On Thursday, Glenmark Pharmaceuticals has been granted by the United States Food and Drug Administration a tentative approval for the Clindamycin Phosphate Foam, 1%, according to the most recent filing of the firm with the BSE.
Clindamycin Phosphate Foam is used for the treatment of acne. This product got tentative approval from the United States health regulator. This approved product is a common version of Mylan Pharmaceuticals’ Evoclin Foam.
Evoclin Foam market has achieved yearly sales of estimate USD 17M, for the twelve months to the April of 2019, Glenmark stated while citing the 1st quarter sales data.
At present, the portfolio of the Glenmark Pharmaceuticals consists of 156 products which are authorized for getting distributed at the marketplace of the United States and 59 of them are still pending to get approved by the United States Food and Drug Administration. Those 59 are amongst the Abbreviated New Drug Applications.
The stock of the company was traded 0.21% lower at Rupees 508.50 per piece on BSE.
About the company
Glenmark Pharmaceuticals is a pharma company which has it’s headquartered in Mumbai, India. It was founded in 1977 by Gracias Saldanha as a standard drug and active pharmaceutical ingredient manufacturer. The company, in the beginning, sold its products in, Russia, India, and Africa. By 2008 Glenmark was the 5th biggest pharmaceutical company in India.
By 2011 Glenmark had worldwide sales of $778 million, a 37 percent increase over the sales of last year; the growth was driven by Glenmark’s entry into the United States and European generics markets.
In the mid of 2010s, there began transitions in the generics industry in general to the end of an era of giant patents in the pharmaceutical industry, but in 2019 only about $10Bn in revenue was set and less the next year.