Page 10 - Pharma Industry

Veerhealth Care expects Rs 100 crore revenue in upcoming 2-3 years

Veerhealth Care on Monday said it is expecting to reach revenue of Rs 100 crore in the next 2 to 3 years. In a statement, the company said it has executed and delivered an export order valued at USD 50,000 (about Rs 41.50 lakh). Additionally, another export order valued at USD 197,793 (approximately Rs 165 lakh) is scheduled to be fully executed and delivered by the end of July. According to the statement, the company has also received an additional export order worth USD 106,673 (about Rs 89 lakh) from top US Institutional Supplier. The order will be executed within three months, as stipulated by the terms of the purchase agreement. Further, it stated that it is expecting monthly repeat orders from the same top US Institutional Supplier. In addition to this, the company said it is renovating its existing plant in Vapi, Gujarat, to set up a bigger plant which will be US FDA & WHO-compliant. In February 2024, the company has announced its expansion plans with a proposed investmen

Budget wish list: Pharma industry seeks tax benefits, effective IPR regime

There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions. The initiatives will help in accelerating R&D and innovation in the sector, he added. "Recognising the high-risk, long-gestation nature of R&D, we suggest extending the scope of section 115BAB of the Income Tax Act, 1961 to companies solely engaged in pharmaceutical research and development and providing a 200 per cent deduction rate on R&D expenditures," Matai said. This would significantly boost the sector's .

Indian pharmaceutical market registers over 8% growth in June 2024

GSK's antibiotic drug Augmentin and USV's anti-diabetic drug Glycomet GP continued to be the top-selling medicine brands with sales of Rs 76 crore and Rs 66 crore, respectively

Govt panel urges drug regulator to approve Lilly's obesity drug Mounjaro

Lilly should also submit the required manufacturing and controls data, the expert panel added

Sun Pharma completes Taro merger, acquires all outstanding shares

New York headquartered Taro has operations in the US, Canada, Israel, and Japan with manufacturing facilities in Canada (Brampton) and Israel (Haifa)

Domestic drugs formulations market to be worth Rs 5.5 trn by 2034: Report

'Significant under-penetration' in domestic market, especially in smaller towns and rural areas

Pharma's eco pill: Sustainable packaging as new prescription for planet

Merck also revealed that they are investing in renewable energy sources, and half of their Mumbai facility's energy is now sourced from solar panels

Weather changes drove Indian pharma market growth to 5.2% in May

Anti-infectives, respiratory therapy areas clock double-digit value growth

Dozens of CVS drug recalls expose link to tainted factories in China, India

The drugs were among those sold by CVS Health Corp., the largest US pharmacy, under its store-brand label before being recalled

USFDA issues Form 483 with four observations to Dr Reddy's API unit

Dr Reddy's Laboratories on Friday said the US health regulator has issued Form 483 with four observations after inspecting its Andhra Pradesh-based API manufacturing facility. The US Food & Drug Administration (USFDA) today completed a GMP inspection at the company's API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh, the Hyderabad-based drug major said in a regulatory filing. The inspection was conducted from May 30, 2024 to June 7, 2024, it added. "We have been issued a Form 483 with four observations, which we will address within the stipulated timeline," the drug firm said. As per the US Food and Drug Administration (USFDA), Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Delaware judge allows more than 70,000 Zantac lawsuits to go forward

In 2019, some manufacturers and pharmacies halted Zantac sales after a chemical called NDMA, which is known to cause cancer, was detected in some pills

FDA warns against infant formula by Texas firm due to contamination

US health officials warned parents to avoid powdered infant formula sold by a Texas dairy producer, because a dangerous bacteria was found in one of the company's products. The Food and Drug Administration issued the alert Friday on Crecelac Infant Powdered Goat Milk Infant Formula, after a sample collected from a Texas store tested positive for cronobacter, which can cause deadly infections in babies. The same bacteria sparked recalls and shortages of infant formula in 2022 after it was detected at a major US formula factory. The Crecelac formula was imported and distributed by Dairy Manufacturers Inc., of Prosper, Texas, according to the FDA. Press releases from the FDA and the company did not specify where the product was produced or how widely it was distributed in the US Messages left for the company on Friday were not immediately returned. Last week, the company voluntarily recalled the Crecelac formula and another brand, Farmalac, because they had not received approval by the

Sun Pharma, Dr Reddy's pull drugs in US over manufacturing issues: USFDA

Sun Pharma and Dr Reddy's Laboratories are recalling products in the American market due to manufacturing issues, the US Food and Drug Administration (USFDA) has said. In its latest Enforcement Report, the US health regulator stated that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high pressure inside the eye due to glaucoma or other eye diseases. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the affected lot of Xelpros (latanoprost ophthalmic emulsion) due to "out of specification for particulate matter test". The company initiated the voluntary Class III recall in the US on April 22 this year, the USFDA stated. In a separate filing, the USFDA stated that a US-based arm of Dr Reddy's Laboratories is recalling 1,176 bottles of an immunosuppressant medication. Dr Reddy's Laboratories Inc is recalling the affected lot of Sirolimus Tablets due to "Failed Impurities/Degradation Specifications", the USFDA said. The company ...

WHO chief refers to Indian traditional medicine centre at Geneva address

World Health Organisation chief Tedros Adhanom Ghebreyesus on Monday referred to the Global Traditional Medicine Centre set up in India and the first global summit on traditional medicine hosted by the country as he underlined that the year 2023 was a productive one in the UN health agency's work supporting access to medicines and other health products. "We also established the Global Traditional Medicine Centre in India, and hosted the first global summit on traditional medicine," Ghebreyesus said in his remarks as he presented his report to the 77th World Health Assembly in Geneva. In March 2022, the Government of India and the UN health agency had signed an agreement to establish the WHO Global Centre for Traditional Medicine. This global knowledge centre for traditional medicine, supported by an investment of USD 250 million from India, aims to harness the potential of traditional medicine from across the world through modern science and technology to improve the health of peopl

AstraZeneca Q4 results: Net profit jumps 128%, revenue rises 34.59%

Strategic collaborations played a crucial role in AstraZeneca's achievements, particularly in enhancing diagnostic capabilities and treatment outcomes

Second-gen promoters more open to selling out: Rothschild MD Subhakanta Bal

In pharma areas like high potency APIs, sterile manufacturing capabilities, antibody drug conjugates, peptides etc are areas that are growing fast and there is an inherent entry barrier

Biocon signs licensing, supply deal for obesity drug in South Korea

Bengaluru-based company announces 'strategic partnership' with Handok

Dermatology segment in IPM poised for 11- 12% growth amid rising demand

The increasing incidence of skin diseases and the growing awareness about these conditions among the Indian populace have been pivotal in driving the dermatology market's expansion

Serum Institute ships its first set of malaria vaccine doses to Africa

The vaccine has been developed in collaboration with the University of Oxford and Novavax's Matrix-M adjuvant

Zydus Lifesciences Q4 results: Net profit sees 4-fold jump at Rs 1,182 cr

Indian generic drugmakers, which draw a significant share of revenue from the crucial U.S. market, are recovering from the effects of eroding prices in the largest drug market in the world