"As a basal insulin analogue, Semglee is given once a day to help control the blood sugar level of diabetics. It's indicated for treating type 1 diabetes in adults, adolescents and children, aged 6 years and above, and type 2 diabetes in adults," said the city-based company in a statement.
Mylan, a leading global pharmaceutical company, offers more than 7,500 products in 165 countries and territories.
Launched in 1948, free medicines are provided to pensioners and others under the PBS.
Diabetes is the world's fastest-growing chronic condition and the biggest challenge confronting Australia's health system. Almost two million Australians have diabetes, with 280 of them developing diabetes every day -- one person every five minutes.
The total annual cost impact of diabetes in Australia is estimated at $14.6 billion.
"The scheme enables us to give Semglee insulin to people with diabetes in Australia at an affordable price and reduce the cost burden," said Biocon Biologics Chief Executive Christine Hamacher.
Biocon Biologics is a subsidiary of Biocon, engaged in the development, manufacturing and commercialisation of the parent company's biosimilars.
Mylan Australia country manager Sylvain Vigneault said the insulin would enable more patients to access treatment for diabetes. "Semglee enables us to support global diabetes and metabolism portfolio of about 400 products," said Vigneault.