Bioglan launches first generic Prozac

UK company Bioglan Pharma has launched the first generic competition toEli Lilly's blockbuster antidepressant Prozac (fluoxetine), following expiration of patents in several European markets on January 8. Shares in the company closed at a new high of L6.61 ($10.82) on January 10, up L0.33.

In 1998, the last full-year figures, Prozac had sales of $2.8 billion. Ann Simon, finance director at Bioglan, told the Daily Telegraph that it hopes to capture at least 5% of Prozac's L100 million ($164 million) UK sales. The company is also planning a launch in the Netherlands, where Prozac has also lost patent protection, while other European markets are being considered.

Lilly had previously said it was confident generic competition to Prozac would not occur until 2004 (Marketletter June 21, 1999). The company has formulated a three-pronged plan, including buying the rights to products in late-stage development and building its own product pipeline, in a bid to ease the loss of patent protection for the drug. Prozac accounts for more than 30% of sales and an estimated 40% of Lilly's profits, according to Merrill Lynch.