Dallas, Texas 02/07/2014 (FINANCIALSTRENDS) – The S&P 500 index tracked generic drugs major Mylan Inc (NASDAQ:MYL) has made a concerted push to expand its presence and foot print in India. This became obvious when the drug maker announced earlier this week that it would be launching it’s newly developed “trastuzumab biosimilar” in India. This would be the first market in which this drug HertrazTM, which is similar to its competitor Roche’s Herceptin® product is being marketed.
The choice of India as its first port of call for testing out this generic drug HertrazTM by Mylan Inc (NASDAQ:MYL) has a interesting background. This fast growing emerging market , with a growing population of close to $1.2 billion has emerged as one of globes most challenging markets for MNC drug companies due to the countries patent laws which allow generic drugs to be sold in the market at low prices.
Mylan Inc (NASDAQ:MYL) with a $16.2 billion market cap is one of the global leaders in generic drugs manufacturer. It has set up is subsidiary Mylan Pharmaceuticals Private Limited market this drug HertrazTM designed treat breast cancer in the Indian market. The drugs have been made available in two doses of 440 mg and 150 mg strengths.
Explaining the need for Mylan Inc (NASDAQ:MYL) to expand its presence in India, company Chief executive officer Heather Bresch has been quoted to have said that, “Mylan is excited to support thousands of women in India suffering from metastatic breast cancer who are in need of a high quality, more affordable treatment option. The launch of Hertraz not only represents a significant milestone in our biosimilars development program with Biocon, but, more importantly, supports our mission to expand access to high quality medicine around the world and demonstrates our progress against one of Mylan’s key future growth drivers.”