Pharma major Wockhardt is looking to acquire a German firm this year to strengthen its position in Europe and has set an overall sales target of Rs 100 crore (Rs 1 billion) from its biotech products for this year.
Apollo Tyres chairman and managing director Onkar Kanwar on Tuesday took over as the new president of industry body FICCI for 2004-05.
Pharma major Wockhardt Ltd's consolidated net profit increased 35.6 per cent to Rs 142.5 crore (Rs 1.42 billion) for financial year ended December 2003
According to the chairman, there will be an annual loss of Rs 100 crore due to the MHRA alert on Waluj plant
Company is among the few companies in the sector getting pulled up by FDA for violations at its factories in India.
If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year.
Airtel acquired African telecom operator Zain in 2010 for $10.7 billion.
'There are different kinds of risk.' 'It is a very powerful value. Your ability to de-risk the risk is also as important for risk taking.'
Its Waluj manufacturing facility in Maharashtra failed to meet the good manufacturing norms prescribed by the UK drug regulator.
As record stock market rally continues, the value of shares directly owned by next-generation business leaders at 20 major corporate houses has soared over 18 per cent to Rs 17,000 crore.
Ranbaxy, which is 63.5 per cent-owned by Japan's Daiichi Sankyo Co and gets more than 40 per cent of its sales from the United States, did not immediately respond to a request on Wednesday for comment on the FDA observations.
'15, 17 years back we were not even in existence in the US. Today nearly 1/3 of prescriptions written comes from India.' 'India is showing that in a very competitive environment -- like the US and Europe -- our industry is doing very well.'
Only 11 antibiotics in clinical trials have received qualified infectious disease product status from the US FDA, of which five are Wockhardt's drugs.
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
'In any business you have to achieve short-term goals.' 'But at the same time you have to keep your broader perspective long term.' 'It is good for business survival.'
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