Sun Pharmaceutical Industries Ltd on Thursday said its Halol facility in Gujarat has been listed under import alert by the USFDA with products manufactured at the unit now are subject to refusal of admission in the US market. The development follows an inspection of the facility by the US Food and Drug Administration (USFDA) from April 26 to May 9, 2022. "We now wish to inform you that the company has received a communication from the USFDA stating that the facility has been listed under Import Alert," Sun Pharma said in a regulatory filing.
The new guidelines, effective from August 1, aim to expedite visa approvals for nationals from China and other countries sharing land borders with India.
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
A delegation of high-level executives from US public pension funds (non-profit and government sectors) is visiting India next week to assess and familiarise themselves with the investment opportunities in the country. These executives belong to various American states and cumulatively represent $1.8 trillion in assets under management (AUM) invested across the US and global markets. The United States (US) mission to India, which includes its embassy and consulates and the Department of Treasury, along with India's Ministry of Finance and the National Investment and Infrastructure Fund (NIIF), is hosting the delegation.
The pharmaceutical and the consumer durables sectors, which depend on China for imports, have not been impacted yet due to unrest in China with people protesting against lockdowns. But the lockdown could have an impact on the supply of components used in consumer durables if it continues for the next fortnight. In the pharmaceutical industry, Indian players import 66-70 per cent of their bulk drug requirements from China.
Sun Pharmaceutical Industries on Tuesday said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice, following which DUSA will receive $22.5 million (nearly Rs 170 crore). In 2018, DUSA Pharmaceuticals had filed a suit at the US District Court of Massachusetts against Biofrontera Inc Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together known as Biofrontera) alleging "misappropriation of trade secrets, tortious interference of contract and unfair trade practices".
Leading drug firms Aurobindo Pharma, Sun Pharma and Jubilant are recalling different products in the US market for various reasons, as per the latest enforcement report by the US Food and Drug Administration (USFDA). While Aurobindo Pharma is recalling Cyanocobalamin Injection, which is used to treat and prevent lack of vitamin B12, Mumbai-based Sun Pharma is recalling a drug used to increase the production of natural tears in eyes. Similarly, Jubilant Cadista is recalling a drug which is used to treat different inflammatory conditions.
The IPO boom in 2023 added four new promoters to the billionaires' list.
In recent months, several pharma multinational corporations (MNCs) are increasingly turning to Indian companies to expand market reach in the country's pharmaceuticals sector. Sanofi's partnerships with Dr Reddy's, Cipla, and Emcure, AstraZeneca and Mankind Pharma - teaming up for asthma medication distribution - are a few instances of this trend. This strategy allows MNCs to leverage established Indian networks and reach a wider audience. Indian companies also benefit from global brands and expertise, say analysts.
Indian drug firms continue to work closely with the FDA, and most have also appointed consultants to help them grasp the regulatory minutiae in the US.
Weak scientific capabilities, lack of desire to advance knowledge, and regulatory uncertainty are some of the hurdles Indian drug companies face, says Chirantan Chatterjee.
The government on Wednesday approved a production-linked incentive (PLI) scheme for the pharmaceutical sector, entailing an outlay of Rs 15,000 crore. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will benefit domestic manufacturers, help create employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers. The duration of the scheme would be from 2020-21 to 2028-29 and is expected to promote the production of high value products in the country and increase the value addition in exports, an official release said.
With an expected earnings growth of 15 per cent, benchmark index Nifty 50 may hit 24,500 level by December 2024 and move further to surpass the level of 26,500 by December 2025, Emkay Investment Managers said on Tuesday. The 50-share Nifty settled at 22,888.15 on Tuesday. In the previous day, it hit a new lifetime peak of 23,110.80.
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
In an exclusive interview with PTI video, the minister also said an extensive risk-based analysis is done continuously to ensure the production of quality medicines in the country, and the government and regulators are always alert to ensure that no one dies due to spurious medicines.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
The government is targeting 1,200 technical collaborations between Japanese companies and Indian investors for over Rs 42,000 crore, 200 joint ventures with overseas investors for Rs 14,000 crore, and another Rs 14,000-crore investment from about 50 multinational companies.
While the domestic industry needs to increase its R&D spending quite dramatically, price controls will only cripple the sector.
The list of guests included celebrities from across the globe, politicians, the who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country.
Exports of electronics goods has risen by 24 per cent from April to November as compared with the same period in the last fiscal, the largest increase out of India's top 10 export categories. The increase has been propelled by mobile exports under the Production Linked Incentive (PLI) scheme and has pushed electronics up from sixth to fifth position in the top 10. A gap of $200 million separates electronics from occupying the fourth position, currently held by drugs and pharmaceuticals at $17.9 billion.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
For the consumer, there would be practically no impact on prices of essential medicines this year.
India's pharmaceutical industry is losing around Rs 500 crore (Rs 5 billion) annually on account of destruction of expired drugs, hitting the bottom line of drug manufacturers, especially the small and medium ones.
When compared to the domestic sales of April 2019, the growth is around 37 per cent. However, compared to the previous month (March), the growth is 18.4 per cent.
Investors' wealth on Friday tumbled by over Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors. The 30-share BSE benchmark Sensex plunged 889.40 points or 1.54 per cent to close at 57,011.74. During the day, it tumbled 950.16 points to 56,950.98. The market capitalisation of BSE-listed companies declined by Rs 465,570.82 crore to Rs 2,59,37,277.66 crore amid weak sentiments.
Sun Pharmaceutical Industries Ltd on Monday said its Michigan-based wholly owned subsidiary,
The government has been stringent with pricing changes. Prices of 651 essential medicines came down from April 1, 2023 by 6.73 per cent with the government capping ceiling prices of these drugs.
A projected drop in production in the 2016-17 sugar season (October-September) has kept domestic prices firm, reflecting in improved profitability and stock prices of companies.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
The stock exchange on which they are traded boasts higher profits than most of the companies whose shares are hitting new highs. Only 37 of approximately 2,000 listed companies with comparable data for 2022-23 (FY23) reported higher profits, while the rest had lower profits. Despite rising corporate profitability, the universe of companies that outperform the National Stock Exchange (NSE) in terms of profitability has been shrinking of late, according to an analysis of companies with comparable data over the past seven years.
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A notification of the revised Schedule M rules by the Ministry of Health and Family Welfare has elicited mixed responses from the pharma sector and industry observers. While the industry has welcomed the revision of rules, several analysts said that implementation and compliance can become a challenge for smaller pharmaceutical companies. The Schedule M of the Drugs and Cosmetics Rules specifies the good manufacturing practices (GMPs), which aim to ensure quality of drugs made in the country.
Apprentices get at an average of Rs 10,000 to Rs 12,000 per month which can double after one year of on-the-job training.
However, a prolonged and intense second wave that curtails oxygen supply to industries for a longer-than-expected period will exacerbate downside risk in affected sectors
Newly confident, they're climbing the Asia BusinessWeek 50 with global ambitions.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
A reading of the reports suggests that there is no standard practice for reporting political contributions and it is left to the company's discretion to report them as they find fit.
Sun Pharma has increased its stake in Israel's Taro by buying 9.5% more, raising its total holding to 34.4 per cent.
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