Biocad and ICM Gain Biosimilar Foothold in Southeastern Europe
Russian company Biocad gains distribution rights for its rituximab and trastuzumab biosimilars in Bosnia and Herzegovina.
The Russian company Biocad received marketing approval for 2 biosimilars in Bosnia and Herzegovina, a country on the Balkan Peninsula in Southeastern Europe, and aims to expand sales further into Europe.
The registration for the biosimilars of rituximab and trastuzumab, Acellbia and Herticad, respectively, was granted by The Agency for Medicinal Products and Medical Devices of Bosnia and Herzegovina. Market launch, largely through individual contracts with state and private cancer centers, will start this year.
Biocad will produce the agents and distribution will be managed by ICM, according to a release. ICM estimated the market for rituximab and trastuzumab Bosnia and Herzegovina at around $12.7 million.
“The sale of these medicines on the market of Bosnia and Herzegovina will enable significant savings in the Federal Health Insurance Fund [FHIF] and at the same time enable patients to receive more effective treatment,” according to Nicola Rosič, chief executive officer of ICM, a distribution company based in Bosnia and Herzegovina.
“By analyzing international markets for launching drugs, we see that our products are in demand,” said Dmitry Morozov, chief executive officer of Biocad. “Therefore, in parallel, we conduct registration processes in different countries of Europe. For example, after successful registration in Bosnia and Herzegovina, we are planning to gain access to the Serbian market.”
Biocad’s Herticad has been approved for use in Russia and has been available since 2016.
The healthcare system in Bosnia and Herzegovina is known to be troubled by underfunding and a shortage of trained personnel caused in part by wartime exodus. The FHIF supervises the management of mandatory health insurance funds collected by the state healthcare system’s 10 health departments.
