Page 146 - CW E-Magazine (20-2-2024)

Pharmaceuticals

UPWARD TREND
Pharma exports rise 8.2% in the last nine months

of 2023 to cross $20-bn

Pharmaceutical exports grew 8.2% Formulations continue to have the rently working on a host of measures
in April-December 2023, to $20.40-bn highest share in exports at about 73%. to push up exports to Russia,” the
as compared with $18.85-bn in the offi cial said.
corresponding period of the previous “Exports to the UK are also increas-
fi nancial year. ing at 20.5%, while the West Asia Though earlier estimates peg the
and North Africa (WANA) region has full year (FY24) exports at $27-bn, with
“The growth in exports in the fi rst also been witnessing good traction,” the increased pace of exports especially
nine months of current fi nancial year Mr. Bhaskar said. from October onwards, total exports are
was driven by a double-digit growth of expected to touch the $28-bn mark. In
the US exports at 11.5%, which pushed Russian exports fall FY23, pharma exports were at $25.3-bn.
up overall exports to NAFTA (USA, Russia, however, remains a con- NAFTA (USA, Canada and Mexico),
Canada and Mexico) by 10.4%,” said cern as it is witnessing steady fall in Europe and Africa are the country’s
Mr. R. Uday Bhaskar, Director-Gene- exports and dropped to tenth position three major regions for pharma exports,
ral, Pharmaceuticals Export Promotion from seventh in previous years. “The together accounting for almost 69% of
Council (Pharmexcil). government and Pharmexcil are cur- total pharma exports.

FINANCIAL PERFORMANCE
Biocon back in black with Q3 profi t of Rs. 660-crore

Biocon has announced its October- Steady market shares for key bio- tinued pricing pressure that impacted
December quarter results for fi scal similars in the US and EU were com- customer offtake in our API business,
2023-24 (Q3FY24) and reported a net plemented by the emerging markets compared to the previous fi scal. This
profi t of Rs. 660-crore against a net loss performance, which saw a number of was partially offset by growth in our
of Rs. 42-crore in the same quarter of new product launches and tender wins, generic formulations portfolio. While
the previous fi scal year. Ms. Mazumdar-Shaw informed. we expect pricing pressure in the API
business to persist, we continue our
“Biocon delivered consolidated reve- “The generics business delivered focus on driving cost and execution
nue of Rs. 4,519-crore for Q3FY24, 4% sequential revenue growth in the effi ciencies throughout the business, to
driven by 65% growth in biosimilars third quarter, driven by higher API mitigate future impact,” said Mr. Sid-
and 9% growth in research services. Net sales. The year-on-year performance, dharth Mittal, CEO & Managing Direc-
Profi t, boosted by other income, stood however, was muted on account of con- tor, Biocon.
at Rs. 660-crore,” Biocon’s Execu-
tive Chairperson, Dr. Kiran Mazum- Dr. Reddy’s Hyderabad facility clears
dar-Shaw said.
US FDA inspection with VAI tag
“A key milestone this quarter was
the successful conclusion of the transi- The US Food FDA has cleared major enough to issue an offi cial action
tion of the acquired business by Biocon Dr. Reddy’s Bachupally site, in Hydera- needed status. A VAI classifi cation also
Biologics and a pre-payment of $200-mn bad, with a Voluntary Action Indicated clears the road for the facility under
towards the acquisition-related debt (VAI) status. review to manufacture and market
reduction,” she said, adding, “We con- products. The US drug regulator
tinue to make steady progress towards The regulator issues this classifi ca- had previously inspected the facility
strengthening the foundation for a sus- tion when it fi nds some discrepancies between October 19-27, last year, post
tainable growth across all three busi- during its inspection of any particu- which it had issued a Form 483 with the
ness segments.” lar facility, but does not deem it 10 observations.

146 Chemical Weekly February 20, 2024

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