Mumbai: With the implementation of the Goods and Services Tax (GST) system from July 1, most of the supply chain in pharmaceuticals sector seems to be coping, the CMD of Biocon said on Thursday.
During an interview, Kiran Mazumdar Shaw, CMD, Biocon was seen telling BTVi “Most of the supply chain seems to be coping… the kind of apprehension expressed by stockists and pharmacists is not the way they were expecting it. I just hope this continues to be smooth and companies do not face any problems.”
She also added that there was no point in delaying the GST as “it is a game-changing reform”. “I think we need to get on with it and keep correcting the course as we encounter glitches,” she said.
According to Shaw, the new indirect tax system will significantly benefit the Indian economy and business and there is a need to focus on positives despite concerns and temporary impacts.
While speaking on the company’s new drugs in the pipeline, Shaw said the firm’s focus is on regulatory approvals for bio-similars pending with US Food and Drug Administration and time is needed to prepare for commercial launch of the new products.
“Over the next two fiscals, we expect 20 per cent of our revenue from biosimilars. That is something we remain committed too. Our research services will likely account for 25 per cent, historic small molecules business likely to account for another 30 per cent,” she added.
According to her, the company is focusing on leveraging existing capacities.