Zydus Cadila received the final approval from the US Food and Drug Administration (USFDA) for its anti-diabetics Glyburide and Metformin Hcl tablets, the company said in a corporate filing to the BSE.
The "2014 National Diabetes Statistics Report" by the Centers for Disease Control and prevention (CDC) stated that 29.1 million people, or 9.3 percent of the total U.S. population, have diabetes out of which only 21 million people have been diagnosed and about 8.1 million people still remain undiagnosed.
The world market for diabetes medications will reach $55.3 billion in 2017, according to a report titled "Diabetes Treatments: World Drug Market 2013-2023" by Visiongain, a business information provider based in the U.K. The report stated that the anti-diabetic medicines industry generated $35.6 billion in revenues in 2012 and growing strongly every year.
The Glyburide and Metformin Hcl tablets will be produced at the company's manufacturing site in Baddi, Himachal Pradesh, for the U.S. market.
Zydus Cadila now has 103 approvals and the company has so far filed over 280 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY2003-2004.
On Wednesday, shares of Cadila Healthcare closed at the BSE at Rs 330.25, up Rs 4.95, or 1.52 percent from the previous close.