Pfizer to set up global drug development centre in India

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Chennai, May 4 | Global pharma giant Pfizer, which developed the mRNA-based vaccine against Covid, on Wednesday announced setting up a global drug development centre to boost critical research and development (R&D) capabilities in India.

The 61,000 sq ft research and technology centre will be set up at the Indian Institutes of Technology (IIT) Madras Research Park in Chennai, the company said. Pfizer said it has invested more than Rs 150 crore in it.

While this centre will be a part of a network of 12 global centres set up worldwide, it is the first and only one at present being set up by Pfizer in Asia.

“We are confident that this research centre would be aligned with our larger national objective to improve the availability, affordability and access to drugs throughout the world from India by building on the convergence with digital solutions available here, and leveraging academic collaborations,” said S. Aparna, Secretary, Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilisers, during the launch.

The centre will include the development of both, active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs) of differentiated products such as complex/value-added formulations, controlled-release dosage forms, device-combination products, lyophilised injections, powder-fill products, and ready-to-use formulations.

It will also develop and support products in global markets and Pfizer’s manufacturing centres worldwide.

“Pfizer’s drug development centre in the IIT Madras Research Park is a positive opportunity to establish truly one of the most advanced laboratories that Pfizer is setting up for R&D in the aforementioned disciplines anywhere in the world, in Chennai and an opportunity to showcase the potential of R&D in the country,” said S. Sridhar, Country Manager, Pfizer India, in a statement.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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