Bangladeshi pharmaceutical conglomerate, Beximco Pharmaceuticals Limited, has started the export of extended-release Metformin Hydrochloride (500mg and 750mg) to the market of United States.
This is Beximco’s fourth product for the US market following the successful launches of Carvedilol, Sotalol and Methocarbamol, a press release said today.
“The export of our fourth product to the US is another validation of our growing presence and strength in offering specialized generic products in the world’s largest pharmaceutical market,” said Nazmul Hassan, managing director of Beximco Pharmaceuticals.
“Since receiving US FDA approval for our oral solid dosage facility in June 2015, we have continued to leverage our competitive generic capabilities and cost advantages to focus on expanding our portfolio in the US, which is an increasingly important market for the company,” he said.
Nazmul said his company is looking forward to exporting additional, high quality and differentiated products to the US and other key global markets in the future.
Beximco Pharma received US Food and Drug Administration (FDA) approval for Metformin Hydrochloride, a generic equivalent to Bristol-Myers Squibb’s anti-diabetic drug Glucophage, in December 2016.
According to IQVIA market data, the US market for Metformin Hydrochloride is currently valued at US$ 456.08 million.
In August 2016, Beximco Pharma became the first Bangladeshi pharmaceutical company to export medicine to the US market following its manufacturing site approval by the US FDA in June 2015.