Page 14 - Pharma Industry

Pharma industry seeks incentives for R&D, conducive policies in Budget

The pharma industry has sought fiscal incentives to promote research and development (R&D) in the sector, as it is likely to reach USD 400-450 billion market size by 2047. In a statement, Indian Pharmaceutical Alliance Secretary General Sudarshan Jain said there is a high risk, long gestation period and low success rate in research, and therefore, there is a need for continuous investments. "The budget 2024-25 should outline conducive policies that provide benefits in terms of both direct and indirect taxes and also facilitate ease of doing business for the pharma companies," Jain noted. The interim Budget is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. Jain said the domestic pharma industry is at the cusp of change. "The Indian pharma sector aims to achieve USD 120-130 billion by 2030 and USD 400-450 billion by 2047. To achieve this vision, the Union Budget 2024-25 should accelerate the pace of innovation and R&D," he added. The announcement

Drug firm Lupin introduces smoking cessation generic product in US market

Drug firm Lupin on Wednesday said it has launched a product, used as an aid to smoking cessation treatment, in the US market. The company has launched Varenicline tablets in strengths of 0.5 mg and 1 mg, after having received approval from the US Food and Drug Administration (USFDA), the Mumbai-based drug maker said in a regulatory filing. The company's product is the generic equivalent of PF Prism CV's Chantix tablets, it added. It is indicated for use as an aid to smoking cessation treatment. As per the IQVIA data, Varenicline tablets had estimated annual sales of USD 412 million in the US. Shares of the company were trading 0.75 per cent up at Rs 1,406.50 apiece on the BSE.

Implementing revised Schedule M rules uphill task for small pharma

Analysts also feel this move will help improve quality of Indian drugs

Government orders new drug-making standards after overseas deaths

The health ministry said in August that inspections of 162 drug factories since December 2022 found an 'absence of testing of incoming raw materials'

Indian-American medical biller held for stealing more than $1 million

A 61-year-old Indian-origin medical biller has been arrested for stealing more than USD 1 million from doctors who provided medical care to injured workers in New York, according to the Attorney General's Office here. Amrish Patel and his two companies -- Medlink Services and Medlink Partners -- were charged on Wednesday with 27 felony counts for the thefts they allegedly committed from January 2012 through January 2019, New York Attorney General Letitia James announced. Patel and the companies were charged with one count of insurance fraud in the first degree, one count of grand larceny in the first degree, one count of grand larceny in the second degree, one count of grand larceny in the third degree, one count of scheme to defraud in the first degree, 11 counts of falsifying business records in the first degree and 11 counts of workers' compensation fraud. He was released with electronic monitoring and a USD 100,000 bond, according to the New York Attorney General's Office. Pate

DCGI bans all charges, except supply, processing costs on blood units

An advisory issued by the DCGI to all states and Union Territories, read that "blood is not for sale", it's only for supply and that only processing costs may be charged by the blood centres

Sub-standard drugs: Delhi minister seeks suspension of health secretary

Health Minister Saurabh Bharadwaj on Friday recommended to the Lt Governor and the Centre the immediate suspension of the health secretary over the supply of "sub-standard" drugs to Delhi government hospitals. He also demanded strict action against the former director general of the Directorate General Of Health Services (DGHS). Addressing a press conference here, Bharadwaj said Lieutenant Governor V K Saxena has not taken any firm action against the officials concerned. He said upon assuming office in March 2023, he ordered an audit of medicines, equipment, and consumables but despite his repeated reminders to the health secretary, no action was taken. "The health secretary did not take any notice of this and did not initiate any audit related to the procurement of medicines," the minister claimed. Bharadwaj said in July, he sent a reminder to the senior official questioning why the orders had not been implemented and why there had been no audit of medicines and other items purch

Investments worth Rs 25,813 cr made under pharma PLI as of Sep: Govt

Investments worth Rs 25,813 crore have been made and 56,171 new jobs were added as of September this year under the production-linked incentive scheme for pharmaceuticals, the government said on Friday. In its year-end review, the Department of Pharmaceuticals (DoP) also said the 'Pradhan Mantri Bhartiya Janaushadhi Pariyojana' achieved its target of opening 10,000 retail outlets in 2023 to provide quality generic medicines at affordable prices to the poor and underprivileged. The production-linked incentive (PLI) scheme for pharmaceuticals is being implemented with an objective of enhancing India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high value goods in the pharmaceutical sector. The total outlay of the scheme is Rs 15,000 crore and the scheme duration is from 2020-2021 to 2028-29, an official statement said. Under the Scheme, 55 applicants have been selected, which includes five applicants

Pharma industry optimistic, expects more collaborative efforts in New Year

The domestic pharmaceutical industry expects another year of sustained growth in 2024 amid various challenges, including maintaining quality standards, while moving from volume to value leadership. The industry, known for catering to global markets with affordable generic products, expects to further leverage collaborative efforts, invest in Research & Development (R&D) and uphold quality standards to meet the evolving healthcare needs. "The convergence of policy thrust, and India's entrepreneurial vigour will propel the sector's growth and ensure a consistent supply of quality-assured affordable medicines for patients, both in India and globally," Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain told PTI. IPA comprises top domestic pharmaceutical companies, including Sun Pharma, Dr Reddy's Laboratories, Aurobindo Pharma, Cipla, Lupin and Glenmark. Jain said that this year, the government announced various policy initiatives like the Promotion of Research .

JB Chemicals buys opthalmology brands from Novartis for Rs 964 crore

JB Chemicals and Pharmaceuticals shall offer employment to the impacted associates working on this portfolio, it said today. JB Chemicals shares ended on BSE at Rs 1466 apiece, down marginally

Mefenamic acid can have adverse reactions; govt issues drug safety alert

The Indian Pharmacopoeia Commission (IPC) states that painkiller Meftal can cause adverse reactions, including drug reactions with eosinophilia and systemic symptoms (DRESS) syndrome

Sun Pharma revises upwards price to fully acquire Taro to $43 per share

Sun Pharmaceutical Industries on Tuesday said it has revised upwards the price at which it proposed to fully acquire Israel-based Taro Pharmaceutical Industries to USD 43 per share in cash. In May this year, the company announced a non-binding indication of interest to acquire all of the outstanding ordinary shares of Taro for a purchase price of USD 38 per ordinary share in cash through a reverse triangular merger. Subsequently, the company was engaged in multiple rounds of price negotiations with a special committee of the Board of Directors of Taro regarding the proposal. Such negotiations resulted in the company communicating to the special committee updated terms pursuant to which the company has proposed to acquire all of the outstanding shares of Taro's ordinary shares for a purchase price of USD 43 per share in cash, Sun Pharmaceutical Industries said in a regulatory filing. Further, the company said that on December 10, the special committee confirmed that it agreed in ...

War-wracked Myanmar now world's top opium producer, says UN agency

Myanmar, already wracked by a brutal civil war, has regained the unenviable title of the world's biggest opium producer, according to a UN agency report released on Tuesday. The Southeast Asian country's opium output has topped that of Afghanistan, where the ruling Taliban imposed a ban on its production, the United Nations Office on Drugs and Crime said in its Southeast Asia Opium Survey 2023." The Taliban's ban has led to a 95 per cent drop in the cultivation of opium poppies, UNODC said last month. Opium, the base from which morphine and heroin are produced, is harvested from poppy flowers. From 2022 to 2023, Myanmar saw the estimated amount of land used to grow the illicit crop increase 18 per cent to 47,100 hectares (116,400 acres), the new UNODC report said. Although the area under cultivation has not returned to historic peaks of nearly 58,000 ha (143,300 acres) cultivated in 2013, after three consecutive years of increases, poppy cultivation in Myanmar is expanding and ...

Samples of 59 drugs declared as 'not of standard quality', says CDSCO

Samples of 59 drugs, including those of reputed companies, were declared as "not of standard quality" in October, according to a Central Drugs Standard Control Organisation (CDSCO) alert. The CDSCO in its alert, which was issued recently, said that 1,105 samples were tested. Of the total, 61, which include two samples of unlabelled vials with white seal purported to contain Tigecycline 50 mg and two samples of phenolic disinfecting multi-purpose surface cleaner-cum-deodoriser (Lytner), were found to be "not of standard quality", it said. The count comes to 59 as samples of two drugs were repeated. The drug samples were tested at various statutory laboratories authorised by the CDSCO. The other samples termed "not of standard quality" include those of Cefixime Oral Suspension IP, Amoxycillin, Potassium Clavulanate and Lactic Acid Bacillus Tablets (GAMPCLAV-625 LB Tablets), Rabeprazole Sodium (Enteric Coated) and Domperidone (Sustained Release) Capsules (20 mg/30 mg), Diclofenac So

India's pharma business can reach $130 bn by 2030: Industry experts

India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets, industry experts said on Tuesday. The business stood at over USD 50 billion for the 2022-23 fiscal, they noted. Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India) Veeramani S V said the Indian pharmaceutical industry is on a compelling growth trajectory, evidenced by an 8 per cent year-to-date increase in exports and a remarkable 29 per cent surge in October alone. "This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said. Veeramani noted that the domestic market has exhibited impressive growth, exceeding 10 per cent. "Driven by this momentum, I am confident in reaching the 130 billion mark by 2030," he

Indian pharma industry can grow to $450 bn by 2047: EY-OPPI report

The report underlines the need for collaboration and alignment between the industry, academia and government to advance research and innovation capabilities

Medicines for four rare diseases become cheaper due to domestic production

Medicines for four rare diseases have become available at drastically cheaper rates as Indian pharma companies are now producing them reducing the reliance on expensive imported formulations, Union Health Ministry officials said on Friday. The slashing of prices comes as the ministry has prioritised action related to 13 rare diseases along with sickle cell anaemia. Drugs for four of these diseases -Tyrosinemia Type 1, Gaucher's Disease, Wilson's Disease and Dravet-Lennox Gastaut Syndrome - along with sickle cell Anemia have been approved and are being manufactured indigenously. Four more drugs for three diseases - Tablet Sapropterin for Phenylketonuria, tab Sodium Phenyl Butyrate and tablet Carglumic Acid for Hyperammonemia and Capsule Miglustat for Gaucher's disease - are under process for approval and are likely to be available by April 2024, official sources said. With these drugs being manufactured indigenously, the annual cost of Nitisinone capsules, used in the treatment of .

Aurobindo Pharma subsidiary receives USFDA approval for Ryzeneuta

It helps to enhance the immune function of cancer patients and prevent the side effects of neutropenia caused by chemotherapy

1,500 exhibitors to participate in pharma expo from Nov 28 in Greater Noida

Around 1,500 exhibitors will showcase their more than 10,000 products at a pharmaceutical B2B event, CPHI & PMEC India Expo, to be held from November 28 to 30 at Greater Noida, organisers said on Monday. Informa Markets said the expo will bring together over 45,000 visitors, 1,500 exhibitors showcasing 10,000 plus products and provide a unique environment for industry experts to meet, learn, share ideas and drive their business forward.. The 16th edition of CPHI & PMEC India Expo will be held at the India Expo Mart and Centre in Greater Noida. The event, along with its ancillary programmes, spotlights technological strides pivotal in propelling India's pharmaceutical machinery, technology, and ingredients sectors, it added. The Indian pharmaceutical industry, on the brink of significant expansion, eyes a projected CAGR of 13 per cent, eyeing a market value of USD 102.7 billion (Rs 8.5 lakh crore) by 2028, according to a statement. "In 2023, the Indian pharma industry is ...

Pharma majors turn attention to OTC drugs in post-pandemic wellness shift

Building a healthy OTC brand, however, is not an easy task. OTC brands need time to grow and build a recall value once they have established some credibility