Pharma major Glenmark Pharma has received tentative approval from the United States Food & Drug Administration (U.S. FDA) to sell Pradaxa Drug used to prevent blood clots.
Last year the drug generated over $900 million annual sales.
This is Glenmark’s 4th product approval in U.S. since January till date. As with 8-10% pricing pressure, the pharma player is also expected to face competition to its drug Zetia, later this fiscal.
In FY 17 the pharma giant launched 15 products in the US markets, and is eyeing to launch 20 products yearly over next couple of years. In the first 9 months of FY17, Glenmark absorbed around 40% of revenue from U.S. pharma market. It is estimated that the company's revenue growth for Q4 would be over 30% YoY.