New Delhi : Biocon said its partner Fujifilm Pharma Co has launched its biosimilar product Insulin Glargine in Japan after receiving approval from the Japanese health authority earlier this year.

"Close on the heels of receiving approval for its Insulin Glargine from the Japanese regulator last year, its partner Fujifilm Pharma Co has launched the product in Japan," Biocon said in a BSE filing.

In March this year, Biocon received approval from the Japanese health authority to sell its biosimilar product Insulin Glargine.

"The launch of our biosimilar Insulin Glargine in Japan by our partner, furthers our mission to provide affordable access to high quality bio pharmaceuticals for chronic diseases," it said.

The Ministry of Health, Labour and Welfare (MHLW) of Japan has approved the sale of Glargine, for Biocon and Fujifilm Pharma.

Biocon's product is a ready-to-use prefilled disposable pen with 3 ml of 100IU Insulin Glargine and is expected to be launched in the first quarter of the next fiscal, the company said.

The company aims to capture a significant share of the Japanese Glargine market of USD 144 million which is the second largest market outside of North America and Europe and is largely dominated by disposable pens.

The company has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for Insulin Glargine. It is also developing Insulin Glargine for the developed markets outside of Japan in collaboration with Mylan.

Biocon's shares were trading at Rs 719.10, up 0.90 per cent, on BSE.