USV Pvt Ltd and Biogenomics have announced the launch of INSUQUICK, India’s first biosimilar insulin aspart, which will improve access and affordability for people with diabetes.
What is biosimilar insulin aspart?
Insulin aspart is a type of rapid-acting insulin that helps control blood sugar levels in people with diabetes. It is usually taken before meals to prevent spikes in blood sugar after eating. Insulin aspart is a biosimilar, which means it is a highly similar version of an original biological product that has been approved by regulatory authorities.
Biosimilars are expected to offer lower costs and increased availability compared to the original products, which are often patented and expensive. Biosimilars are also subject to rigorous testing and evaluation to ensure their quality, safety, and efficacy.
How is INSUQUICK different from other insulin products?
INSUQUICK is claimed to be India’s first biosimilar insulin aspart, which is a “Make in India” product, developed and manufactured using 100% indigenous technology. It has undergone a robust clinical program to ensure global quality standards, and has been approved by the Central Drugs Standard Control Organisation (CDSCO).
INSUQUICK is available in all metros, and Tier I/II cities, in cartridges, vials, and prefilled disposable pens. The pens are designed to be contemporary and lightweight, with a legible scale and audible clicks for precise incremental settings. INSUQUICK offers flexibility tailored to the needs of people with diabetes, who can choose the most convenient and comfortable mode of administration.
Why is INSUQUICK important for India?
Diabetes is a growing healthcare concern in India, as nearly 11.4% of the country’s adult population, which accounts for 101 million people, are living with diabetes. Besides this, there are an additional 136 million people who are pre-diabetic and who have a high propensity to convert into diabetes in a short time.
Insulin is a vital medication for many people with diabetes, especially those with type 1 diabetes and some with type 2 diabetes. However, insulin is often inaccessible or unaffordable for many people, due to high prices, limited supply, and lack of awareness. According to a study by the International Diabetes Federation, only 42% of people with type 1 diabetes in India have access to insulin, and the average annual cost of insulin per person is Rs 15,087, which is more than 10% of the average annual income.
INSUQUICK aims to address this gap by providing a biosimilar insulin aspart that is cheaper and more widely available than the original product. According to USV and Biogenomics, INSUQUICK will be priced at least 30% lower than the original product, and will be distributed through a network of over 50,000 pharmacies across the country.
What are the future plans of USV and Biogenomics?
USV and Biogenomics are two leading companies in the healthcare sector, with expertise in pharmaceuticals and biotechnology, respectively. USV is a leader in the oral anti-diabetes segment, with a market share of over 12%. Biogenomics is a pioneer in the development of biosimilars, with a portfolio of over 10 products in various stages of development.
The launch of INSUQUICK is a result of more than 10 years of R&D efforts and collaboration between the two companies. It is also a stepping stone for USV’s entry into the insulin market, which is estimated to be worth Rs 3,000 crore in India. The company plans to expand its portfolio of insulin products in the coming years, with robust R&D and innovation, to deliver comprehensive solutions to people with diabetes.
INSUQUICK is also a testament to the potential of the biosimilar industry in India, which is expected to grow at a compound annual growth rate (CAGR) of 29.7% from 2020 to 2027, reaching $12.1 billion by 2027. Biosimilars offer an opportunity for India to become a global leader in biopharmaceuticals, leveraging its strengths in manufacturing, research, and regulatory frameworks.