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Wockhardt

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Wockhardt Ltd.
Company typePublic
NSE: WOCKPHARMA
BSE: 532300
IndustryPharmaceuticals
Health care
Founded1960s
FounderHabil Khorakiwala
HeadquartersWockhardt Towers, Bandra Kurla Complex, Mumbai, Maharashtra, India
Area served
Worldwide
Key people
Habil Khorakiwala (Chairman)
Murtaza Khorakiwala (Managing director)
Huzaifa Khorakiwala (Executive Director)
ProductsFormulations
Biopharmaceuticals
Vaccines
RevenueDecrease ₹2,693 crore (US$320 million) (FY23)[1]
Negative increase ₹−621 crore (US$−74 million) (FY23)[1]
Number of employees
3,000 (2023)
SubsidiariesMorton Grove Pharma[2]
Websitewww.wockhardt.com
Footnotes / references
[3]

Wockhardt is an Indian pharmaceutical and biotechnology company headquartered in Mumbai, India. It produces formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).[4] The company has manufacturing plants in India, UK, Ireland, France and US, and subsidiaries in US, UK, Ireland and France.[5][6]

History

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Wockhardt was founded by Dr. Habil Khorakiwala in the 1960s.[7] His father Fakhruddin T. Khorakiwala had acquired Worli Chemical Works[8] in 1959. This was incorporated as Wockhardt Pvt. Ltd., in 1973.[5] Wockhardt Ltd. was incorporated on 8 July 1999.[9] In the 1990s, Wockhardt gained market share with its painkiller Proxyvon (opioid tramadol + paracetamol) and blood pressure drugs (lisinopril, etc.). In 1995, it expanded into biotechnology, and subsequently started producing intravenous fluids.[10] In 1999, Dr. Reddy's joined the Indian Pharmaceutical Alliance as a founding member in an effort to promote the development of generic drugs in India.[11][12]

Wockhardt is the first company outside the US and Europe to manufacture recombinant human insulin.[13]

In 2011, Wockhardt sold its nutrition business to Danone for $356 million.[14]

During the COVID-19 pandemic, Wockhardt signed a contract with the Government of the United Kingdom to fill-finish the Oxford–AstraZeneca COVID-19 vaccine at the company's facility in Wrexham, Wales. The contract was extended until August 2022.[15][16]

In August 2021, Wockhardt announced that it signed an agreement with Dubai-based Enso Healthcare and Russian firm Human Vaccine LLC to contract manufacture the Sputnik V and Sputnik Light vaccines in India.[17]

Mergers and acquisitions

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Wockhardt's acquisitions include Wallis Laboratory, UK (1998); Merind, India (1998); CP Pharmaceuticals, UK (2003); Espharma GmbH, Germany (2004); Dumex, India (2006); Pinewood Laboratory Ireland (2006); Morton Grove Pharmaceuticals, US (2007);[18] and Negma, France (2007).[5] Wockhardt's debt following the acquisitions was close to Rs 38 billion, and Habil Khorakiwala quit as managing director.[19]

The board of directors, on 31 March 2009 approved the appointments of Habil Khorakiwala's sons Murtaza Khorakiwala and Huzaifa Khorakiwala as managing director and executive director respectively.[20]

Philanthropy and education

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Wockhardt Global School in Aurangabad
  • Wockhardt Foundation
  • Wockhardt Global Schools
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See also: Lean (drug)

Wockhardt is known for producing cough syrup with the sedative promethazine and the opiate codeine, used in the recreational street drug lean, which is sometimes referred to as "Wock", short for Wockhardt.[21]

Good Manufacturing Practice violations

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Wockhardt received a FDA warning letter 25 November 2013 identifying significant violations of current good manufacturing practice for finished pharmaceuticals at the Chikalthana and Waluj facilities.[22]

A warning letter sent 18 July 2013 referring to an 18 March inspection of the Waluj facility, Aurangabad cited repeatedly delayed, denied or limited an FDA inspection. Citations included destruction of raw analytical data, destruction of analytical samples, lying by both the production head and vice-president of Manufacturing to the FDA Inspector.

Specific GMP violations included failure to prepare batch production records for drug products, attempts to hide manufacturing for the USA market from inspection, use of 'trial' analyses and 'official' analyses to attempt to hide failing or out of specification results, inability to demonstrate integrity of computer records, no audit system for computer records, faked training records for critical GMP activities, and inadequate washing and toilet facilities.[23]

See also

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References

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  1. ^ a b "Wockhardt posts net loss of Rs 237 crore in Q4 FY 23". The Economic Times. 27 May 2023. Retrieved 2 March 2024.
  2. ^ "Wockhardt acquires US-based Morton Grove". The Economic Times. 24 October 2007. Retrieved 16 February 2023.
  3. ^ "Audited Financial Results For The Quarter And Year Ended 31.03.2021" (PDF). BSE. Retrieved 27 May 2021.
  4. ^ "Wockhardt – Who we are".
  5. ^ a b c Sanju Verma, Amit Shah (2007). "Wockhardt: "Wock"ing the talk..." (PDF). HDFC Securities. India Research.
  6. ^ "Wockhardt set to join billion-dollar club". Business Standard India. Business Standard. 20 March 2013. Retrieved 20 March 2013.
  7. ^ "Wockhardt Chairman's Profile". wockhardt.com. Retrieved 13 February 2017.
  8. ^ Priyanka Sangani (28 March 2008). "Marginal business logic". The Economic Times.
  9. ^ "Wockhardt Limited". Archived from the original on 20 October 2007. Retrieved 9 May 2009.
  10. ^ T. Surendar, Charles Assisi (18 January 2008). "We need a Nano for medicines too". The Times of India.
  11. ^ Dec 22, PTILast Updated (22 December 2022). "Indian pharma sector set for 'volume to value leadership' journey in 2023". The Economic Times. ISSN 0013-0389. Retrieved 6 August 2023.{{cite news}}: CS1 maint: numeric names: authors list (link)
  12. ^ "Introducing IPA- Indian Pharmaceutical Alliance". IPA, Indian Pharmaceutical Alliance. Retrieved 6 August 2023.
  13. ^ "Introducing Wockhardt". Retrieved 9 May 2009.
  14. ^ "Wockhardt sells nutrition biz to Danone for Rs 1,576 cr". Business Standard India. 3 August 2011. Retrieved 25 January 2023.
  15. ^ "UK extends COVID-19 vaccine supply deal with India's Wockhardt by 6 months". Mint. 10 February 2021.
  16. ^ "Wockhardt: the company helping to vaccinate Britain". Financial Times. Retrieved 28 June 2021.
  17. ^ "Wockhardt to produce, supply Sputnik V, Sputnik Light Covid vaccine". mint. 13 August 2021. Retrieved 21 September 2021.
  18. ^ "UPDATE 1-Wockhardt buys US Morton Grove for $38 mln". Reuters. 24 October 2007 – via www.reuters.com.
  19. ^ Shobhana Subramanian (3 April 2009). "Newsmaker: Habil F Khorakiwala, Scientist in a hurry". Business Standard India. Business Standard.
  20. ^ "Wockhardt | Who we are | Board of Directors". www.wockhardt.com. Retrieved 5 November 2022.
  21. ^ Bella, Timothy (9 March 2017). "Hip-Hop's Unlikeliest Icons: Promethazine Codeine Syrup Manufacturers". Bloomberg. Retrieved 17 May 2022.
  22. ^ Rafael Arroyo (12 February 2013). "CGMP/Finished Pharmaceuticals/Adulterated,(WL: 320-14-01)". FDA.
  23. ^ Maan Abduldayem (18 July 2013). "CGMP/Finished Pharmaceuticals/Adulterated,(WL: 320-13-21)". FDA.
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