Generic pharmaceutical products developer and distributor Lannett Company has planned to develop a generic insulin pharmaceutical product for the US market.

The product is now at its late stage development and is being jointly developed by Lannett, with its Chinese strategic partner YiChang HEC ChangJiang Pharmaceutical, an HEC Group company.

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Lannett, with the exclusive marketing rights to the product across the US, will be responsible for handling the remaining clinical and regulatory steps necessary for a US Food and Drug Administration (FDA) licence to market.

Lannett chief executive officer Arthur Bedrosian said: "YiChang HEC ChangJiang Pharmaceutical is a large pharmaceutical company with substantial drug development and manufacturing expertise.

"For Lannett, generic insulin represents a significant growth opportunity and would allow us to participate in a multi-billion dollar product market."

"Importantly, the company has developed a proprietary process for manufacturing the insulin protein and plans to build a dedicated facility for the manufacture of the insulin product for multiple markets around the world."

The total sales of insulin pharmaceutical products across the country, according to IMS, was recorded to be more than $21bn for the 12 months ending in August last year.

Bedrosian added: "For Lannett, generic insulin represents a significant growth opportunity and would allow us to participate in a multi-billion dollar product market.

"Moreover, if approved, the product complements and diversifies our offering in a substantial and vital area of the pharmaceutical industry.

"We are currently collaborating with HEC on five projects, which include the development of certain products and a distribution agreement."

YiChang HEC ChangJiang Pharmaceutical develops, manufactures and markets pharmaceutical products in endocrine and metabolic diseases, viral infections, and cardiovascular diseases in China.