Chandigarh-based Ind-Swift Laboratories has received approval from the Japanese Government's pharmaceutical and medical devices agency (PMDA) for the supply of Pioglitazone and Risedronate Sodium from its manufacturing facilities at Derabassi in Punjab.

Mr N.R. Munjal, Managing Director, said that with the approval, the company targets a market share of 15-20 per cent for these products by 2013.

The market for Pioglitazone, an anti-diabetic drug, is estimated at about $2.8 billion while that of Risedronate Sodium, a drug for Osteoporosis, is pegged at $1.6 billion, he added.

The company has already filed four DMFs (drug master files) in Japan including that of Atorvastatin, which commands a $12 billion market. It expects PMDA approval soon. It has filed 302 DMFs so far with various regulatory authorities.

It is for the first time that a large number of drugs patented by Japanese companies are going off-patent. With its healthcare market size of $350 billion and $13 billion worth of pharma product imports, Japan has emerged a promising market for Indian pharma manufacturers.

A rapidly ageing populationand the associated high healthcare expenditure is also increasing the popularity of generics in Japan, said Mr Munjal. India's pharmaceutical exports to Japan are estimated at $10 million.

“We are in advanced stage of negotiations to supply commercial quantities of these products to the Japanese market, and the free trade pact between India and Japan will further strengthen the company's export revenues,” he added.

The company's shares on BSE were down 1.39 per cent at Rs 91 on Thursday.

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