On November 23, 2021 CureLab Oncology reported that it has been granted a patent protection in India for anti-cancer application of our lead product, Elenagen (Press release, CureLab Oncology, NOV 23, 2021, View Source [SID1234596166]). This brings the total number of countries in which CureLab Oncology has patent protection to over 20 — you can see the complete list here.
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Because of its huge population and established biotech expertise, we see enormous potential in the Indian market for CureLab’s therapies. According to INVEST INDIA, India is among the top 12 destinations for biotechnology in the world, with an approximately 3% share of the global biotechnology industry. In aggregate, the biotech sector is a key contributor to India’s vision of reaching a $5 trillion economy by 2024.
The rising incidence of cancer in India is expected to boost the immuno-oncology drugs market expansion across the country. According to the Indian Council of Medical Research (ICMR) – National Institute of Cancer Prevention and Research (NICPR), incidence of breast cancer is 25.8 per 100,000 women in 2018 and is expected to reach 35 per 100,000 women in 2026.
The India immuno-oncology drugs market was valued at $172.8 million in 2018 and is expected to experience a CAGR of 13.1% from 2018 through 2026.
Like any promising biotech company, we view a comprehensive, global approach to IP protection as immensely important to our strategic business plan. One reason is that annual industrial biopharmaceutical R&D spending has declined over the past decade, with large pharmaceuticals instead focusing on partnership and acquisition strategies with biotech startups whose technology shows great promise.
As we expand our patent portfolio and geographic operations, we will adapt our IP strategy to maximize the value of the company.