Biotechnology major Biocon would make three generic drugs for hard-selling in China through partnership, the company said on Saturday.
“We have signed an agreement with the subsidiary of China Medical System Holdings Ltd (CMS) to develop, manufacture and supply three generic drugs in the Chinese market,” the city-based firm said in a statement.
The 10-year agreement envisages Biocon to supply the products to CMS for selling in mainland China.
“The foray into China is a part of our long-term generic formulations strategy to expand our business in the Chinese pharmaceuticals market,” said the statement.
As the world’s second largest pharma market, the addressable market size for the three drugs is about $800 million (Rs 5,680 crore), according to IQVIA, a US multinational firm that serves health IT and clinical research.
“The collaboration with CMS will allow us to take our US approved generic formulations to patients in China with an early entry,” said Biocon Chief Executive Arun Chandavarkar in the statement.
The company, however, did not specify the diseases which the three generic drugs will aim to treat. (IANS)