Biocon bags Rs 460 cr contract

Biocon, India’s leading biopharmaceuticals company, on Wednesday announced that its subsidiary in Malaysia has received a MYR 300 million (Rs 460 crore) three-year contract from the Ministry of Health (MoH), Malaysia, for supplying recombinant human insulin (rh-Insulin) formulations manufactured at its facility in Johor, Malaysia.

Biocon will distribute insulins and insulin delivery devices through CCM Pharmaceuticals in Malaysia.

As per the contract, Biocon will supply rh-Insulin cartridges and re-usable insulin pens under the Malaysian government’s Off-Take Agreement (OTA) initiative, which seeks to encourage local manufacturing of new pharmaceutical products thus lowering the country’s reliance on imports and also enhancing the exports potential.

The contract is extendable for additional two years subject to the approval of the Government of Malaysia.

Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said, “It is a matter of pride that this is a ‘Made in Malaysia’ insulin product manufactured by Biocon Sdn. Bhd. at the BioXcell Biotech Park in Nusajaya, Johor. We expect our Malaysian facility to cater to the growing needs for affordable insulins across the globe.”