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GST impact: Pharma sector supply chain coping well after rollout

Time is needed to prepare for commercial launch of the new products: Biocon CMD Kiran Mazumdar Shaw

IANS  |  Mumbai 

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manufacturer on Thursday said most of the supply chain in sector seems to be coping after the implementation of the (GST) system from July 1.

"Most of the supply chain seems to be coping... the kind of apprehension expressed by stockists and pharmacists is not the way they were expecting it. I just hope this continues to be smooth and companies do not face any problems," CMD Kiran Mazumdar Shaw told BTVi in an interview.

She said there was no point in delaying the as "it is a game-changing reform".

"I think we need to get on with it and keep correcting the course as we encounter glitches," she said.

She said the new indirect will significantly benefit the Indian and and there is a need to focus on positives despite concerns and temporary impacts.

Speaking on the company's new drugs in the pipeline, Shaw said the firm's focus is on regulatory approvals for bio-similars pending with US Food and Administration.

She said time is needed to prepare for commercial launch of the new products.

About the progress of facility in Malaysia, She said the plant is up and running.

"Over the next two fiscals, we expect 20 per cent of our revenue from bio-similars. That is something we remain committed too. Our services will likely account for 25 per cent, historic small molecules likely to account for another 30 per cent," she said.

According to her, the company is focusing on leveraging existing capacities.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, July 06 2017. 19:34 IST