(Yicai) Oct. 11 -- Shares in Gan & Lee Pharmaceuticals advanced today after the Chinese pharmaceutical firm said that its filings for two insulin analogs, which are a synthetic form of the hormone insulin, to go to market in the EU have been accepted by the EU medical products regulator, paving the way for further overseas expansion.

Gan & Lee’s share price [SHA:603087] closed up 3.3 percent at CNY45.28 (USD6.20).

The marketing authorization applications for the two insulin analogs have received formal acceptance notices from the European Medicines Agency, indicating that they have entered the assessment phase, the Beijing-based firm, which specializes in the treatment of diabetes, said on Oct. 9.

The company has also applied to the US’ Food and Drug Administration to sell three of its main insulin substitutes in the US, as it attempts to expand its global footprint amid stiff competition at home.

More Chinese insulin substitute producers are trying to go global to find new markets. To be selected to be part of China's medical bulk-buy program, which grants drugs access to the country’s vast medical insurance scheme, insulin analog producers have to slash their prices by up to 70 percent. The average reduction since bidding began in Shanghai in November 2021 is 48 percent.

But foreign insulin analog makers are also reducing their prices drastically, posing new challenges for Gan & Lee. Eli Lilly and Company, Sanofi and Novo Nordisk have all cut prices since the start of the year, some by as much as 70 percent.

Insulin analogs are also included in the US’ Medicare Drug Price Negotiation Program which means prices may still fall further.

Editor: Kim Taylor