Glenmark is trading firm this morning on plans to launch generic Teneligliptin, a new third-generation oral anti-diabetic drug, at a substantially lower price compared to other Gliptins available in India. The stock is quoting at Rs 1155, higher by Rs 31 or 2.7%, on the BSE.
Only 1.05 million out of the 65 million diabetic patients in India use Gliptins as they are relatively expensive costing Rs 15,000-Rs 16,000 a year of treatment while Glenmark thinks the lower price would encourage more patients to adopt this safer and effective treatment to manage Type-2 diabetes.
This product costs Rs 19.90 per tablet compared with about Rs 45 for other gliptins. Mitsubhishi Tabane Pharma Corporation is the innovator of the drug.
The stock opened at Rs 1180 and has touched a high of Rs 1229 and a low of Rs 1149 on the BSE thus far.
