Pfizer stops cough syrup Corex sale following Indian govt notification: Why it has been stopped
New Delhi: One of the top pharmaceutical companies with massive presence in India, Pfizer has stopped manufacture and sale of popular cough syrup Corex with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+ Codeine Syrup.
In a press statement the pharma major said, “This is to inform you that the Government of India vide Notification… dated March 10, 2016… has prohibited the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect”.
The company went on to add, “In view of this, the company has discontinued the manufacture and sale of its drug Corex with immediate effect.”Â Pfizer said Corex maintains a “well established efficacy and safety profile in India” and the “company is exploring all available options at its disposal.”
Analysts are unanimous that it may have adverse impact on the company’s performance. Elaborating on the impact, the company said: “The above prohibition is likely to have an adverse impact on the revenue and profitability of the company… Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015.” Shares of Pfizer were trading over 6.3 percent lower at Rs 1,8206 on BSE in noon trade.