In an interview to CNBC-TV18, S Ramesh of Lupin said the National Pharmaceutical Pricing Authority, or NPPA, adding more drugs to price control is a retrograde step. He further added that it'll be negative for the company, but couldn't quantify the financial impact.
We are very big on cardiovascular as well as diabetes so it is certainly going to have a negative impact so far as we are concerned
S Ramesh
President, Finance & Planning
Lupin
In an interview to CNBC-TV18, S Ramesh of Lupin said the National Pharmaceutical Pricing Authority, or NPPA, adding more drugs to price control is a retrograde step. He further added that it'll be negative for the company, but couldn't quantify the financial impact.
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Below is the verbatim transcript of S Ramesh's interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Sonia: The National Pharmaceutical Pricing Authority (NPPA) has further added more than 100 formulations to its price control list. What is the immediate impact that this could have on a company like yours?
A: This is actually a derogatory step, this is a backdoor entry in so far as price control is concerned because these are not some of the drugs that are part of the National List of Essential Medicines of India (NLEM). It is going to have a negative impact, we have not quantified it as yet, it is a little early but during the course of the day we will be able to do that.
Latha: How many cardiovascular and diabetic drugs do you have - at least a ballpark amount as a percentage of your total sales?
A: We are very big on cardiovascular as well as diabetes so it is certainly going to have a negative impact so far as we are concerned, but it is something that we are not able to quantify right away.
Sonia: One analyst indicated that it is not so much about what has happened now but the uncertainty regarding how much more by way of molecules or drugs can be added into this ambit into the price control list. Would that be your fear as well?
A: It is both, the current expansion would actually impact negatively the pharmaceutical industry and if the government is going to be populist on these measures, it certainly is going to have an impact on the future and that is certainly an unsettling factor.
Sonia: What percent of the total market comes under these drugs?
A: In terms of NLEM it was close to about 30 percent. The cardiovascular and diabetes since it has been added it is too early to comment but I would imagine it is going to be a fair percentage.
Lupin stock price
On July 14, 2014, at 14:14 hrs Lupin was quoting at Rs 1055.75, up Rs 2.30, or 0.22 percent. The 52-week high of the share was Rs 1102.45 and the 52-week low was Rs 742.30.
The company's trailing 12-month (TTM) EPS was at Rs 51.82 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.37. The latest book value of the company is Rs 155.60 per share. At current value, the price-to-book value of the company is 6.79.
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