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The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

<ul><li>As per information available on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, <keyword id="44642" type="General" weightage="80" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword> had clocked revenue of Rs 15,585.98 crore in 2021-22.</li><li>The development follows an inspection of the facility by the <keyword id="6356255" type="General" weightage="50" keywordseo="us-food-and-drug-administration" source="Orion">US Food and Drug Administration</keyword> (<keyword id="44669" type="General" weightage="80" keywordseo="usfda" source="Orion">USFDA</keyword>) from April 26 to May 9, 2022.</li><li><keyword id="1618324" type="General" weightage="100" keywordseo="import-alert" source="Orion">Import alert</keyword> implies that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with cGMP.</li></ul> Sun Pharmaceutical Industries Ltd on Thursday said its Halol facility in <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> 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. Import alert implies that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with cGMP (current good manufacturing practice) standards, it added. The company further said, "The USFDA has excluded 14 products from this import alert subject to certain conditions." For the year ended 31-March-2022, supplies to the US market from the Halol facility accounted for approximately 3 per cent of the company's consolidated revenues, including the 14 excluded products, it added. As per information available on BSE, Sun Pharma had clocked revenue of Rs 15,585.98 crore in 2021-22. Sun Pharma said it "continues to cooperate with the USFDA and will undertake all necessary steps to resolve these issues and to ensure that the regulator is completely satisfied with the company's remedial action". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-invest-over-36000-crore-in-indian-equities-in-november-financial-services-is-top-favourite/articleshow/96082197.cms">FPIs invest over ₹36,000 crore in Indian equities in November – Financial services is top favourite</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/wordle-is-the-most-googled-topic-in-2022-heres-how-it-started-and-how-to-play-it/slidelist/96081579.cms">Wordle is the most googled topic in 2022, here's how it started and how to play it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/dysons-futuristic-air-purifying-noise-canceling-headphones-are-ready-to-hit-the-market-from-january-2023/articleshow/96081759.cms">Dyson’s futuristic air-purifying, noise-canceling headphones are ready to hit the market from January 2023</a>

Sun Pharma's Halol unit put under 'import alert' by USFDA

The Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets, even as semi-regulated markets face headwinds, according to a report. A study of 186 drug makers, which accounted for about half of the Rs 3.7 lakh crore annual revenue of the sector last fiscal, indicates as much, <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">Crisil</keyword> said on Monday. "Similar to last fiscal, domestic growth in fiscal 2024, will be led by 5-6 per cent increase in realisations, supported partly by high price hikes allowed by the <keyword id="390804" type="General" weightage="50" keywordseo="national-pharmaceutical-pricing-authority" source="Orion">National Pharmaceutical Pricing Authority</keyword> (NPPA) for drugs under price regulation," Crisil Research Director <keyword id="13891160" type="General" weightage="50" keywordseo="aniket-dani" source="Orion">Aniket Dani</keyword> said. In addition, sale of existing drugs and new launches will drive 3-4 per cent volume growth, he added. Operating profitability is also seen improving 50-100 basis points (bps) to 21 per cent this fiscal, supported by moderation in input and logistics costs, and abating pricing pressure in the US generics market, it said. This follows two consecutive years of margin contraction due to high pricing pressure in the US and a sharp rise in input costs caused by supply chain disruption during the Covid pandemic, and thereafter, Crisil noted. Credit profiles will remain stable owing to low-leverage balance sheets and moderate capex plans, it stated. In the ongoing fiscal, domestic sales are expected to witness 8-10 per cent growth with the chronic segment expected to be the key contributor to revenues, because of the steady increase in lifestyle-related diseases and continued emphasis on health awareness, post the pandemic, Crisil said. Formulation exports are seen up 7-9 per cent in rupee terms this fiscal, more driven by volumes, from new product launches, and abating price pressure in the US generics markets, it said. On the other hand, increase in claw-back taxes in select <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>an markets could lead to lower growth in exports to Europe this fiscal, it added. "Growth in exports to Asia will improve this fiscal, after clocking a modest growth last fiscal, while exports to Africa will continue to remain sluggish on account of low forex reserves (impacting the purchasing power) and high currency volatility," Crisil said. Lower input prices and normalisation of supply chains should cull inventories to pre-pandemic levels, resulting in smaller incremental working capital debt this fiscal, it added. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank">Pixel Watch 2 gets set to take on Galaxy Watch 6 and Apple Watch Series 9 in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank">Here’s how the iPhone 15 and iPhone 15 Pro models will differ</a> <a href="https://www.businessinsider.in/business/auto/news/volvo-c40-recharge-with-530-km-range-launched-in-india-for-61-25-lakh/articleshow/103382328.cms">Volvo C40 Recharge with 530 km range launched in India for ₹61.25 lakh</a>

Indian pharma industry to log in 8-10% revenue growth this fiscal: Crisil

<keyword id="20555600" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="keywords" meta.keywordsubtype="org" meta.entityname="Dr Reddy's Laboratories" meta.hostid="261" meta.entityid="Dr Reddy's Laboratories">Dr Reddy's Laboratories</keyword> and <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> are recalling products in the US due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (<keyword id="19914245" type="General" weightage="20" keywordseo="USFDA" source="keywords">USFDA</keyword>). According to the report, Dr Reddy's Laboratories is recalling drugs to treat insomnia and gout in the American market. New Jersey-based Dr Reddy's Laboratories, Inc., a unit of Hyderabad-based drug major, is recalling 13,752 bottles of Eszopiclone tablets, the USFDA stated. The affected lot has been produced at Dr Reddy's Bachupally plant in Telangana. As per the USFDA, the drug firm is recalling the affected lot due to "Failed Impurities/Degradation Specifications". The company issued the Class III nationwide recall on June 4 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". Dr Reddy's Laboratories, Inc. is also recalling 20,520 units of Allopurinol tablets in the US market due to the "presence of foreign substance". The company initiated the Class II nationwide (US) recall on June 7, 2024, the US health regulator said. The USFDA said a US-based unit of Sun Pharma is recalling 2,088 vials of Decitabine for Injection (50mg per vial) due to "CGMP Deviations". The affected lot of the chemotherapy medication was produced at Sun Pharma's Gujarat-based manufacturing plant. New Jersey-based Sun Pharmaceutical Industries Inc. initiated the nationwide Class II recall on July 2 this year. As per the USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

You Searched For "Sun Pharmaceutical Industries India" and got 4 results

India's pharma exports rise 10% to $27.9 bn in FY24

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Sun Pharma's Halol unit put under 'import alert' by USFDA

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Indian pharma industry to log in 8-10% revenue growth this fiscal: Crisil

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Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

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