PwC sees US$50bn Indian market
Melbourne’s Propanc Biopharma, Inc. said its foundation patent application has been granted by the Office of the Controller General of Patents, Design and Trademarks in India, a market of US$50 billion by 2020.
The foundation patent, which covers the Company’s lead product candidate, PRP, pioneers the discovery of a pharmaceutical composition for treating cancer via a combination of trypsinogen and/or chymotrypsinogen pancreatic proenzymes.
Propanc cited a report by PwC looking at prospects for growth, which predicts that the Indian Pharmaceutical market will reach US$50 Billion and become one of the sector’s top 10 markets in the world by 2020.
“Building a robust patent portfolio has been a top priority in driving our drug development technology forward. Adding India to the growing list of countries where we have been granted patents reflects the strength of our growing IP portfolio for PRP,” said James Nathanielsz, Propanc’s Chief Executive Officer.
“Historically, patent prosecution in this region is challenging, especially in the biopharmaceutical sector, but we believe the smooth process reflects the quality of our claims and the strength of our technology.
“We are very excited to have this key global region under patent protection and have only two jurisdictions remaining to attain global patent protection in all countries selected for prosecution,” said Nathanielsz.
So far, the foundation patent has been granted in the USA, Europe (including Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland/Liechtenstein, Turkey and the United Kingdom), China, Japan, Indonesia, Malaysia, Israel, Australia, New Zealand, Singapore, South Africa, Mexico, Republic of Korea, Hong Kong and more recently, India.
It is presently under examination in Canada and Brazil.
Propanc Biopharma is a biopharmaceutical company developing new cancer treatments initially for patients suffering from pancreatic, ovarian and colorectal cancers. fiinews.com
