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Despite a 34% jump in total revenues, the pharma company reported marginal increase in net profit during the fourth quarter
Mumbai: Pharmaceutical company Dr Reddy's Laboratories reported a marginal increase in consolidated net profit at Rs343 crore for the fourth quarter ended March 2012. It was Rs 334 crore in the same period a year ago, reports PTI.
Its total income jumped 34% to Rs2,639 crore from Rs1,966 crore in March 2011.
For the financial year to end March 2012, its net profit rose 29% to Rs1,426 crore from Rs1,104 crore while total revenues also rose 30% to Rs9,597 crore as against Rs7,358 crore in the financial year ended March 2011.
The company announced a dividend of Rs13.75 (275%) per share.
Dr Reddy's was trading 2.8% down at Rs 1,652 apiece on BSE.
Parliamentary Standing Committee report pointed out serious irregularities and serious lapses in clearing new drugs in the grant of approval to new drugs without conducting clinical trials in India
New Delhi: Taking serious note of a Parliamentary Standing Committee report on functioning of Central Drugs Standard Control Organisation (CDSCO), Health and Family Welfare Minister Ghulam Nabi Azad on Friday constituted a panel of experts to look into irregularities in passing new drugs, reports PTI.
The three-member Committee of experts comprising Director General ICMR VM Katoch, President of National Brain Research Centre, Department of Biotechnology, Manesar PN Tandon and former Director of Sanjay Gandhi Postgraduate Institute of Medical Sciences, Lucknow, SS Aggarwal, has been asked to submit its report within two months.
The Committee has been asked to examine the validity of the scientific and statutory basis adopted for approval of new drugs without conducting clinical trials, outline appropriate measures to bring about systemic improvements in processing and grant of statutory approvals and suggest steps to institutionalise improvements in other procedural aspects of functioning of the CDSCO.
The report has pointed out serious irregularities and serious lapses in clearing new drugs in the grant of approval to new drugs without conducting clinical trials in India.
It also pointed out to a collusive nexus between drug manufacturers, officials of Drugs Control Organisation and medical experts in granting approvals to new drugs and said drugs banned, discarded or withdrawn in developed countries are in circulation in India.
The Parliamentary Standing Committee Report has made recommendations and observations on various aspects such as organisational structure and strength of CDSCO, approval of new drugs, banning of drugs, approval of fixed dose combinations, pharmacovigilance and spurious/sub-standard drugs.