Glenmark Pharma down by 5 per cent on charges of FabiFlu overpricing

The country's drug regulator, Drug Controller General of India (DCGI) has asked Glenmark Pharmaceuticals to submit a clarification regarding false claims of anti-viral drug FabiFlu for COVID-19 patients. Apart from this, the price of the drug has also been questioned.

In a letter to the company, Drug controller Dr VG Somani said that a Member of Parliament (MP) has informed that the cost of treatment from FabiFlu (Favipiravir) will come to around Rs 12,500, which is not good for the poor as well as the middle-class families.

At the same time, the MP has also stated in his representation that the company's claim about the effect of the drug on Corona patients, already suffering from diseases like high blood pressure and diabetes is also not correct. DCGI has asked the company to provide clarification on these questions.

Glenmark launched FabiFlu last month at a price of Rs 103 per tablet. On July 13, the company had said to reduce its price by 27 per cent to Rs 75 per tablet.

On 20 June, Glenmark announced the approval for manufacturing and marketing for FabiFlu from India's pharmaceutical regulator. The company has said that it has also completed the phase 3 clinical trial of the drug formulated for COVID-19 patients with minor and mild infections in India.

In today’s trading session, the stock of Glenmark Pharma is trading in the red zone and declined by five per cent while making an intraday low of Rs 408 on BSE.