Sanofi, the French drug giant, said Monday that it would spin off a new company that will create the active chemical ingredients for drugs, expanding into a market currently dominated by firms in China and India.
Sanofi plans an initial public offering for the new firm, which will be based in France and which is forecast to have sales of 1 billion euros in 2022.
The need for such a company is being brought “sharply into focus” by outbreaks of a novel coronavirus that threaten pharmaceutical supply chains, Paul Hudson, Sanofi’s CEO, told STAT. Right now, he said, 60% of active pharmaceutical ingredients come from China, and 13% come from India.
“The industry needs to be able to make active pharmaceutical ingredients in Europe,” Hudson said. “And if you’re going to do it, let’s do it properly.”
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It is horrifying as a pharmacist.
CVS has taken away out technician help and demand is as high, if not higher than ever. Pharmacist are timed on everything we do or people alized if we do not run within that time period of filling prescriptions. We are a danger to the public. Our state boards are NOT stepping up. It’s going to take someone being killed by wrong drug or directions to stop this beast, which is horrifying. Pharmacist complain buy nothing is fine verified 68 prescriptions in 28 minutes
It is good to see someone else jump into the raw drug material market. I hope this becomes a trend to where control of raw material market is wrested from China and India. I feel China is particularly troublesome due to lack of oversight