PI Industries to launch India's first indigenously developed pesticide Pioxaniliprole
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Gurugram-based agri and health sciences company PI Industries will launch India’s first indigenously invented and patented insecticide Pioxaniliprole in the country soon. The company is also looking at United States and Latin American countries as priority markets where the product can be introduced after necessary regulatory approvals.
Pioxaniliprole is developed for pest management in crops such as rice, chillies and several other agricultural crops. It is the first product that belongs to a class of highly sustainable insecticides, distinguished by its less ecotoxicity. According to the company, the product delivers superior performance compared to the existing products in the market helping farmers achieve higher yields, better crop quality, along with effective disease management.
In an exclusive interaction with Fortune India, Mayank Singhal, Vice Chairman and MD, PI Industries, said he hopes to complete the product registration formalities in India this year itself. The company is the process of generating local data in other geographies of the world through partnerships, he added.
“It is a sizable market. I would not like to put a number of the opportunity for this product because this is its first year of launch. However, the segment itself is not less than $100 million, and the addressable market could be more than a couple of billion dollars”, says Singhal.
PI is known for its pioneering efforts in the space of contract manufacturing for innovative agri-science products. The company claims to be amongst the top five players in the world when it comes to contract manufacturing of innovative crop protection products.
“PI has evolved from a domestic agri-input company in the agrochemical space to a life sciences company. We are present in 40 countries with a deeply integrated value chain in the ag-chem business. Our unique business partnership model in the ag chem alows us to work right from innovation all the way to markets. Today we have created partnerships (with innovator companies) bringing innovative products into India for the Indian farmers”, Singhal said.
In addition to agsciences, PI also has a fast growing business vertical that does contract research and manufacturing services for the global pharma industry. PI Health Sciences integrates Contract Research, Development and Manufacturing Organisation (CRDMO) services, biology and process development, advanced CSM capabilities, and API manufacturing and supply through Archimica, an Italy-based pharmaceutical CDMO and API manufacturing company PI acquired three years ago.