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Demand and effectiveness of Penicillin
motivated Torrent Group and others to put up Penicillin plants in
India in early 1990's. Torrent Gujarat Biotech was commissioned in
June 1995. It achieved internationally acceptable Quality of
products by 1996 and had the highest productivity among contemporary
new generation plants.
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Simultaneous capacity addition worldwide
in early 90's and the market dynamics started affecting the
Penicillin business globally from the year 1995. Situation became
worst in the year 1997-98 when selling prices dived southwards from
the level of around $20 per BU to $10 per BU and lower (Rs. 1025 per
BU to Rs. 430 per BU and lower).
But Torrent Gujarat Biotech
strategically survived this onslaught. It not only increased its
productivity / yields of the products but also introduced various
innovative cost reducing manufacturing steps.
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Torrent Gujarat Biotech has been awarded
Certificate of suitability from European Directorate for the Quality
Medicines (EDQM) for its Amoxycillin Tri hydrate. This has
contributed to increased Exports to Europe.
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The operating results of Torrent Gujarat Biotech Ltd started improving since 2000-01 leading to CAGR of 13% in three years ending 2002-03.
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Penicillin-G was shifted from negative list of imports to OGL of Import & Export Policy of GOI from April 2003, making the product importable without any restrictions. The international prices have crashed since June 2003 from around $11 to $6 per BU. The domestic prices have also fallen in line with the international prices from Rs.600 to Rs.310 per BU making Penicillin operations unviable.
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Penicillin industry is facing onslaught of import from China at unremunerative prices. This has led to adverse business environments and losses, since 2003-04. As a consequence, Torrent Gujarat Biotech Ltd had to suspend the production of Penicillin-G from April 2005.
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Meantime, European Union has imposed Countervailing duty of 28.1% in 2005 on the Amoxycillin imported from the company making the product less competitive in European markets.