Biocon Ltd announced on 6 October that it has inked a deal with Juno Pharmaceuticals, a Canadian specialized corporation, for the commercialization of Liraglutide, a drug-device combination for the treatment and management of type 2 diabetes and obesity.

In 2023, the pharmaceutical sector is anticipated to be worth $1.5 trillion. Revenue in the worldwide market is expected to reach $1,115 billion. Oncology pharmaceuticals are the biggest market, with a predicted market volume of $188.2 billion. 

The pharmaceutical business in India is estimated to reach $130 billion by the end of 2023. The Indian pharmaceutical market increased by about 5% year on year in FY23, reaching $49.78 billion. Exports climbed by 3%, while the local market expanded by 7%.

Blockchain technology is quickly being recognized as a crucial new technology in the pharmaceutical business. On an open, decentralized, secure public ledger, each record, event, or transaction is recorded in consecutive, verifiable blocks. Blockchain enables safe and easy lawful information exchange between businesses.

Blockchain has a significant influence on pharmaceutical manufacturing, medical supply monitoring and verification, record fraud prevention, and research and development. Its usage is projected to increase in the next years. 

The technology improves end-to-end supply chain visibility using data. Blockchain bridges the gap between stakeholders by providing everyone with an accurate, real-time view of the supply chain, which is critical for maintaining production and supply chain resiliency.

Biocon would be in charge of securing regulatory permission for Liraglutide, as well as manufacturing and supplying the medicine in the Canadian market.

The partnership will provide impetus to our strategic focus on geographical expansion as well as our stated purpose of delivering much-needed medicines to more patients around the world,” Biocon CEO and managing director Siddharth Mittal said.

Juno is one of Canada’s fastest-growing pharmaceutical firms, specialising in high-value generic, complicated, biosimilar, and other scarce medications to improve healthcare quality in the area, according to the company.

Juno is Canada’s biggest privately held maker of injectable pharmaceuticals, with a focus on vital hospital treatments as well as products supplied in retail pharmacies.

Juno remains committed to improving healthcare affordability and innovation for all Canadians through this collaboration,” Mittal said.

According to the IQVIA MAT Q2 2023, the total addressable market potential for Liraglutide in Canada is around $100 million.

Biocon closed the day on the National Stock Exchange at Rs 265 per share, up 0.51 percent from the previous closing.