Nicholas, Japan's Arkray in diagnostics JV

Nicholas Piramal India (NPIL) has entered into a joint venture with Arkray of Japan to market diagnostic products, mainly self-monitoring blood glucose systems, in the Indian market.

NPIL will transfer its existing blood glucose monitoring business into the 49:51 joint venture for a consideration of Rs 4 crore. The JV will market these products and will also launch other blood glucose-monitoring equipment of the Japanese partner, said an NPIL statement.

"India has about 41 million people who suffer from diabetes. By collaborating with Arkray,  NPIL plans to bring all the latest technology in blood glucose monitoring products launched by Arkray to India," said Swati Piramal, director - strategic alliances and communications, NPIL.

The blood glucose system market in India is estimated to be more than Rs 100 crore in size and is estimated to be growing at around 20% per annum.

Kyoto-based Arkray is a market leader in the self- monitoring blood glucose market in Japan with a dominant market share and its products are also distributed in over 80 countries around the world, said the statement.