Business Companies 14 Mar 2016 Pfizer stops selling ...

Pfizer stops selling popular Corex cough syrup in India after ban

REUTERS
Published Mar 14, 2016, 10:53 am IST
Updated Mar 14, 2016, 4:17 pm IST
The decision on Corex is likely to hit Pfizer's revenue and profit.
 Corex brought in sales of about 1.76 billion rupees  in the nine months.
  Corex brought in sales of about 1.76 billion rupees in the nine months.

Mumbai: US pharmaceutical giant Pfizer Inc's India unit said on Monday it had stopped selling its popular Corex cough syrup, after regulators banned it saying it was likely to pose a risk to humans.

Corex is a combination of chlopheniramine maleate and codeine syrup  one of 344 drug combinations India banned over the weekend after a government panel of experts found they had "no therapeutic justification."

 

Also Read: Abbott India's antibiotic combination on list of banned drugs

All these medicines have entered the market over the years based on approval from regulators of individual states, rather the central government, as legally required.

The decision on Corex is likely to hit Pfizer's revenue and profit. The brand brought in sales of about 1.76 billion rupees ($26.30 million) to Pfizer in the nine months ended December 2015, the company said in a statement.

Pfizer said it believed Corex had a "well-established efficacy and safety profile in India for more than 30 years," without elaborating. It added that it was "exploring all possible options at its disposal."

 

Also Read: India bans more than 300 combination drugs sold illegally

Another US drugmaker Abbott Laboratories Ltd also sells a codeine-based cough syrup brand in India under the name Phensedyl, which accounts for about a third of the Indian cough syrup market.

Also Read: Pfizer shares tumble 7 per cent as sale of Corex cough syrup stops

Phensedyl sales are estimated to make up more than 3 percent of Abbott's $1 billion India revenue. Abbott was not immediately available to comment on Monday, but the company said on Sunday that it was still assessing the impact of the ban.

 

Reuters reported last October that Indian regulators were privately pressuring drug firms to better police the selling of popular codeine-based cough syrups to tackle smuggling and addiction.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT