Pharmaceutical companies that market medicines made by third parties in the country will now be held responsible for drug product quality with the health and family welfare ministry on Thursday issuing a notification to this effect.
The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS,Dermatology, Pain and Vaccines, which would transfer to Dr Reddy's along with related sales and marketing teams and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees.
Premji Invest, the investment firm of Wipros founder chairman Azim Premji, has led a $126 million funding in Boston-based primary care provider Iora Health. Existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, 406 Ventures, Flare Capital Partners, Polaris Partners, and Khosla Ventures participated in the round.
Finance minister Nirmala Sitharaman allocated Rs 69,000 crore, inclusive of Rs 6,400 crore for Jan Arogya Yojana, to healthcare in Budget 2020. This marks an increase from last year when she allocated Rs 62,659 crore.
Prices of those formulations, under price control, sold in hospitals increased as much as Rs 99 per mg, while those formulations which were not under price control and sold in hospitals, increased by only Rs 25 per mg.
Raw materials from China are used in making antibiotics, paracetamol, and diabetes and cardiovascular drugs, among others. Companies including Lupin, Sun Pharmaceuticals, Glenmark, Mankind, Dr Reddys, Torrent, Aurobindo Pharma and Abbott are hugely dependent on Chinese imports.
The Ahmedabad-based company, part of the Rs 14,000-crore Torrent Group, is the only domestic pharma co that has invested nearly $1 bn in local acquisition over the last three years. Aman Mehta, chief marketing officer of Torrent Pharma said for now the focus of the co will be on launching new products in categories such as cardiology and diabetes.
Wockhardt employs more than 7,000 people and has a presence in the US, Britain, Ireland, Switzerland, France, Mexico, Russia and other countries. It has manufacturing and research facilities in India, the US and Britain, and a plant in Ireland.
The warning letter issued by USFDA to large pharma companies more than doubled in the first 10 months of 2019 compared with the previous year, CRISIL said, adding that close to 180 generic drug launches will be pushed out from their intended launch dates due to it.