Indoco Remedies gains on receiving EU GMP certificate from German Health Authority

Jul 11, 2023 03:37 PM | Source: capitalmarket.com

Indoco Remedies informed that it has received European Union (EU) good manufacturing practice (GMP) certification from the Competent Health Authority of Germany for its manufacturing site situated at Goa.

The European agency conducted an inspection at Indoco's manufacturing facility for solid oral dosage form in Goa (Plant -III) from 20 April 2023 to 25 April 2023. The EU GMP certification issued by the German Health Authority (LAGeSo) confirms that the site complies with the GMP requirements as referred to in the EC Directive. The EU certification will support supplies of drug products registered in Europe and other regions from this manufacturing site.

Aditi Panandikar, managing director of Indoco Remedies said, “The EU GMP certification for our site in Goa (Plant - III) complements our unswerving efforts to supply quality and affordable medicines in Europe and other geographies. We remain fully committed to adhering to cGMP standards and ensuring the delivery of quality products to our valued customers and patients worldwide.”

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs).

The pharmaceutical company's standalone net profit tumbled 37.16% to Rs 25.37 crore in Q4 FY23 from Rs 40.37 crore recorded in Q4 FY22. Revenue from operations grew by 6.94% year on year to Rs 428.05 crore in the quarter ended 31 March 2023.

The scrip declined 0.09% to end at Rs 321.15 on the BSE.