Sun Pharma to sell AstraZeneca's diabetes drugs in India
MUMBAI: Sun Pharmaceutical Industries Ltd on Wednesday said it has reached an agreement with AstraZenceca Pharma India Ltd to sell the latter's Type 2 diabetes drug in India. Under the agreement, Sun Pharma will promote and distribute AstraZenceca's dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and both companies will promote, market & distribute dapagliflozin in India under their own brand names. AstraZeneca will retain the intellectual property rights to dapagliflozin, Sun Pharma said in a statement.
Diabetes is estimated to affect approximately 69.2 million people in India and more than 415 million people worldwide, according to International Diabetes Federation.
The size of the overall Indian anti-diabetes market is more than Rs.8,400 crore and growing at approximately 21% year on year, according to IMS MAT data of Feb 2016.
The top five pharmaceutical companies cumulatively account for half of Indian diabetes drug market. Sun Pharma's current diabetes portfolio comprises of over 40 specialty products with a market share of more than 8%.
"Dapagliflozin represents a significant advancement in the treatment of Type 2 diabetes and this agreement supports our strategy of working with a local partner to maximize the value from our innovative medicines in a key emerging market. It ensures a greater number of patients will have access to this important treatment option," said Sanjay Murdeshwar, managing director, AstraZeneca India. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet, following regulatory approval. AstraZeneca India is currently seeking approval from the Drug Controller General of India for the combination of dapagliflozin with metformin, said the statement.