Companies & Sectors
Wockhardt to launch generic version of clot-buster drug Plavix

Wockhardt has received US FDA approval for marketing tablets of Clopidogrel bisulfate and Clopidogrel bisulfate, which are used to help reduce risk of heart attack or stroke

 
Mumbai: Pharmaceutical and biotechnology company Wockhardt has received final approval from the United States Food & Drug Administration (US FDA) for marketing tablets of Clopidogrel bisulfate and a tentative approval for the tablets Clopidogrel bisulfate, which are used to help reduce risk of heart attack or stroke, reports PTI.
 
Clopidogrel is the generic name for brand Plavix, marketed in the US by Bristol-Myers Squibb.
 
Wockhardt is launching the product immediately, a company statement said.
 
According to IMS Health, the total market for this product in the US was over $6.5 billion. Prevalence of atherosclerotic diseases is rapidly growing the world over.
 
But by inhibiting the clotting within blood vessels, it reduces risk of heart attacks and strokes and is one of the most used pharmaceutical products in the world.
 
"We have received two ANDA approvals in the last three days," Wockhardt chairman Habil Khorakiwala said.
 
"Wockhardt's rapidly growing presence has been aided in large, by the steady stream of new products," he said.
 
Wockhardt will be manufacturing the Clopidogrel bisulfate API in its facility at Ankleshwar, India and the tablets of Clopidogrel at its facility in Aurangabad, India.
 
The technology for the API and the tables were developed in-house, it said.
 

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Peerless Mutual Fund launches 'Peerless Flexible Income Fund'

The NFO, offers more flexibility to realign the portfolio's average maturity and asset allocation in the changing interest rate scenario, Peerless MF said

Mumbai: Peerless Mutual Fund has launched the Peerless Flexible Income Fund, a dynamic bond fund with the flexibility of changing both duration and asset allocation mix of the portfolio, reports PTI.

 

The new fund offer (NFO) will open for subscription on 16th August and close on 17th August and again reopen for sale from 21st August onwards, a company release said.

 

"We all know that price and interest rates have inverse relationship. Therefore, every change in interest rate provides capital appreciation opportunity. However, it would be difficult for retail investors to time the market and benefit from the same. Therefore, we have launched Peerless Flexible Fund which has more flexibility to realign the portfolio's average maturity and asset allocation in the changing interest rate scenario," Managing Director and Chief Executive Officer of Peerless Funds Management, Akshay Gupta said.

 

Kolkata headquartered Peerless Mutual Fund is promoted by the Peerless General Finance India Co and has an average assets under management (AUM) of Rs4,009 crore by the end of June 2012.

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Reliance Life to hire 50,000 advisors this fiscal while the sector faces growth challenges

While the insurance sector is seeing subdued employment potential, Reliance Life has already hired around 7,000 advisors in April and May and expects the number to cross 50,000 persons in fiscal ending 31 March 2012

Leading private sector insurer Reliance Life will hire nearly 50,000 advisors and 5,500 full-time insurance consultants this fiscal to negate any impact of high attrition and to sustain growth.
 

The company—part of Anil Ambani-led Reliance Group’s financial services arm Reliance Capital—plans to hire 5,500 full-time advisors by September 2012 itself, as part of its efforts to improve customer services.
 

Reliance Life Insurance Company (RLIC) is planning to hire over 50,000 advisors this fiscal so that net employee addition remains positive, the company’s president and executive director Malay Ghosh told reporters.
 

The company is also focusing on hiring employees on fixed salary basis to lower the attrition rate.

“We are thinking to provide a minimum fixed salary to advisors, especially in semi-urban and rural areas, to retain the talent and provide better services,” he said, after launching a post-sales customer support initiative by the company, which would be first for any Indian insurer.
 

Mr Ghosh said that Reliance Life has already hired around 7,000 advisors in April and May and the company expects the number to cross 50,000 persons in the entire fiscal, ending 31 March 2012.
 

A recent study by Team Lease Services, a composite staffing company, revealed that the uncertain economic and financial situation and the ongoing debt crisis in Europe have raised concerns in the Indian BFSI (banking, financial services and insurance) sector. The sentiments were also echoed by Mr Ghosh who stated that the industry is facing high attrition rate due to a host of reasons such as slow growth and increased regulation.
 

More people left the organisation due to the challenging environment and changes in regulations, Mr Ghosh said, while adding that the environment would continue to be challenging this fiscal.
 

“The life insurance industry is expected to have a moderate growth of 10% in new business premium this fiscal. Growth and profitability would be driven by renewal premium from existing customers,” Mr Ghosh said.
 

Reliance Life’s total premium (net of reinsurance) in the last quarter ended 30 June 2012 was Rs810 crore, while total funds under management stood at Rs18,586 crore.
 

It recorded its first full-year net profit at Rs373 crore for the fiscal ended 31 March 2012. It had sold over one million policies in 2011-12 and garnered a total premium of Rs5,498 crore during the year.

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