Glenmark expects up to 14 % growth in India revenues in FY20

Drug major Glenmark Pharma expects 12 to 14 per cent growth in its India revenues during the current fiscal, a top company official said here Thursday. "We have historically grown at a rate which is faster than the market growth rate.

Historical growth is about 12 to 14 per cent annually. That is the kind of growth trajectory we hope will be able to sustain ( in FY 20 also). we should be in the similar range," Sujesh Vasudevan, president, India Formulations, Middle East and Africa, at Glenmark Pharmaceuticals told reporters. Glenmark reported Rs 2514 crore revenues from India in FY 18 against Rs 2303 crore in the previous year growth of 10 per cent.

During the first nine months of the FY19, the drug maker reported Rs 2109 crore. Glenmark Thursday patent protected and globally-researched sodium glucose co-transporter (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) in India.

The drug is indicated in the treatment of type-2 diabetes mellitus in adults. The drug was launched under the brand names "Remo" and "Remozen." Remogliflozin is the only SGLT2 inhibitor to be manufactured in India from an active pharmaceutical ingredient (API) to the formulation.

To a query, Vasudevan said the company's focus is on dermatology, respiratory, diabetes, cardiovascular and Oncology verticals and it plans to launch some products in the Oncology and allergy divisions. On the new diabetic drug, Remogliflozin, he said it was discovered and developed by Japanese firm Kissei Pharmaceutical Co. Ltd and later developed by GlaxoSmithKline plc and Glenmark collaborator BHV Pharma, a wholly owned subsidiary of North Carolina USA-based Avolynt, Inc.

Glenmark secured certain rights of Remogliflozin through a licensing collaboration agreement with BHV Pharma, and conducted the Phase-3 clinical trial, which included the largest number of Indian patients tested for any SGLT2 inhibitor, he added. The company has launched Remogliflozin at a breakthrough price of Rs 12.50 per tablet, twice daily, which is over 50 per cent lower than the existing SGLT2 inhibitors available in India.