South Korean drug maker Donga Pharmaceutical said on March 18 that it will roll out its diabetes drug Suganon in India next month.
India-based pharmaceutical firm Alkem Laboratories won exclusive rights to distribute and market the treatment medicine for type 2 diabetes. It will be officially available in the Indian market on Apr. 1 under the name of Valera.
It marks the first time that a Korean pharmaceutical company is set to sell its indigenously developed drug in an overseas market.
In 2012, the two companies signed a license-out agreement for India and Nepal. Donga will provide materials for SUGANON and Alchem will be responsible for the manufacturing, sales, and marketing.
Alkem, founded in 1973, is a multinational pharma company headquartered in Mumbai. The company manufactures and sells generic drugs, and formulations in India.
Suganon is a 5mg once-daily tablet for the treatment of type 2 diabetes. The drug was approved by local health authorities as the 26th domestically made drug in 2015.
By Ram Garikipati and newswires (firstname.lastname@example.org)