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would want this to be significantly higher as we expand. By 2015, the plan is to source directly from
25,000 farmers," he said.
On the company's plans to increase supply in the domestic market, he said the company is not only
looking at tie-up with more farmers in new states, but also to source fruits as a part of the direct farm
model that was set up in 2008.
"Currently we source vegetables from farmers. We are also working on developing exclusive crops such
as seedless watermelon," the spokesperson said, adding the firm has imported seeds from Netherlands
and provided technical know -how to the farmers. "This year we aim to supply about 150 tons to Easy
day stores in India," he added.
Presently, 25 per cent of the total farm produce that the company sells at its whole sale stores and
Bharti's Easyday retail outlets is sourced from farmers directly. The company also plans to start sourcing
from Andhra Pradesh shortly. It is also looking to expand the basket by sourcing fruits like banana,
mango, papaya and apple from India. Bharti Walmart currently operates 17 wholesale cash-and- carry
stores under Best Price Modern Wholesale stores in India.
The company claims that the farmers are paid prices equivalent to that of the local mandis, but with a
premium of 5-10 per cent.
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Lupin, DRL, Sun get US nod for mental disorder drug
Three Indian drug majors, Lupin, Dr. Reddy's, and Sun Pharma have got approvals from the US health
regulator to sell generic quetiapine fumarate tablets, used in treating mental disorders, in the American
market.
In separate statements, Lupin, Dr. Reddy's, Sun Pharma said the approvals from the US Food and Drug
Administration (USFDA) were for multiple strengths of the drug in 25 mg, 50 mg, 100 mg, 200 mg, 300
mg and 400 mg."We expect close to 90% price erosion due to competition and we are confident that we
will garner healthy market share of the product given our track record and excellent trade relations
within the US market," a Lupin spokesperson said.
The company has already commenced shipping product, he added. Similarly, Hyderabad-based Dr.
Reddy's Laboratories said it has launched the generic drug in the US market. Mumbai-headquartered
Sun Pharmaceutical Industries said the approval has been granted to its US subsidiary. The quetiapine
fumarate tablets are generic equivalent of AstraZeneca's Seroquel Tablets. According to IMS Health
December 2011 data, AstraZeneca's Seroquel Tablets had sales of $4.6 billion.
Quetiapine is a psychotropic agent, indicated for treatment of schizophrenia and acute treatment of
manic episodes associated with mental disorder. The drug is also indicated as monotherapy for the
acute treatment of depression. Shares of Lupin were trading at Rs. 515 on the BSE in the afternoon
trade, up 0.48% from its previous close, while that of Dr. Reddy's Laboratories were trading at Rs. 1,715
on the BSE, up 2.08%. Sun Pharma shares were trading at Rs. 570.10 on the BSE, down 0.91% from its
previous close.
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Pfizer terminates $350-mn insulin marketing deal with Biocon
In a surprise move, US drug giant Pfizer Inc., called off an insulin distribution agreement with Biocon to
sell the Bangalore-based company's bio similar versions of the drug in key global markets including the
US.