Panacea Biotec to develop hair loss cure
Hair loss is a growing problem all over the world.In order to tap the lucrative hair-loss cure market, Panacea Biotec has entered into an in-licensing agreement with the National Institute of Health (NIH), US, whereby the Indian company will complete the development of NIH's technology and commercialise the product worldwide based on the technology. The patent-protected technology for actin-binding peptide/poly peptide from NIH stimulates hair growth and regenerates lost hair follicles.
Under the in-licensing agreement, Panacea Biotec will undertake further development of the technology. It will initiate the pre-clinical toxicology studies for which the appropriate formulation has already been prepared.
After receiving the necessary regulatory approvals for the toxicology data that will be generated, the company will undertake human clinical trials for the product.
Speaking to Business Line, Rajesh Jain, Joint Managing Director, Panacea Biotec said, "We are working with top global institutions to develop novel technology-based products. In 2001, the market for products curing hair loss was estimated to be at around $50 billion worldwide and was growing at 20 per cent. We expect the growth rates to have gone up even more in recent years."
He hoped that the company would be able to launch the product in three-four years.
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