Habil F Khorakiwala's exit as managing director of pharma major Wockhardt may have been somewhat inglorious but it is one he didn't deserve.
We were aggressively expanding and investing heavily in various new hospital projects. But the global meltdown and crash of the markets put a lot of financial strain on us, says Habil Khorakiwala.
Mumbai-based pharma major Wockhardt, which is gearing up to launch its promising antibiotic candidate Zaynich soon, on Friday announced a shift in its United States (US) operations. The Indian pharma giant revealed that it has decided to exit the generics pharmaceutical segment in the country.
Focus to continue on anti-infectives market abroad; no plan for out-licensing
'Indian companies are increasingly investing in research and looking at ways they can leverage their India advantage,'Wockhardt Chairman Habil Khorakiwala tells Priya Ganapati.
Habil Khorakiwala, chairman of pharma major Wockhardt, is on a well-deserved holiday abroad.
The sale of the 10 hospital properties to Fortis Healthcare will help Khorakiwala repay the Rs 500 crore (Rs 5 billion) debt on Wockhardt Hospital's books.
In a letter to all employees on April 1, a day after the company announced corporate debt restructuring to manage over Rs 3,400 crore of debts and his stepping down as chairman, Habil Khorakiwala indicated Wockhardt wasn't looking to sell its core businesses but would divest some non-core businesses. He said the mounting debts were due to losses from mark-to-market forex issues, liquidity issues, banks tightening lending norms and the global recession.
Reacting to Finance Minister P Chidamabaram's statement that a section of industry is artificially pushing up prices, Habil Khorakiwala, the new president of Federation of Indian Chambers of Commerce and Industry said there was no evidence
Pharmaceutical major Wockhardt is looking at foraying into Japan either through exports or by setting up a manufacturing base.
Apollo Tyres chairman and managing director Onkar Kanwar on Tuesday took over as the new president of industry body FICCI for 2004-05.
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.
Wockhardt might be headed for another crisis, as it has come under the scanner of US health regulator.
Move comes within months of acquiring Wockhardt hospitals. Fortis Healthcare, a hospital chain promoted by former Ranbaxy owners Malvinder Mohan Singh and Shivinder Mohan Singh, is close to a major acquisition overseas
Wockhardt Chairman Habil Khorakiwala can breathe easy, as bankers have approved the debt restructuring package he had sought three months ago.
Drug major Wockhardt today joined the growing list of Indian companies to be referred to the Corporate Debt Restructuring (CDR) mechanism, a system to deal with cases in which multiple lenders are involved.
These drugs will be entering in their global Phase -3 clinical trials early next year.
Indian pharmaceutical major Wockhardt has launched the country's first automatic insulin delivery device and recombinant insulin cartridge.
Fortis is reportedly close to acquiring 10 hospitals of healthcare major Wockhardt for up to Rs 1,200 crore (Rs 12 billion) and an announcement could be made anytime now.
Wockhardt Ltd said on Tuesday it has got US Food and Drug Administration's approval to market painkiller tablets containing a combination of Dextropropoxyphene napsylate and Acetaminophen in the US market.
The Mulund complex, which already has a heart hospital, would also have speciality unit on bone and joint, Wockhardt chairman Habil Khorakiwala told reporters in Mumbai.
Ex-head of BPL Mobile and currently a Rajya Sabha MP, Rajeev Chandrasekhar will be the new head of Ficci.
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 11-member Indian Pharmaceutical Alliance has frozen the prices of all decontrolled medicines until March 31, 2005, in view of high inflation.
"The credit turmoil that the world is seeing now is clearly the worst in history," says Habil Khorakiwala, executive chairman, Wockhardt. He should know, as his company finds itself in trouble over a Rs 3,400 crore debt burden.
Wockhardt had a net debt of Rs 3,400 crore (Rs 34 billion) as of December 2008. It was hoping to reduce this, sources said, by selling its Irish subsidiary, Pinewood Laboratories, and a stake in Habil Khorakiwala's privately-held Wockhardt Hospitals. A Wockhardt spokesperson declined comment. An e-mail sent on Tuesday to the chairman remained unanswered.
Pharma-major Wockhardt Ltd has set up a sales and marketing subsidiary in the United States to drive its business in the world's largest pharmaceutical market.
Drugmaker major Wockhardt plans to introduce two new products - recombinant Human Insulin and Interferon alpha 2b - in the domestic market next year.
Pharma giant Wockhardt group promoted Wockhardt Hospital will invest Rs 500 crore (Rs 5 billion) in four Greenfield projects in the next three-year for its ultra super speciality clinics to be built in Mumbai, Delhi, Bangalore, and Kolkata.
Wockhardt Hospitals, a leading speciality hospital chain, on Saturday announced its plans to open two hospitals in Hyderabad.
As part of its major expansion plans overseas, pharma major Wockhardt Ltd has set up joint ventures in Mexico and South Africa and established a wholly-owned subsidiary in Brazil.
Pharma major Wockhardt said on Thursday that it had achieved a breakthrough in the development of Glargine, a new generation advanced insulin
India Inc hailed the Railway Bugdet on Monday as promising and said measures, especially those on containers and freight services, will not only help the industry but benefit the general public as well.
Wockhardt Hospitals will expand to 10 to 15 hospitals over the next few years
Pharmaceutical and biotechnology major Wockhardt on Monday said it would invest Rs 50 crore (Rs 500 million) for setting up a research and development centre in Aurangabad.
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