Mumbai: The United States Food and Drug Administration (USFDA) has officially approached the Indian Drug Manufacturers’ Association (IDMA) to mitigate a critical nationwide shortage of life saving ifosfamide injection. The shortage came as a result of a technical disruption at a contract manufacturing site of Baxter International, a primary generic supplier of ifosfamide used for treating several cancers.
As per a report by Reuters, this reduced capacity is expected to gradually improve through the year, as Baxter addresses the challenge at its site.
Following the news, domestic companies supplying isofamide- Cipla, Zydus, Piramal Pharma, Alkem and others, surged after the opening bell on June 23.
“IDMA has received a communication from the US FDA India Office seeking assistance in identifying potential manufacturers capable of supplying ifosfamide Injection 1 g and/or 3 g to help address an ongoing drug shortage in the US,” the IDMA said in a note to its members, as first mentioned by Mint.
The outreach shows how the US is dependent on global manufacturing for lifesaving drugs. With a large base of USFDA-approved manufacturing facilities and a strong track record of supplying complex injectable drugs to the global markets, this offers Indian pharma companies an opportunity like no other.
“Pharma stocks are witnessing strong buying interest, with the sector index gaining nearly 2 per cent in early trade. The move reflects a rotation towards defensive sectors as investors seek stability amid lingering geopolitical and macroeconomic uncertainties,” Ponmudi R, CEO of Enrich Money told Business Today.
