An inspection by the US Food and Drug Administration took place at the sterile injectables manufacturing unit between March 9 and 17.
Dr. Reddy’s said it spent about $35-40 million on remediation work that includes legal and professional charges.
In an interview to Moneycontrol, David Keeling of McKinsey & Co says Indian pharmaceutical companies have made a lot of progress in terms of quality control, but there is still a long way to go.
For this he urges the US drug firms to come back and manufacture drugs in America rather than aboad. He also says he will ease tax rates to facilitate drug manufacturing in the country.
India is on track to cement its position next year as a source of safe, effective and quality medicines at affordable prices, but a "growing trust deficit" with the government and regulatory headwinds can pose a serious roadblock to this journey.
With the big product launch of Ezetimibe (a cholesterol-lowering drug), company's topline revenue to be over 25 percent, where 45 percent will be contributed by the US and 20-25 percent by the Indian business, says Glenn Saldanha, Chairman & MD of Glenmark Pharmaceuticals.
Government's expenditure on infrastructure investment and transportation development are some of the key factors driving the growth of Thailand's economy, Chotipal added.
Prakash Diwan of Altamount Capital Management is of the view that the market hasn't gone through the complete phase of consolidation yet and even though the market witnessed a bounce back today, it is unlikely to last for long.
Top Indian pharma players will continue to grow strongly at over 20 per cent in 2013, primarily led by exports to the US market, India Ratings said in its outlook for the sector.