India, like other countries, has grown dependent on cheap active pharmaceutical ingredients from China. With the COVID-19 outbreak having put pressure on prices and supplies, the country is now doing something to wean itself away from that API habit.
The government is setting up a 100-billion-rupees ($1.3 billion) fund to produce more APIs in the country, Bloomberg reports.
The fund includes money for infrastructure and to provide financial incentives of up to 20% of incremental sales value over the next eight years, Bloomberg reports, citing a government statement.
India is the largest global supplier of generic drugs. The FDA says it provides 40% of U.S. generics. But India buys an estimated 70% of its APIs from China. As worries grew about how the COVID-19 outbreak in China would dent supply chains, India put export restrictions on 26 APIs and drugs.
While the FDA has reported one drug shortage in the U.S. due to the outbreak, so far the global supply chain for APIs and drugs has held up. The FDA is taking steps to help drugmakers boost the supply of hydroxychloroquine sulphate and chloroquine phosphate APIs along with hydroxychloroquine sulphate tablets to the U.S. because there is anecdotal evidence the malaria treatments might have a positive effect against the COVID-19 virus. The agency is allowing India’s Ipca Laboratories to temporarily ship the APIs and drugs from plants it earlier banned because of serious quality failures.
By Eric Palmer
Source: Fierce Pharma
Sun Pharmaceutical Industries has signed a definitive agreement to buy all outstanding shares of Concert Pharmaceuticals in a deal valued at $576m. Under the deal, the company will buy all shares of Concert common stock through a tender offer for $8.00 per share in cash upfront payment.
The Food and Drug Administration on Thursday approved Novo Nordisk’s diabetes pill Rybelsus as an initial treatment to lower blood sugar levels, a label expansion that will allow it to compete more directly with other oral drugs from Merck & Co. and Eli Lilly.
Since making an ill-advised $63 billion buy of Monsanto in 2018, Bayer has faced heaps of pressure from investors that have called for the company to oust its leadership and to restructure. Now comes new pressure from a familiar source. Bluebell Capital Partners has bought an undisclosed stake in the company and is agitating for a breakup, sources told Reuters.