Retail sales of Ranbaxy Laboratories, Cipla, Nicholas Piramal, Lupin and other drug makers have jumped by over 10 per cent in the domestic market despite the sales of generics or copycat versions of patented drugs falling in leading global markets such as the US and Europe.
Drug maker agrees to cooperate with Scottish investigation.
Dr Reddy's Laboratories, Nicholas Piramal and other Indian drug makers are relying on niche and smaller value, acquisition strategy for growth owing to global slowdown and failure of big-ticket acquisitions in the past.
Glenmark plans to start selling its anti-diarrhoea drug, Crofelemer, by the first-half of 2010 across the globe, except in North America, Europe, Japan and China, the company said. The confidence to sell the drug ahead of its rivals comes as the Crofelemer's original developer, Napo Pharmaceutical Inc, recently entered into a tie-up with a US-based drug maker, Salyx, for selling the drug in the US market, paving the way for Glenmark to sell it in the rest of the world.
The retail arm of the Mukesh Ambani-led group had almost halted its expansion plans as a credit crunch roiled markets across the globe forcing companies to withhold new projects. The company also froze fresh recruitment.
Fearing the slowdown, hospital managements suspended some of their new medical equipment purchase plans," said A Vaidheesh, managing director, Johnson & Johnson Medical, one of the largest medical equipment companies operating in India. India's medical and hospital equipment industry, which consists of multinational players such as Siemens, Philips, Johnson & Johnson, GE Healthcare and home grown Medtronics, has an annual turnover of over Rs 5,000 crore (Rs 50 billion).
Six infotech special economic zone projects of the Unitech Group, which owns the country's second-biggest real estate company, have been delayed by as much as three years owing to slowing demand and delays in government approvals, sources said.
After launching mid-income houses, real estate companies are now targeting low-priced homes in the sub-Rs 10 lakh (Rs 1 million) category to improve cash flows and beat the slump in the property market that has been driven by high borrowing rates.
First time, an Indian court revisits a patent office order.
A segment of drug companies such as tablet and capsule makers may benefit from the government's move to review polluting status of these companies, which may help them save costs on pollution control equipment.
Retailers, who are already reeling under the economic slowdown, were forced to keep their shops shut in the southern and central parts of Mumbai as terrorists holed up in plush hotels and buildings of the city continued to battle military commandos.
Several malls and retailers downed shutters in the commercial capital city of Mumbai. Kishore Biyani's hypermarket chain Big Bazaar closed two stores its stores in Mumbai Central and Parel, which are half-an-hour's drive from South Mumbai.
Ranbaxy, Dr Reddy's and other Indian drug makers may cut production as overseas buyers, hurt by the credit crunch, defer export orders. The move could also lower the country's drug exports by at least 10 per cent in the year ending March 2010, industry experts say."Many of our members have been intimated by their importers to stop shipments until further notice," said Venkat Jasti, chairman, Pharmaceutical Exports Promotion Council.
At least 35 per cent, or $400 billion worth of goods, that are sourced from China could shift to countries such as India, Thailand, Vietnam among others over the next 10 years, according to a study by US-based retail and supply chain solutions firm DCB and Company. India is expected to take the lion's share of volume shift compared to its counterparts in the region, the study says, due to its IT prowess, infrastructure and agents network.
Leading power players Reliance Infrastructure and GMR Energy believe this will help ensure coal availability for their mega projects in the pipeline. "They have various proposals on their table, which are relatively cheaper when compared to the scene before the beginning of the financial crisis. However, the acquisitions will depend on the ability of the acquirers to raise funds as the banks have stopped lending at cheaper rates," said a source.
Even though the Reserve Bank of India (RBI) has reduced the risk weightage on loans to commercial developers and cut general provisioning for commercial real estate, commercial banks may not start lending to the sector immediately.
Many companies and their executives are seeking solace from new-age motivational gurus.
With store rentals dropping as much as 35 per cent in the last one year, retailers say opening stores in certain locations has become profitable. As a result, some retailers plan to roll out their bigger format stores and others are booking retail spaces that will come up in two years at a much lower cost.
The move, which comes in the backdrop of a global slowdown, aims to improve profit margin amid falling demand for polyester products worldwide. "The company has shut down plants for manufacturing polyester filament yarn, polyester staple fibre, paraxylene, purified terephthalic acid and linear alkyl benzene. However, it is yet to close down the second units of PSF and PFY," sources said.
Drug major Wockhardt has challenged the US patent of Stalevo, a new generation combination drug for the treatment of Parkinson's disease, originated by Finland-based Orion Corporation and marketed by Novartis.
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