Albert David seeks new overseas markets for drug
June 20th, 2011 - 8:56 pm ICT by IANSChennai June 20 (IANS) Kolkata-based Albert David Limited has restarted production of placentrex injection and gel and is looking at new overseas market for the product, a top company official said Monday.
“Efforts are being made to register the product in Russia. Currently the drug is exported to South Korea, Myanmar and Syria,” executive director K.P. Mundhra told reporters here.
The injection is used for pelvic inflammatory disease and is manufactured using human placenta extract (HPE).
The Rs.214 crore Albert David restarted production of placentrex injection following a Delhi High Court verdict and the central government lifting the ban on it May 30.
The union health ministry had banned the drug on the recommendations of the sub-committee of the Drug Technical Advisory Board on the grounds of inefficacy and safety concerns early this year.
The company had challenged the ban decision of the central government in court.
On the directions of the court a fresh nine-member expert committee was set up which went into the clinical data submitted by Albert David and recommended the drug’s usage.
The Delhi High Court, based on the committee’s report, asked the central government to amend its earlier order to allow use of placentrex in injection and gel form.
According to Mundhra, the company had lost Rs.14 crore due to the ban.
He said the company is hoping to close this fiscal with a turnover of Rs.250 crore.
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Tags: albert david, central government, court verdict, delhi high court, executive director, expert committee, health ministry, myanmar, overseas markets, pelvic inflammatory disease, rs 250, russia, safety concerns, south korea, syria, technical advisory board, turnover