Mankind Pharma
India sees a significant decrease in the price of a commonly used diabetes medication following the introduction of generic alternatives.
The price of the diabetes drug empagliflozin, also known as Jardiance, has been significantly reduced by almost one-tenth in India. The drug, developed by German pharma giant Boehringer Ingelheim, is used to control blood sugar levels in patients with type 2 diabetes. The original price of the drug was around Rs 60 per tablet, but with the entry of its generic versions in the market, it is now available for as low as Rs 5.5 per tablet.
Mankind, Alkem, and Glenmark Pharmaceuticals have launched generic versions of empagliflozin, with prices starting from Rs 5.49 per tablet for the 10 mg variant. These prices are nearly 80% lower than the original price of the innovator product. The generic versions of the drug come with additional features, such as anti-counterfeit security bands, patient education information, and QR codes that provide prescribing information and additional patient education.
The launch of these generic versions of empagliflozin is a significant step in making the drug more affordable for millions of Indians who are suffering from type 2 diabetes. India is known as the diabetes capital of the world, with over 10 crore people diagnosed with the disease, according to the Indian Council of Medical Research–India Diabetes (ICMR INDIAB) study in 2023. Reducing the cost of anti-diabetes medicines like empagliflozin is a crucial step in tackling the disease burden in the country.
This popular diabetes medication is set to get a significant price cut, dropping from Rs 60 to just Rs 9 per unit.
The cost of Empagliflozin, a crucial drug for managing diabetes and its associated conditions, is set to drop significantly in India. The price of the medicine, which was previously around Rs 60 per tablet, will be reduced to just Rs 9 per tablet, making it more accessible to millions of diabetes patients in the country. This development comes after the patent for the drug, which was previously held by German pharmaceutical company Boehringer Ingelheim, expired on March 11.
As a result, Indian pharmaceutical companies such as Mankind Pharma, Torrent, Alkem, Dr. Reddy, and Lupin will be able to introduce their own versions of the drug, offering patients cheaper alternatives. Mankind Pharma, for example, plans to offer the drug at a price 90% lower than the innovator company, making it more affordable for patients.
Empagliflozin plays a crucial role in preventing heart failure and delaying kidney failure, making it a vital medication for those with diabetes. However, its high cost has previously made it difficult for many to access. The introduction of more affordable options from Indian companies is expected to bring significant benefits to millions of patients.
The reduced price of Empagliflozin is poised to provide much-needed financial relief to diabetes patients, who often face the burden of out-of-pocket medication expenses. In India, over 10.1 crore people are living with diabetes, and limited insurance coverage often leaves patients to shoulder medication costs independently. The availability of more affordable options is expected to make a significant difference in the lives of these patients.
The economic burden of diabetes in India is substantial, and the reduced price of Empagliflozin is a welcome development for diabetic patients across the country. With the introduction of more affordable alternatives, millions of patients will have access to a vital medication, allowing them to better manage their condition and improve their overall health.
Mankind Pharma hit with a whopping Rs 46.32 lakh fine in a GST order
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Mankind Pharma, a leading pharmaceutical company, has been slapped with a fine of Rs 46.32 lakhs (approximately $64,000 USD) by the Goods and Services Tax (GST) authorities. The fine was imposed following a wrongful input credit (I-T) claim made by the company.
According to reports, Mankind Pharma had incorrectly claimed input tax credit of Rs 46.32 lakhs on purchase of goods from other registered suppliers, rather than actually utilizing the credit. The company’s error was detected by the GST authorities who conducted an audit of Mankind Pharma’s sales and procurement records.
The claim, it is believed, was made against the GST Act, which prohibits input tax credits for goods or services not utilized. Mankind Pharma was ordered by the authority to refund the amount claimed, along with interest, and a fine of 25% of the refund amount made.
It is worth noting that Mankind Pharma has been a prominent player in the Indian pharmaceutical market, with a diverse product portfolio of over 500 products, including branded formulations and generics. Despite the fine, the company maintains a significant presence in India and abroad.
This incident is not unique to Mankind Pharma, as many companies have faced similar issues with incorrect input tax claims. It serves as a stark reminder of the importance of accurate record-keeping, thorough compliance with tax regulations, and the need for continuous auditing and reporting. The GST Act and its associated regulations are designed to streamline and increase transparency in the Indian tax system, and cases like this demonstrate the importance of compliance.
In conclusion, Mankind Pharma’s fine serves as a warning to all businesses, especially those in the pharmaceutical industry, to ensure accurate and honest record-keeping to avoid similar allegations and penalties.
Mankind Pharma’s CEO Sheetal Arora reflects that reinvigorating the sense of ownership was the most valuable counsel he ever received.
The problem faced by Mankind was a slowdown in execution speed due to increasing complexity in its organizational structure, leading to confusion around roles and expectations. To address this challenge, the company’s leaders sought advice from their field team, particularly those in frontline and middle management, who offered practical insights into the root causes of the slowdown and potential solutions.
The advice received was to “reignite the spirit of ownership, energize teams, and foster meaningful connections – both internally and with customers.” This advice suggested that the slowdown was not solely due to operational inefficiencies, but rather a disconnect that needed to be addressed by empowering every level of the organization.
The advice was effective in resolving the problem, as it served as a blueprint for change. By reigniting the spirit of ownership and energizing teams, the company fostered a sense of accountability across all levels. Additionally, refocusing on strengthening customer relationships allowed the company to drive more strategic value. This approach ultimately enabled Mankind to overcome its execution speed slowdown and return to its high level of performance.
Indian pharma major Mankind is poised to make a revolutionary breakthrough in the global healthcare landscape with an innovative oral anti-obesity treatment, set to take the world by storm.
Mankind Pharma, a fast-growing Indian pharmaceutical company, is working on developing an oral anti-obesity drug, aiming to make a global breakthrough in the treatment of this complex disease. The company has been actively operational for 25 years and has a strong presence in the Indian market. With a large and diverse product portfolio, Mankind Pharma is also expanding its global footprint by filing applications for approvals in various countries.
The new oral anti-obesity drug is currently in the final stages of clinical trials and is expected to be launched soon. This development is significant, as obesity is a major public health concern that affects more than 1.9 billion adults worldwide, leading to various health issues such as diabetes, cardiovascular disease, and certain types of cancer.
The oral anti-obesity drug is designed to help patients manage their weight and facilitate weight loss. It works by reducing the amount of fat absorbed by the body and increasing the amount of fat broken down. The drug is intended to be used in combination with a healthy diet and regular exercise for optimal results.
Mankind Pharma’s decision to develop an oral anti-obesity drug is a strategic move to expand its presence in the pharmaceutical industry. The company has a strong track record of developing innovative products and has been recognized for its commitment to research and development. The new drug is expected to be a game-changer in the treatment of obesity, offering a more convenient and efficient alternative to injections and other invasive treatments.
The company has a strong pipeline of products in various stages of development, including this oral anti-obesity drug. Mankind Pharma’s commitment to innovative medicine is expected to significantly benefit patients worldwide, making it a major player in the global pharmaceutical market.
Mankind Pharma’s entrance into the global market has already received positive reviews from industry experts, who believe that the company’s focus on innovative drugs will create new opportunities for growth. The company’s ability to develop a ground-breaking drug for a complex disease like obesity is expected to catapult it to the forefront of the pharmaceutical industry.
In conclusion, Mankind Pharma’s new oral anti-obesity drug is a significant development in the treatment of this chronic disease. The company’s commitment to innovation and expansion into the global market is expected to have a positive impact on patients worldwide, making it a key player in the pharmaceutical industry. With its strong pipeline of products and commitment to research and development, Mankind Pharma is poised for a major breakthrough in the treatment of obesity and other diseases.