Biocon gains on partering IDF to promote diabetes care

Biocon rose 1.08% to Rs 412 after the company said its subsidiary, Biocon Biologics, partnered International Diabetes Federation (IDF) to promote diabetes care, prevention and effective management worldwide.

This partnership with IDF coincides with the start of the centenary celebrations of the discovery of insulin and takes forward Biocon Biologics' mission of enabling affordable access to insulins to people with diabetes worldwide. The partnership further strengthens the shared vision of providing universal access to insulins globally to tackle a broad range of diabetes issues, create awareness, educate and advocate effective management of diabetes.

DrAlexander Zach,Global Head of Market Access & Policy, Biocon Biologics, said: "We are delighted to partner with the International Diabetes Federation and contribute to a stronger global voice for people living with diabetes. Despite 100 years since its discovery, a key impediment to successful diabetes treatment with insulins isthe lack of equitable access to affordable insulins. As a leading global insulins player, we have a shared vision of finding viable, long-term solutions to improve insulin access and affordability. This partnership with IDF will further propel these efforts to realize the company's aspiration of reaching 'one in five' insulin-dependent people with diabetes globally. Given our extensive experience in providing affordable insulins globally, we believe we can contribute and support IDF in driving real policy and access actions that will transform lives and diabetes care."

 

Biocon is an innovation-led global biopharmaceuticals company. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as generic formulations in the US and Europe.

Biocon's consolidated net profit fell 16.9% to Rs 169 crore on 8% rise in revenue from operations to Rs 1,851 crore in Q3 FY21 over Q3 FY20.

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