Financial Daily from THE HINDU group of publications
Saturday, Jan 04, 2003
Financial Daily from THE HINDU group of publications Saturday, Jan 04, 2003 |
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Corporate
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Announcements Eli Lilly slashes price of human insulin Our Bureau
MUMBAI, Jan. 3 ELI Lilly and Company (India) Pvt Ltd has slashed prices of its human insulin brand — Huminsulin. After the price reduction, a 10-ml human insulin vial will cost Rs 145 against the earlier price of Rs 218, the company today said. The one-third drop in price brings this human insulin on par with animal insulin which costs around Rs 140. The price reduction has been possible after the company began producing Huminsulin in India at its Halol plant in Gujarat. Earlier, Eli Lilly imported human insulin from Europe, company officials said. "Half the insulin market used in India is animal insulin, despite human insulin being a safer option, only because it is cheaper. We have tried to make this option affordable for diabetes patients in India," said Mr Rajiv Gulati, Chairman and Managing Director, Eli Lilly, at a press conference. India has the highest number of diabetes patients in the world. Estimates say that by 2025, one in every five diabetic persons in the world will be an Indian. Mr Gulati said he hoped that the Halol plant could be used as an outsourcing centre for neighbouring countries. He, however, expressed concern over the possibility of "suitcase exports" to West Asia and the neighbouring countries from India by individual consumers. The Huminsulin brand in India is sold elsewhere in the world as `Humulin', he said. "The transport of the product has to be under refrigeration. But with prices in India being so much cheaper than in other countries, there could be instances of suitcase exports. If these cannot be stopped, we can only caution that the medicine be transported under refrigeration," Mr Gulati said.
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