Indian biotech major Biocon announced on Saturday that it has launched its first biologic drug for psoriasis, which affects about 10-20 million Indians.

The drug against the disease, which attacks the immune system, will be about half the price of similar drugs offered by multinationals in the country, said Chairman and Managing director Kiran Mazumdar-Shaw. The drug, ALZUMAb, which took the company 10 years to develop, is available in India at Rs. 7,950 a vial. She claimed that the drug is the world's first 'novel' anti-CD6 antibody to treat psoriasis.

Ms. Shaw said the cheaper biologic would enable poorer patients to access a cure for psoriasis. 'Currently, the Indian market for biologics is very small, but the availability of a cheaper option would expand the size of the market.'

She said the company is in talks with foreign companies for 'partnerships' to reach out to global markets. 'The value of the global market for biologics to address psoriasis is valued at more than $30 billion,' she said.

'We will start trials in these markets soon,' she said, but refused to identify the markets or the companies Biocon is engaged with.

Ms. Shaw said the success of the company, which she attributed to a large R&D budget and 'a dose of serendipity,' encourages it to seek remedies for other autoimmune diseases such as lupus, rheumatoid arthritis and Sjogren’s disease.

Biocon earned revenues of over Rs. 2,500 crores in 2012-13. It spends 10 per cent of overall revenues on R&D, Ms. Shaw said.