The world’s biggest pharmaceutical company is being targeted by India’s government for its lack of quality and transparency in its sales of drugs, industry officials say.
The company’s revenue fell by around $200 million last year, and it is facing a sharp drop in revenue this year due to a surge in its price of medicines, according to industry executives.
The Indian government is considering a range of measures, including a crackdown on non-Indian companies and a cap on imports, said Dr. K.R. Narayan, a medical officer at the Pharmaceutical Industry Organization of India (PIOI), which represents the country’s top drug makers.
“The PIOI is urging the government to take a proactive approach to the drug industry,” Narayan said.
“It needs to act in a fair and transparent way.”
The government has said that the company’s recent sales are down by about 90 percent, with a 30 percent decline in sales volume.
The company’s CEO said that India’s pharmaceutical sector is a $100 billion industry that accounts for 15 percent of the countrys GDP.PIOIs spokesman, S.K. Vijayaraghavan, said that while the company has done a great job in its fight against drug shortages, the industry needs to be more transparent about its sales practices.
“We are constantly seeking solutions to improve transparency, which can help in addressing the problems of the drug shortage,” Vijaygaravan said.
He said that as the country grows wealthier, there are more and more opportunities to earn money.
“There are more opportunities and it will take time to fully understand the market dynamics and demand in India,” he said.
“If we can create a more transparent and transparent system of distribution, this will make us a much more attractive place for growth,” he added.
India has a large number of medicines and drugs for different diseases and conditions.
The country has around 3,000 drug manufacturers, of which about 1,300 are multinationals.