INDIANAPOLIS, July 23 /PRNewswire-FirstCall/ -- Eli Lilly and Company said it will launch its first generic version of erectile dysfunction drug Viagra (sildenafil) in India on Monday, after reports it had received marketing approval for the drug in the United States.
"Based on our first few months in the market, we expect this launch to help the company achieve its primary goal of selling its product," said Eli Lilly, said in a statement. "The launch of Viagra in India is a major step in the company's efforts to launch its generic drug, and will allow Lilly to increase its position in the market for generic drugs."
Viagra was the first approved generic product for erectile dysfunction in the U. S. and worldwide market for erectile dysfunction drugs, and is currently the only available treatment for erectile dysfunction. Eli Lilly and Company said the launch will make it more accessible for millions of men in the U. and beyond.
Eli Lilly, which is based in Indianapolis, is one of the world's largest drug makers, and the company is among the largest generic drug makers in the U. Eli Lilly was one of the first to market Viagra in the U. in 2002 and is a major player in the world's largest drug market, with annual sales of $2.8 billion.
Eli Lilly said it has not had any negative impact on the U. drug market.
Lilly is expected to release its first generic product by the end of 2007, after a year of delays, said Michael Schuette, president and CEO of Lilly. Schuette said the company expects the launch of Viagra to have a positive impact on sales. Lilly said the launch of Viagra will help to expand the market for its generic drugs, and will also help to increase the number of people who use pharmaceutical companies for erectile dysfunction drugs.
The company said that a generic version of Viagra is expected to be available in the U. in the fourth quarter of 2008, after the company submitted a plan for the generic launch in March of 2009.
The company said it has not had negative impact on the U. market for erectile dysfunction drugs, and will increase its share in the global market of erectile dysfunction drugs by approximately 80 percent, with the company's current stock split at a of about 20 percent.
Lilly said it had received marketing approval for the Viagra product in the United States in 2002, and that Viagra has been approved in the U. for the treatment of erectile dysfunction for about six months. The company is seeking approval for the generic version of Viagra to treat erectile dysfunction.
Lilly said that the U. market for erectile dysfunction drugs will remain the same in the United States, and that the company has the ability to market a generic version of Viagra to a greater number of patients, if it believes it will help to expand the market.
Lilly is not the first Lilly to market generic products in the U. in the last 30 years.
In January, Eli Lilly Pharmaceuticals Inc. acquired rights to a rights to Viagra, the company's first generic drug. The company's shares had a value of $7.50 in the U. S., while the stock rose 11 percent in the U. and 15 percent in Europe.
The news of the launch of generic Viagra and the subsequent release of Viagra to the U. market has helped the company gain a significant share of the global pharmaceutical industry.
Lilly is not the first Lilly company to market generic drugs in the U.
In December, the company acquired rights to a patent on the impotence drug Cialis, which is designed to treat erectile dysfunction. The patent expired in October, and Lilly said the patent will expire in November.
Lilly's patent on Cialis expired in October, but it is still selling the drug.
Lilly is not the first Lilly company to market generic products in the U.
In March, Lilly acquired a rights to a patent for the treatment of high blood pressure and heart failure in the U. Also in March, the company acquired a patent for a new drug for diabetes called Pamelor, which treats high blood pressure. The patent has expired in March.
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