Novo Nordisk would be establishing an international foundation -- the World Diabetes Foundation (WDF) --with the purpose of supporting projects that will improve diabetes care in developing countries.
Subject to shareholder approval at its annual general meeting in March 2002, the company will donate approximately Rs 300 crore to the WDF over the next 10 years for implementation of projects.
"We would be inviting other companies and NGOs as well and once the board has been constituted, it would be chaired by someone outside the company," Anil Kapur, vice-president, international operations, regional office (India), said at a press conference.
The WDF is part of a broader Novo Nordisk initiative known as LEAD (leadership in education and access to diabetes care), which aims to improve diabetes care in developing countries.
"We are working towards several initiatives to grow the market in India. We don't have any plans to set up a manufacturing unit in the country but we are looking at growing within ourselves," Kapur said.
The foundation will be established in Denmark as a registered trust. The board will comprise leading diabetes specialists, NGO representatives and representatives of Novo Nordisk.
"The major challenge that we face in the developing countries is that there are large numbers of untreated and undiagnosed people.
Commenting on the company's presence in the country, Kapur said, "Where the retail growth in concerned the pharma industry as a whole didn't do too well this year. We've been impacted by the increase in competition as around seven more companies have started selling insulin."
The company has also set up an infoline and a web site, novoindia.com, which gives free advice on diabetes. Novo Nordisk's LEAD initiative are targeted towards educating people about diabetes.
The company's evaluation has led to a new price policy, according to which insulin will be offered to public health systems in the poorest countries at prices not to exceed 20 per cent of the average price in North America, Europe and Japan.
