Question : Panacea Biotec is an Indian research-based pharmaceutical and health management company.It is setting up a joint venture firm in Ireland with which MNC ?
(a) Refana
(b) Pfizer
(c) Abbott
(d) Novartis
Answer (a)
Related facts
- Panacea Biotec is setting up a joint venture firm in Ireland with US-based Refana Inc to develop a vaccine for COVID-19.
- Panacea involved in research, manufacturing, and marketing of pharmaceutical formulations, vaccines, and natural products.
- The company is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc to make a vaccine widely accessible around the world in an equitable manner.
- As per the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the Joint Venture entity undertaking clinical development and regulatory submissions across the world.
- Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories.
- Joint Venture aims to manufacture over 500 million doses of COVID-19 candidate vaccine, with over 40 million doses expected to be available for delivery early next year.
INDIAN PHARMACEUTICALS INDUSTRY AT A GLANCE
- India is the largest provider of generic drugs globally. Indian pharmaceutical sector industry supplies over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the US and 25 per cent of all medicine in UK.
- Presently over 80 per cent of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
- Pharmaceuticals exports from India stood at US$ 19.14 billion in FY19 and US$ 13.69 billion in FY20 (up to January 2020).
- Indian companies received 304 Abbreviated New Drug Application (ANDA) approvals from the US Food and Drug Administration (USFDA) in 2017 and received a total of 415 product approvals in 2018 and 73 tentative approvals.
- The country accounts for around 30 per cent (by volume) and about 10 per cent (value) in the US$ 70-80 billion US generics market.
- India’s domestic pharmaceutical market turnover reached Rs 1.4 lakh crore (US$ 20.03 billion) in 2019, growing 9.8 per cent year-on-year (in Rs) from Rs 129,015 crore (US$ 18.12 billion) in 2018.