It is reported that in the April to June quarter, Sun Pharmaceutical industries limited has already lost Rs 1655.6 crore. It happened when the subsidiary Taro Pharmaceutical Industries Limited went for the settlement offer of drug pricing case with the government of the USA. This largest drug maker in India managed to fetch a profit of Rs 1387.5 crore last year.
According to Taro Pharmaceutical Industries Limited, the amount of loss and settlements contingencies was $478.9 million that comes to about Rs 3178 crore. Along with that, the subsidiary had to pay an additional amount of $60 million that is about Rs 455.2 crore for the matters of multi-jurisdiction civil antitrust.
Apart from losing RS 3633 crore, Sun Pharma also had to face tepid sales and a weak quarter because of COVID-19 situations and lockdown. Dilip Shanghvi led Sun Pharmaceutical still not lost its hope. They have already performed well even in this challenging situation of pandemic and lockdown. It shows their underline strength. They have not lost their market share in the USA for their products. According to the managing director of this company, Dilip Shanghvi, they have also maintained their market share in the domestic market of India.
Sun pharmaceutical faced an evident decline in sales because of sending generic medicines to a totally unnamed client last year. But the sales rate of Sun pharma has already started emerging while other companies have been facing a significant loss during this pandemic.
Covid-19 has already caused enormous disruptions in the healthcare sector. Many surgeries were postponed, and hospitals were closed. As a result, a significant drop of performance of multiple pharmaceutical companies has been noticed. Still in that case, even after facing so many challenges, Sun pharma has been doing well in both Indian and the USA market.