Drug firm Wockhardt on Wednesday said it has approached the DCGI for marketing approval of a diabetes treatment medication.
The company has filed its fast-acting insulin analog, Aspart injection, with the Drugs Controller General of India (DCGI), the Mumbai-based drug firm said in a regulatory filing.
"We are proud of adding another feather in our diabetes biosimilars portfolio through filing of insulin Aspart injection in a market that has limited competition," Wockhardt Founder Chairman Habil Khorakiwala said.
This reinforces the company's ability to develop and manufacture complex biosimilars domestically, he added.
Wockhardt's Aspart insulin injection is an indigenously developed product, underscoring the company's end-to-end capabilities in research & development, clinical studies, scale up and manufacturing of biosimilars products.
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The market size of Aspart in India is currently estimated at over Rs 260 crore with only two players and is expected to grow significantly in the coming years.
Diabetes remains a critical health issue, affecting more than 77 million people in India and over 537 million people worldwide and is expected to be over 643 million by 2030.
The prevalence of diabetes is rising sharply, driven by lifestyle changes, aging population, and urbanisation.
Wockhardt said it is also developing additional insulin analogs and GLP-1 agonists as part of its comprehensive strategy to provide advanced diabetes care solutions.
The introduction of these products will further strengthen Wockhardt's diabetes portfolio, offering patients more effective treatment options for managing their condition, it added.
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Shares of Wockhardt were trading 1.34 per cent up at Rs 1,095 apiece on BSE.
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