Indian Pharmaceutical Alliance (IPA), a body of major domestic pharma firms, today said Glenn Saldanha has been appointed as President for 2017-19. Saldanha is Chairman & Managing Director of Glenmark Pharmaceuticals. IPA also appointed Panacea Biotec Joint Managing Director Rajesh Jain as Vice President. The IPA, initially formed by eight national companies in November 1999, has now 20 research-based national pharmaceutical companies in its fold. Some of the prominent members include Lupin, Cadila Healthcare, Cipla, Dr Reddy's Laboratories and Sun Pharmaceutical Industries among others.
Growth momentum to continue in FY18 as firm beats peers in Q1, out-licensing deal a trigger
The company continues to be one of the fastest growing companies in the pharma market
Approval is for Indomethacin extended-release capsules of 75 mg strength, the company said
Glenmark's tablets will be manufactured by company's manufacturing facility located in Goa
The stock hit 52-week low of Rs 716, down 5.5%, extending its Friday's 16% on BSE.
The stock recorded its sharpest intra-day fall since August 19, 2009
The stock was trading at Rs 905, up 1.58 per cent from its previous close on BSE
The companies will file for product approval in FY19
Approvals to launch drugs in US, rebound in domestic growth, debt reduction key for upgrades
The firm is expecting a strong growth in its US business in the second half of the year.
Glenmark's current portfolio consists of 109 products authorised for distribution in the US and 62 ANDA's pending approval with the US FDA
The company had reported a net profit after tax, minority interest and share of profit of associates of Rs 182.94 crore