Six pharma stocks rose by 0.39% to 1.62% at 11:34 IST on BSE after government recommended measures to enhance regulatory support, strengthening of infrastructural support and recommended fiscal and financial support to the sector.
The S&P BSE Healthcare index rose 0.19% to 16,268.61, outperforming the Sensex, which rose 0.14% to 27,769.46.
Glenmark Pharmaceuticals (up 1.62%), Sun Pharmaceutical Industries (up 0.47%), Aurobindo Pharma (up 0.43%), Cipla (up 1.23%), Divi's Laboratories (up 0.46%), and Dr Reddy's Laboratories (up 0.39%) gained. Lupin (down 1.39%) and Wockhardt (down 1.01%) fell.
The Ministry of Chemicals and Fertilizers after trading hours yesterday, 22 June 2015, said that a Task Force on the pharmaceutical sector has recommended measures to enhance regulatory support, strengthening of infrastructural support and has recommended fiscal and financial support to the sector.
The Task Force has also recommended measures for promoting skill development aligned to the need of the industry, strengthening the R&D capability of the sector and pricing strategy for the sector. Speaking at the release ceremony of the Task Force report on the pharmaceutical sector yesterday, 22 June 2015, the Minister of Chemicals & Fertilizers Ananth Kumar said that the government wants to encourage a robust pharmaceutical industry in the country that is upgraded, standardized, innovative and globally competitive and can produce formulations at affordable costs. Kumar further said that the government is very keen on early implementation of the recommendations of the Task Force and it would come out with an action taken report on these recommendations in 100 days.
The Secretary, Department of Pharmaceuticals, V.K. Subburaj said that the exports of pharmaceuticals by Indian companies is a success story. However, regulations in the sector are weak in the country and that is affecting the further growth, he said.
The S&P BSE Healthcare index underperformed the market over the past one month till 22 June 2015, falling 4.95% compared with 0.81% fall in the Sensex. The index had also underperformed the market in past one quarter, sliding 4.76% as against Sensex's 1.88% fall.
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