Biocon to sell insulin to ICICI policyholders

Bangalore-based biotech major Biocon has tied up with ICICI Prudential Life Insurance to market its insulin, Insugen. Accordingly, the company will offer insulin at a subsidised rate to all 'diabetic care' insurance policyholders of the insurance company.

Confirming this, Rakesh Bamzai, president (marketing), Biocon, said: "By associating with ICICI Prudential, we can manage diabetes and support patients' cause." The agreement will pave way for Biocon to build the insulin brand in the domestic market.

Globally, insurance companies have come out to help patients in treating diabetes and managing it. In India, ICICI Prudential has taken the lead by offering health-related insurance policies.

Biocon, however, did not disclose the price it has quoted for providing the medicine to ICICI Prudential policyholders. Rakesh Bamzai further said: "We plan to offer oral anti-diabetic drugs at a special price to the 'diabetic care' insurance policyholders wherever they are in the country."

In the domestic market, Biocon is positioning the brand at an affordable platform and has priced it at Rs 121 per vial. With treatment at the rate of 30 units a day, each vial lasts 15 days.

Since its launch in 2003, the company has garnered a market share of close to 10 per cent of the Rs 250-crore Indian insulin market.

About the company's insulin exports, Rakesh Bamzai said the insulin would be registered in 34 countries. The process is long as countries have different regulatory process, he added.

"We have also started exporting finished formulation of insulin to two countries and have already started selling insulin crystals in 10 countries," he said.

About the European foray, he said: "We are currently focusing on registering the product in Europe. If everything goes on well we should have our marketing authorisation by 2008-end."