children.
Tambe said the company is also brainstorming how it can become a responsible player in the treatment of monkeypox. “It is too premature to say what we will be doing but we have built a close collaboration with Serum Institute, which is leading the charge to address the challenge before it becomes a menace. We will be looking to seeing and observing keenly how we can participate in this space and become responsible players in this treatment."
Biocon announced its consolidated financial results for the June quarter last week. It reported 71% increase in its net profit from the year ago to ₹144 crore. “It has been exceptionally good quarter for Biocon with been very strong financial performance on the revenue side. The growth in financial number in Q1 (year-on-year) is 46%, which is massive in terms of performance and it has been a very profitable growth. Earnings before interest, taxes, and amortization grew 30%-plus in the last year. The core business is strong and we are enthused by the performance," he said.
Biocon was recently in news after associate vice president, L. Praveen Kumar, was named for alleged corruption over the phase 3 clinical trials for an insulin injection. However, the company has denied such allegations.
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