Glenmark Pharma has announced that it has been granted approval from the US Food & Drug Administration (USFDA) to distribute a generic version of Pfizer’s Cleocin capsules, which is an antibiotic drug. The subsidiary of the Indian company, Glenmark Pharmaceuticals Inc, will distribute Clindamycin Hydrochloride Capsules with potencies of 75 mg, 150 mg, and 300 mg in the US.
This approval for the generic drug will provide a cost-effective alternative for patients requiring antibiotic medication as the Cleocin capsules are priced at a premium. IQVIA reported that the sales figures for Cleocin Hydrochloride Capsules, 75 mg, 150 mg, and 300 mg, for the 12-month period ending January 2023, amounted to roughly USD 33.6 million.
Glenmark Pharmaceuticals has established a reputation for its steadfast dedication to developing pioneering and economically accessible medicinal concoctions for chronic illnesses, such as diabetes and asthma. Their assortment comprises a broad spectrum of off-brand and brand-name medicines spanning various medical domains, such as cardiology, dermatology, oncology, and respiratory medicine. The company’s US business is an essential component of its overall earnings, contributing roughly 30% of its gross profits in the fiscal year 2021.
The USFDA’s green light for Glenmark’s Clindamycin Hydrochloride Capsules marks a significant milestone for the corporation, as it amplifies its influence in the world’s most massive generic drug market. In the forthcoming years, several patents for brand-name medications are set to expire, leading to a further increase in market size. The market’s anticipated expansion underscores the vital role that generic drugs are expected to play in mitigating healthcare costs, particularly in the US, where healthcare expenses are the highest in the world.
Subsequent to the announcement, Glenmark’s stock soared 0.12%, trading at Rs 426.10 per share on the Bombay Stock Exchange (BSE). Over the previous year, the corporation’s stocks have risen by roughly 29%, outperforming the BSE Sensex, a benchmark index that has grown by about 17% in the same time span.