KUALA LUMPUR (Dec 17): Duopharma Biotech Bhd has secured a RM375.17 million contract to supply insugen-insulin recombinant human formulations to all Ministry of Health’s (MoH) hospitals, district health offices and clinics.

The government has accepted the tender offer from the group’s wholly-owned subsidiary Duopharma Marketing Sdn Bhd (DMktg) to supply the products under the MoH’s procurement by way of direct negotiation, according to the group’s filing with the local bourse on Friday.

The contract is for three years, starting from Friday (Dec 17, 2021) until Dec 16, 2024.

“With an estimated 3.9 million diabetics in Malaysia, of which about 420,000 patients are treated using human insulin in government hospitals and clinics, DMktg hopes to improve diabetes management in the country by providing high quality and cost effective biosimilar insulins,” said Duopharma.

Duopharma expects the new contract to contribute positively to its earnings for the current financial year of 2021, and onwards.

Duopharma’s shares closed unchanged at RM1.58, giving the pharmaceutical firm a market capitalisation of RM1.49 billion. The counter has dropped 34% from when it was trading at RM2.38 on Jan 4.