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Pharma stocks this Diwali week were largely quiet as analysts remained mixed in their view on Q2 estimates with many predicting a challenging quarter for drug makers. Major pharma companies will start reporting Q2 numbers from the next week.
The BSE Healthcare rose 0.52 percent in the past week, the benchmark Sensex gained 0.30 percent.
Torrent Pharma was the biggest gainer (8.20 percent), followed by Cipla (2.98 percent), Aurobindo Pharma (0.82 percent), Sun Pharma (0.62 percent) and Dr Reddy’s (0.50 percent).
While the shares of Divis and Glenmark remained flat, Cadila Healthcare and Lupin saw decline of 2.43 percent and and 1.19 percent, respectively.
Here's what kept the sector buzzing:
Early this past week, AstraZeneca Pharma announced it got permission from Indian drug regulator for its blockbuster anti-diabetic drug Xigduo XR tablets. Xigduo XR - a SGLT2 inhibitor class of drug which will be a major addition to anti-diabetic portfolio of drugs in India. Diabetes drug sales grew 25 percent, posting the highest growth among all therapeutic areas in the country.
Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals has took over as President of domestic pharmaceutical lobby group Indian Pharmaceutical Alliance (IPA). Saldanha, who replaced Nilesh Gupta, the Managing Director of Lupin will be in office for next two years. Rajesh Jain, Joint Managing Director of Panacea Biotec was named as the new Vice President of IPA.
In a major consolidation in generics pharma industry in US - Amneal and Impex have agreed to merge resulting the fifth largest generic drug firm in the US by gross revenue, edging past India generic drug maker Sun Pharma.
Indian Council of Medical Research (ICMR), the apex body that oversees biomedical research in the country, has unveiled a plan that aims at raising national health research output by 30 percent and launching at least 10 globally validated Indian traditional medicines by 2030.
US FDA has issued guidelines to help generic makers to copy 32 complex drug products as part of its efforts to encourage competition in complex drugs through several initiatives.
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