Torrent inaugurates Integrated Insulin Vial Plant
Torrent Pharmaceuticals Ltd commissioned an exclusive integrated manufacturing and vial packaging plant for Danish company Novo Nordisk. The Danish company enjoys 70 per cent market share in India.
KEEPING AN eye on the biggest growing market of diabetes, Torrent Pharmaceuticals has commissioned a new manufacture facility spread in 3,000 sq mt to produce insulin vialexclusively for global healthcare major Novo Nordisk at an investment of Rs 51 crore. The unit has a capacity of 26 million insulin vials with the possibility of increasing its capacity by 30 per cent after some time.
Denmark-based Novo Nordisk, a world leader in diabetes care controlling 50 per cent global diabetes market and 70 per cent of the Indian market in this segment. In all, there are seven other players in the market. They are partnering with Torrent for two decades according to Sanjay Dalal, Chief Operating Officer, TPL.
The domestic insulin market is worth Rs 600 crore and is growing at rate of 20 per cent . There is a large population afflicted with diabetes in India but only one fifth come for cure due to negligence and lack of awareness. As per an estimate 280 million people around the world are afflicted by diabetes, of which 20 per cent are in India.
The new facility will comply with the stringent quality norms practiced globally by Novo Nordisk. The insulin crystals for the formulation are supplied by Novo Nordisk. At present, the company does not have any plans to export from this factory. Novo Nordisk's Senior Vice-President Jesper Hoiland said that the company already had a manufacturing facility in China and was also looking for opportunities in countries like Bangladesh.
According to him, the growth in health market in Europe and Japan is flat. The biggest market is US and the BRIC country’s market is the fastest growing health care market. For this reason India and China are the strategic markets. India’s share in its sales kitty is less than 2 per cent at present but is growing at more than 20 per cent. The company is currently holding 8-10 per cent of its clinical trials in India on over 10,000 people.
1600 Cr TPL is expanding its manufacturing base at other locations as well. Torrent is investing Rs 350 crore in its formulations facility at Dahej in Gujarat to be commissioned in three years for exports to regulated markets such as the US and Europe. The company has also invested Rs 325 crore in its facility at Sikkim, which will to go on stream by October 2010. TPL is the largest Indian company operating out of Brazil. Its business has grown at a CAGR of 108 per cent over FY03-09.
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