Sunshine Biopharma Inc., a company dedicated to developing and providing lifesaving pharmaceuticals in fields such as cancer and antiviral treatments, announced that its fully owned subsidiary, Nora Pharma Inc., based in Canada, has rolled out a generic prescription medication.
The medication in question is Ursodiol, which is a generic counterpart of URSO DS. Known alternatively as ursodeoxycholic acid (UDCA), Ursodiol is prescribed for treating cholestatic liver disorders, with a particular focus on primary biliary cirrhosis (PBC). Additionally, Ursodiol serves to (i) dissolve gallstones for individuals who either prefer not to undergo surgery or aren’t candidates for surgical gallstone removal, or (ii) prevent gallstone formation in people undergoing rapid weight reduction. Nora Pharma offers Ursodiol to the Canadian market in doses of 250 mg and 500 mg tablets.
The Canadian Ursodiol market forms a segment of the wider global Ursodiol industry, which anticipates significant expansion. The global market was estimated at about $457.9 million in 2022 and is projected to rise to roughly $933.9 million by 2029, experiencing a compound annual growth rate (CAGR) of 10.7%.
“This marks the third novel product introduction this year. We are continuously bolstering our Canadian generic drugs market presence by expanding our product range. The market was valued at $9.7 billion in 2023 and is expected to double, reaching $19.2 billion by 2032,” remarked Dr. Steve Slilaty, CEO of Sunshine Biopharma.
Presently, Sunshine Biopharma has released 63 generic prescription drugs across Canada, with plans to introduce 31 more during the remainder of 2024 and throughout 2025.