The pharmaceutical industry did suffer some set back with sales declining about 10-12 percent since demonetisation. However, Habil F Khorakiwala, Founder, Chairman & Group CEO of Wockhardt feels the impact will last only until January at the most as cash availability is improving.
Habil F Khorakiwala, founder, chairman and group CEO of Wockhardt says the company has replied to US food and drug administration (FDA) on issues related to its L1, Waluj and Shendra facilities and although a few issues are pending, he hopes it will be resolved soon
The QIDP status will allow fast tracking of the drug application from the USFDA and 5-year extension for the drug patents in the US.
According to Habil F Khorakiwala, India is becoming a research and manufacturing hub for global pharmaceutical generic companies and the Indian companies that have well established base in the generic space like Stride transaction are getting high valuation.
Paracetamol is a very important anti-fever and painkiller, which has a large domestic production. India consumes about 10,000 tonnes of the drug in one year, says Dr Habil F Khorakiwala of Wockhardt .
Wockhardt's promoter Khorakiwala Holdings & Investments Pvt Ltd released pledge on its 6.97 crore equity shares (63.62 percent) on Wednesday. Now only 4.4 lakh shares or 0.4 percent equity of Habil F Khorakiwala is pledged.
Healthcare firm Wockhardt gained for the sixth consecutive session on Tuesday, hitting a new record high of Rs 2,166.05.