Bangalore, Oct 18 (UNI) Biotechnoloy major Biocon Ltd today announced that it had received the necessary approval to market ABRAXANE, an injectable suspension, in India for the treatment of breast cancer.
The drug manufactured by Abraxis BioScience Inc of the US had been approved by the country's Drug Controller General, Company CMD Kiran Mazumdar-Shaw said here today.
Speaking to reporters after announcing the half yearly results in which the company posted a revenue of Rs 553 crore and a PAT growth of 27 per cent, she said Abraxane was paclitaxel protein-bound particles for injectable suspension and Biocon had earlier signed an agreement for the commercilisation of the drug in India in August this year.
Under the terms of agreement, Biocon would have the right to market Abraxane in India, Pakistan, Bangladesh, Sri Lanka, UAE, Saudi Arabia, Kuwait and certain other South Asian and Persian Gulf countries.
"This is a significant step for Biocon's innovation led Oncotherapeutics division in our endeavour to bring new therapeutics for Indian cancer patients. There is a huge need for Abraxane in the treatment of breast cancer in the country and we look forward to attaining market leadership in this segment," she said.
She said Biocon's new plant would go on stream shortly at Abu Dhabi and anew office would be set up in London shortly. The company was also looking for acquisitions and mergers in different parts of the globe.
It had signed a MoU with Andhra Pradesh government which had allocated 200 acres of land in Visakhapatnam to set up a plant. "We will get some clarity on what we do in Vizag. We will be doing it in a big way," she said.
Ms Shaw said in tune with the 'reverse brain drain' seen in sectors like BT and IT, the company would be hiring a number of Indian born scientists presently working in the US. "These top professionals would come to Biocon and train people here. We need such people especially in molecule development which is facing severe shortage of skills," she said.
She denied that the attrition rate was going up in Biocon. "There is no attrition threat in top management level but 6 to 7 per cent of people are leaving jobs in the lower level of the organisation.
It is lower compared to the present level in the BT industry," she said.