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.
Two years after India entered the product patents regime, the year 2007 saw Indian drug firms striving to shed the copycat image and become innovators with emphasis on research activities even as they resisted moves to include more medicines under price control.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
Drug Development Solutions Ltd said it is in talks with leading Indian pharmaceutical companies, including Ranbaxy and Dabur, for collaboration in drug research and it is scouting for partnership with Indian data management companies.
Making the things worse, those hitting their record low share prices included big names like Reliance Power, Cipla, Ranbaxy, Ambuja Cement, Hindalco, Indian Hotels, Jaiprakash Associates, Jet Airways, Suzlon Energy and Idea Cellular. Realty majors DLF Ltd, Unitech, Parsvnath, Sobha Developers, Omaxe and Puravankara also plunged to their all-time lows.
Ranbaxy group company Fortis Healthcare has said its acquisition of Escorts Heart Institute and Research Centre from Rajan Nanda's Escorts did not require "prior consent of Delhi Development Authority".
Its factory in Chikalthana in western India was last month hit by the British drug regulator's curb on imports from the plant over manufacturing deficiencies.
Ranbaxy Group company Fortis Healthcare Ltd on Monday said it plans to have 25 hospitals across the country in the next three years and is looking into the possibility of tapping the capital markets for expansion.
Fortis Healthcare Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation.
Last month, the US Food and Drugs Administration had placed Wockhardt's facilities in Waluj near Aurangabad on import alert, barring supply of various products from these facilities to the US.
There are just 1,500 drug inspectors responsible for more than 10,000 factories in India
Indian drugmakers' domestic sales of ready-to-take medicines in January-March could be lower than expected as distributors suspended stocking in anticipation of a new value-added tax system coming into force, analysts and industry members said.\n\n\n\n
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
The FDA has stepped up its efforts to ensure drug safety in recent months.
As part of the charm offensive, New Delhi has invited global regulators -- including the FDA -- to visit Indian production units to get first-hand evidence of measures taken to ensure the quality of locally manufactured generics.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
The Singapore subsidiary of the UK-based GlaxoSmithKline plans to buy 24.33 per cent stake or 2.06 crore equity shares in GlaxoSmithKline Pharmaceuticals Ltd through an open offer.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
Ties between India and the United States have been strained in recent years because of trade policies and patent disputes.
'The failures of private businessmen have set back the process of market-oriented reform, though that is the only way forward,' argues T N Ninan.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
At present, there is no direct air connectivity between India and Myanmar.
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
Wockhardt MD Murtaza Khorakiwala said his firm had responded to the FDA's observations but declined to give details.
Sensex sinks into red at close on growth concerns.
'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.'
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
Few top honchos of India Inc did very well in 2014.
The 30-share Sensex ended up 165 points at 29,044 and the 50-share Nifty gained 54 points to close at 8,834.
The 30-share Sensex ended down 604 points at 28,845 and the 50-share Nifty ended down 181 points at 8,757. The Bank Nifty ended down 602 points at 19,146.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Mergers are not just about balance sheets or marketing synergies; they are also about those who make the synergies real.
Sensex dull at close, Infosys rules, ITC drags.
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