The company is not viewing Covid-19-related drugs as a commercial opportunity; Aaron Chandavarkar, Managing Director of Biocon Biologics, predicts that he expects higher growth this fiscal year on the back of the launch of new biosimilars in both emerging and developed markets.
Biocon Biologics said it aims to generate $ 1 billion in revenue sooner.
“We had growth of 21% (in FY 21), but next year, we expect to have significantly better growth. Growth was partially affected by Covid-19. There have been delays in approvals, changing the purposes of healthcare projects,” said Chandavarkar. .
Therefore, the company has also withdrawn its $ 1 billion revenue guidance by FY22, and intends to reach that sooner rather than later, he said.
He added, “So, in general, I would like to say that we have waived a period of 2-3 years for the IPO and we are sticking with that.”
The second wave of Covid-19 saw an increase in demand for Remdesivir and Itolizumab, said Shrihas Tambi, Biocon Biologics’ executive vice president.
“In April alone, we were able to treat nearly 7,000 patients with etolizumab, which is probably nearly three times what we saw in the previous year. So, we really focused on increasing capacity while seeing the sudden increase in demand and we have no capacity restrictions today.”
Biocon Biologics said its biosimilars have grown well last year, and the re-prioritization of healthcare budgets around the world due to the pandemic is unlikely to lead to structural change.
Even if chronic diseases take a back seat as the pandemic outpaces healthcare agencies, Chandavarkar said, the basic need to tackle chronic diseases persists.
“The Covid-19 pandemic has given us a greater opportunity to shape the global landscape of biosimilars,” he said, adding that healthcare systems around the world will look to take advantage of generic medicines and biosimilars to contain medical costs.
The company will continue to focus on both emerging and developed markets.
“If we look at recombinant human insulin, we are present in more than 100 countries. If you look at our bio product Trastuzumab, Zedora is the private market leader in Brazil with a double-digit high market share. We are the only company from India with five products (Biologics). We are the only Indian company to have a certified product in Japan, ”said Chandavarkar.
He added that emerging markets are very important for Biocon Biologics to expand and there has been no change in its overall strategy.
“We will continue to focus on both developed and emerging markets to meet the needs of patients globally. We recently appointed Sushil Umesh as a Chief Commercial Officer focusing on emerging markets.”