Suffering from diabetes? Your medicines are set to become cheaper
What's the story
Medicine companies in India are gearing up to launch affordable, generic versions of Empagliflozin, a popular diabetes drug. The move comes after Boehringer Ingelheim's patent for the drug expires tomorrow, making way for cheaper alternatives. Mankind Pharma, Torrent, Dr Reddy's, Alkem, and Lupin are expected to introduce the generic variants here within days.
Pricing strategy
Cost reduction and market growth
Currently, Empagliflozin costs ₹60 per tablet. However, the generics are likely to be available at ₹9-₹14 per tablet. This massive cost reduction will make diabetes treatment more accessible to millions of patients in India. The diabetes drug market in India has grown substantially from ₹14,000 crore in 2021 to nearly ₹20,000 crore, emphasizing the need for affordability.
Market share
Mankind Pharma's pricing strategy
India's fourth-biggest pharmaceutical firm by market share, Mankind Pharma, plans to price its version of Empagliflozin at one-10th of the innovator's price. With 10.1 crore Indians living with diabetes, as per the International Diabetes Federation, access to effective and affordable medication is crucial. Empagliflozin is an SGLT2 inhibitor that aids in managing diabetes and its complications such as heart failure and chronic kidney disease.
Treatment evolution
New therapies gain popularity
While Metformin continues to be the standard first-line treatment for Type-2 diabetes, newer therapies such as SGLT2 inhibitors (Empagliflozin) and GLP-1 receptor agonists (Semaglutide) are gaining popularity for their cardiovascular benefits. The entry of affordable Empagliflozin into the market is expected to revolutionize diabetes management in the country, making life-saving treatment accessible to millions who could not afford it before.