Page 45 - IACC Newsletter October November 2013 Issue 13

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According to industry sources, the Shendra factory was also inspected by the Medicines and Healthcare Products
Regulatory Agency (MHRA) of Britain and the Irish regulator, a few months earlier, getting approval. Now, the observers
expect a US clearance, too.
PERFORMANCE DURING JULY-SEPTEMBER FY14
Wockhardt clocked consolidated revenue of Rs 1,197
crore
International business contributed 78% of the total
revenues during the quarter
Wockhardt’s US business declined 19% and contributed
44% of the company’s global revenues
UK business recorded a growth of 5%
The Mumbai-based drug maker has been facing trouble in developed markets since early 2013, when its Waluj
(Maharashtra) facility first came under the US FDA scanner, following manufacturing violations. Since then, many other of
its domestic facilities have faced enforcements in the US and Europe. Apart from Waluj and Chikalthana, barred from
supplying to the US, its factory in Daman came under the scanner of MHRA.
Last September, the Wockhardt management had indicated it might shift US-bound products from the troubled Waluj unit
to its plant at Shendra. The company had been waiting for approval here for a long time. Founder-chairman Habil
Khorakiwala had said if Shendra got an FDA nod, new product application filings would also be made from there.
The Chikalthana unit had generated sales of $283 million (Rs 1,700 crore) in financial year 2013. Wockhardt makes the
generic version of Toporol XL, a cardiac drug, here. The company has 26 per cent of the market share in the US for the
drug. The plant’s annual revenue from the UK and Europe is £12 million (Rs 120 crore).
While announcing financial results for the July-September quarter, Managing Director Murtaza Khorakiwala had said
performance was “impacted due to the recent regulatory actions…” but they were “committed to raise the bar across all
functions and revert with better performance in all areas of operations at the earliest”.
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Ford Undeterred by India's Economic Troubles
Plans for New Indian Car and Engine Facility Remain on Track
Ford Motor Co. Said recently its plans to open a new Indian car and engine facility in 2015 remain on track and it has
started exporting vehicles from India to Western Europe for the first time despite growing economic uncertainty in the
South Asian country.
Ford said it is going ahead with a billion-dollar investment in a new factory even though its smaller Japanese rival, Suzuki
Motor Corp. , last year put on hold plans to build a new plant in the same state of Gujarat on the grounds that it was no
longer a good time to invest in India.
Ford has also started shipping its Indian-made EcoSport compact sports- utility vehicle to Western Europe, with 100 cars
currently en route for the European markets, said David Schoch, Ford's president for the Asian-Pacific region. Ford remains
"very confident in the overall Indian environment" despite the "short-term hiccups," Mr. Schoch told The Wall Street
Journal in an interview at the North American International Auto Show.
India's car sales are sliding as sluggish economic growth, high loan rates and rising fuel prices have dented consumer
confidence. Car sales in 2013 fell for the first time in 11 years.