UK drug regulator flags Goa Plant I of Indoco Remedies

Indoco Remedies informed that the UK-MHRA has issued GMP non-compliance to the company's Plant I in Goa.

The drug regulator inspected the plant from March 14 to 16, 2018 and issued three critical and four major observations. This gives the plant non-compliance and restricted GMP certificate which permits the plant to continue manufacturing and testing of products that are medically critical. However, since there were no evidence of impact on product, the regulator has not recommend a recall.

The company has said that it is hopeful of resolving the issues with the European authorities. But in the interim there will be a temporary impact on the company's business in Europe. However, the company will minimize by the affect by transferring production to the company's other facilities in Goa III and Baddi I, Harayan which has the required regulatory clearance.

Meanwhile, the stock of Indoco Remedies closed at Rs. 210.00 per share, down 4.15 per cent on Wednesday.