In April, Mumbai-based pharmaceutical company Wockhardt announced it had received five marketing approvals for its generic medicines, versions of those that have gone off patents, from the US Food and Drug Administration in five weeks.
A vaccine developed by the Chinese will hit the Indian market on Monday.
Chances are that customer disagreements are not that frequent. If they happen, the customer may have little choice but to return. Even in competitive markets, a habit once formed is difficult to break.
Pharmaceutical major Wockhardt Ltd on Saturday claimed it has developed a new form of long-lasting insulin called Glargin and plans to launch it in India by 2006.
The recall is the latest in a series of problems to hit Ranbaxy, which has had all its India factories stopped from sending drugs and ingredients to the United States.
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.
Private hospitals, especially smaller standalone ones, are staring at a crisis that they were not prepared for. Analysts say larger corporate chains have to brace up for at least six months for business to return to normal.
The Sensex closed at 12,009.59 up 37 points. The Nifty gained 7 points to close at 3,479.
Some of the popular brands that would be impacted include Phensedyl (Abbott), Tixylix (Abbott), Gluconorm PG (Lupin), Ascoril D (Glenmark), Solvin Cold (Ipca), D Cold Total (Paras Pharma).
Details on prices sought as 10 generic drugs become up to 83 times costlier in 6 months
Recently, Ranbaxy and Wockhardt too were hauled up.
The Indian Pharmaceutical Alliance has approached regulator for a dialogue to understand the concern raised by it
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The FDA has been tightening its monitoring of Indian pharma majors over compliance issues. Surprise plant inspections and import alerts have been frequent outcomes
The BSE Midcap index has declined 5.7% thus far in May 2018. In comparison, the S&P BSE Small-cap index has lost 5.6%
The recalled drug bottles were distributed by Caraco Pharmaceutical Laboratories, Ltd in the US while manufactured in India by Sun Pharmaceutical Industries Ltd.
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The BSE Midcap also cut all its intraday gains to shed 0.3% at close
The move comes in the wake of many facilities of Ranbaxy in India being barred by the US Food and Drugs Administration for supplying medicines to the US.
All of Ranbaxy's India-based factories are currently banned by the FDA from exporting medicines to the United States, the company's largest market, after the regulator's inspection found violation of its so-called good manufacturing practices.
Margaret A Hamburg, the first commissioner of the US Food and Drug Administration (US FDA) to visit India officially, will meet heads of major domestic pharma companies such as Ranbaxy, Wockhardt, Cadila Healthcare and Lupin in New Delhi.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
BSE-200 companies's list shows that 96 companies had woman directors.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
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