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Glenmark shares fall 5.8% after DCGI notice on overpricing

Rajendra Saxena Monday, 20th of July 2020 12:20:28 business 3866

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Date: Monday, 20th of July 2020

Written By: Rajendra Saxena

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Shares of Glenmark Pharmaceuticals Ltd on Monday fell as much as 5.8% after India's drug regulator sent a notice to the company on overpricing and false claims of its generic version of favipiravir--FabiFlu.

The Mumbai-based drug firm reduced the price of FabiFlu by 27% to Rs75 per tablet last week for restricted emergency use in patients with mild-to-moderate symptoms of Covid-19.

“The cost proposed by Glenmark (for FabiFlu) is definitely not in the interest of the poor, lower middle class and middle-class people of India," the Drug Controller General of India (DCGI) said in a letter to the company, the Mint newspaper reported on Sunday.

According to the Mint report, V.G. Somani, who heads Central Drugs Standards Control Organisation (CDSCO), has sought the clarification on the matter from Glenmark Pharmaceuticals.

The drug regulator has also pulled up the company regarding its claims of effectiveness of FabiFlu in co-morbid conditions like hypertension and diabetes, the report added.

News Source: https://www.livemint.com/market/stock-market-news/glenmark-shares-fall-5-8-after-dcgi-notice-on-overpricing-11595224059118.html

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