 "Drug pricing regime needs to be predictable, transparent: Sanofi")
At the company’s annual general meeting held on April 29, Managing Director Shailesh Ayyangar said any pricing regime must be predictable and transparent.
“And must take into consideration the stringent requirements on the quality front that manufacturers have to adhere to for patient safety,” he told shareholders.
Also Read
In December 2015, the ministry of health and family welfare notified a National List of Essential Medicines, 2015, resulting in 100 new molecules being added and 70 being excluded from the earlier list of 2011.
Stating the company understands its responsibility of making and distributing affordable essential medicines to all sections of society, Ayyangar said “ceiling prices for some of these products have already been announced and your company has consequently reduced their prices with effect from April 2016”.
Despite the significant impact suffered by the company, owing to price cuts imposed by the government, sales of the firm grew by nearly double digits, due to domestic and export performance, Ayyangar said.
Embattled industrialist Vijay Mallya also ceased to be on the company’s board at the conclusion of this meeting.
Commenting on the retirement of Mallya, who is currently facing heat over the loan default by long-defunct Kingfisher Airlines, Ayyangar said: “Having been a director for over 42 years and chairman of the board for over 32 years, he felt it was right time for him to retire.”
Mallya leaves the board at a time when the company is financially strong with an impeccable record, he adds.
Mallya became a director of the company (then called Hoechst Pharmaceuticals Ltd) in December 1973.
Mallya became a director of the company (then called Hoechst Pharmaceuticals Ltd) in December 1973 and has been chairman of the board since December 1983.