Glenmark Pharmaceuticals rose 1.19% to Rs 408.75 after the drug maker announced that it became the first company in India to launch Thiazolidinedione Lobeglitazone (Lobeglitazone) for the treatment of type 2 diabetes in adults.
The said drug is marketed under the brand name LOBG; it contains Lobeglitazone (0.5 mg) and to be taken once daily under prescription to improve glycemic control in adult diabetic patients, the company stated.
Indians have a high prevalence of insulin resistance and that makes LOBG an appealing treatment option in managing uncontrolled type 2 diabetes among insulin‐resistant diabetic patients. With this launch, the company aims to improve glycemic levels in uncontrolled diabetics and create a new pathway to treat insulin resistance in India, the drug maker said in the press release.
The pharmaceutical company said that it had earlier received approval from the Indian drug regulator, Drug Controller General of India, for manufacturing and marketing Lobeglitazone based on a randomized, double‐blind Phase 3 clinical trial conducted on adult type 2 diabetic patients, aged 18 years and older. The results of this trial have shown a faster and improved glycemic control with Lobeglitazone, it added.
On the occasion of the launch, Alok Malik, EVP & Business Head ‐ India Formulations, Glenmark Pharmaceuticals, said, As per the International Diabetes Federation, diabetes affects 74 million adults in India, of which, around 40% of them seem to be insulin‐resistant. As a leading solutions provider in India for the treatment of diabetes, we are proud to introduce LOBG; an innovative and affordable drug, which will help in tackling insulin resistance among adult patients suffering from uncontrolled type 2 diabetes in the country.
In 2015, Glenmark launched the DPP4 inhibitor - Teneligliptin, followed by a fixed dose combination (FDC) of Teneligliptin + Metformin. In continuation towards its legacy, Glenmark launched Remogliflozin, a novel SGLT‐2 inhibitor in 2019 after its first global approval in India and subsequently launched its combinations with metformin and Vildagliptin.
More From This Section
According to IQVIA sales data for the 12 month period ending August 2022, the market for oral anti‐diabetic drugs in India is estimated to be Rs 11,725 crore with an annual growth of 7% against the corresponding period last year (MAT Aug 2021).
Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.
The company's consolidated net profit declined 37.20% to Rs 192.53 crore on a 7.67% fall in sales to Rs 2,720.10 crore in Q1 FY23 over Q1 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
