The bumper rise is due to the rising demand for the drug and patients' gradual shift towards its higher dosage.
The Indian pharmaceutical market (IPM) grew 6.8 per cent to touch a turnover of ~1.93 trillion in calendar year 2023, despite volumes going down marginally by 0.9 per cent. This indicates the price increase has been the major growth driver. Growth in the moving annual turnover (the previous 12 months' turnover) in December was 5.1 per cent and that in new product introduction 2.6 per cent, while volumes dipped 0.9 per cent, leading to an overall growth rate of 6.8 per cent, according to the data from market research firm Pharmatrac.
The top 300 pharmaceutical brands in the country will now bear a quick response (QR) code on their packaging to rein in spurious drugs and ensure better traceability.
Dr Reddy's Laboratories on Wednesday said it has acquired GlaxoSmithKline's US penicillin manufacturing facility and the rights to the Augmentin and Amoxil brands in the United States for an undisclosed sum.
A large number of American companies like Google, Uber and IBM are offering their resources to help India successfully fight the battle against the deadly coronavirus pandemic.
Ranbaxy Laboratories on Monday said it has received final approval from the United States Food and Drugs Administration to manufacture and market Amoxicillin and Clavulnate Potassium tablets, a generic version of GlaxoSmithkline's Augmentin.
Ranbaxy Laboratories Ltd, India's top drugmaker by sales, said it expected to get US approvals for a paediatric dosage of its generic version of Augmentin, GlaxoSmithKline's blockbuster antibiotic, within a month.\n\n\n\n
India's top drug maker Ranbaxy Laboratories said on Tuesday its first-quarter net profit nearly tripled on booming exports of generic drugs to the United States.
Big pharma companies, however, said while it was true that formulation players would not rush to buy raw material, they could not afford losing customers.
The plant and associated facilities focus on manufacturing or packaging Amoxicilin-based products, which include semi-synthetic penicillin
The intention of the government is to cap prices of drugs that are essential and which the public widely uses.
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