The healthcare major remains committed to listing Syngene with an increase in Research and Development (R&D) spends, says Kiran Mazumdar Shaw, CMD, Biocon.
We don't expect to be impacted hugely by the slowdown in Fidaxomicin uptake.
Kiran Mazumdar Shaw
CMD
Biocon
Biocon Foundation, one of Asia's leading biotechnology company received Asia's Best Corporate Social Responsibility (CSR) Practice Award 2014 for Cervical Cancer Screening Program.
The biotech firm is currently engaging with potential partners to out-license novel molecule Itolizumab, says Kiran Mazumdar Shaw, CMD, Biocon.
The healthcare major remains committed to listing Syngene with an increase in Research and Development (R&D) spends, she says in an interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy.
Furthermore, company's Malaysian facility is set to be commissioned later this year with no positive impact till the next fiscal, she adds.
Given that pharmaceuticals sector is self-funded, close partnership is needed between industry and government, she says adding that a response is yet awaited from PMO over unilateral fixing of drug prices by National Pharmaceutical Pricing Authority (NPPA) .
Below is the edited transcript of the interview:
Q: If I can start of by asking you about the NPPA stand-off, we had you speaking on the issue and the impact it would have on the pharmaceutical sector as a whole, what is the status currently on that and what kind of an impact would it have on the sector?
A: I have been overseas until yesterday so I am not very updated on what is happening on that front but I haven't heard any progress on that front other than the fact that Indian Pharmaceutical Association (IPA) members did take this to the court and I know that the court has asked for a hearing later in September but there is no stay on the matter. The issue is about the formula used to arrive at a price ceiling because having a price ceiling per se is not a grave concern but how do you arrive at the price ceiling is something that will impact the industry as a whole. Therefore, I am not very clear on what progress has been made but I do hope that there is an engagement with the government to resolve this stand-off.
Q: I understand you had written an open letter to the PMO regarding the unilateral fixing of prices; did you get any response to that letter?
A: Unfortunately, not as yet. I have not yet heard from the PMO and I remain optimistic that some discussions and engagement will happen with industry because this is a very vital industry for the country, and this is one industry that has attained global leadership almost on its own because it has had very little support in terms of incentives from the government. This is a sector that is almost entirely self-funded and self perpetuated. Therefore, this sector needs investment, support and I hope government does not neglect this very important sector.
Q: Is the government constructively engaging with you at an administrative level?
A: I think there are various issues which plague this particular sector, I think investment and innovation are the two key drivers of this sector and I believe that there needs to be a very close partnership between industry and government and this as you know is one of the most complexly regulated sectors, which needs simplification. If the government is talking about simplification, I think the pharmaceutical sector is one sector that needs to be simplified.
Biocon stock price
On July 28, 2014, Biocon closed at Rs 465.15, down Rs 14.9, or 3.1 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 312.00.
The company's trailing 12-month (TTM) EPS was at Rs 15.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 29.37. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.85.
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