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Panacea Biotec Success Story
Since the pandemic began, India has recorded more than 19 million cases, second only to the United States. Over 200,000 deaths have also been recorded. A total of 150 million vaccine shots were given out, covering 11.5 percent of India's population of 1.3 billion people. Panacea Biotec is a pharmaceutical and vaccine company based in New Delhi, Mumbai, and Lalru in India.
Panacea Drugs Pvt. Ltd. was established in 1984 and became Panacea Biotec Ltd. in 1995. India's second largest vaccine manufacturer, Panacea Biotec, offers a highly advanced prescription product range in essential therapeutic areas such as pain control, diabetes care, renal-disease management, anti-osteoporosis, anti-tubercular gastro-intestinal care drugs, and vaccines.
Know the entire Company Profile of Panacea Biotec in the post ahead! Also get a glance on Panacea Biotec vaccine news, its business model, how it started, Panacea Biotec products and more...
Panacea Biotec - Company Highlights
- Company Name-Panacea Biotec
- Headquarters-New Delhi, India
- Industry-Pharmaceuticals, healthcare
- Founded-1984
- Key People-Soshil Kumar (Executive Chairman of the Board), Dr. Rajesh Jain (Managing Director), Sandeep Jain (Joint Managing Director)
- Products-Pharmaceuticals, generic drugs, vaccine
- Website-panaceabiotec.com
Panacea Biotec - Latest News
As of April 2021, the stock of Panacea Biotech has risen to levels not seen in more than a decade.
"The Russian Direct Investment Fund (RDIF), and Panacea Biotec announced cooperation to produce 100 million doses per year of Sputnik V, the world's first registered vaccine against coronavirus," the company said in a press release on April 4.
Production of Sputnik V at Panacea Biotec sites would aid in RDIF's foreign partners' global supply of Sputnik V. Sputnik V has been registered in fifty-nine countries with a total population of more than 1.5 billion people around the globe. Data published in the Lancet, one of the world's oldest and most respected medical journals, shows that Sputnik V has around ninety-two percent efficacy score.
"The vaccine is based on a proven and well-studied platform of human adenoviral vectors and uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots," it said.
About Panacea Biotec and How it Works?
On February 2, 1984, Panacea Drug was incorporated as Panacea Biotec Limited, India's leading science-based health management company with established research manufacturing and marketing expertise.
India's second largest vaccine manufacturer, Panacea Biotec, offers a highly advanced prescription product range in essential therapeutic areas such as pain control, diabetes care, renal-disease management, anti-osteoporosis, anti-tubercular gastro-intestinal care drugs, and vaccines.
The business has collaborated with established national and international research businesses and organizations. PBL has four research and development centers and ultra-modern state-of-the-art production facilities in Himachal Pradesh, Punjab, and Delhi for manufacturing vaccines and pharmaceutical formulations that meet US-FDA, UK-MHRA SAMCC, and WHO-cGMP requirements.
In addition, the company owns 24 product patents that are valid in over 60 countries around the world. Radicura Pharma, a vaccine manufacturing plant opened in 1988, and Panacea Drug, a pharmaceutical formulations plant opened in 1989, in New Delhi.
Panacea Biotec - Mission and Vision
Panacea Biotec' s mission is derived by its core values:
- Innovation
- Pioneer
- Integrity
- Humane
Panacea Biotec was established in 1984 as Panacea Drugs Private Limited, with the aim of making innovative products affordable and available to the general public.
Panacea Biotec - Founder and History
Panacea Biotec Ltd was established in 1993 as a result of a merger between Panacea Drugs (P) Ltd and Radicura Pharma. Panacea Biotec built a state-of-the-art Drug Delivery R&D center in Lalru in 1995, the same year it launched its initial public offering. The company received its first product patent in many countries in 1997.
In 2001, PBL's Research & Development formed a partnership with a European MNC, and in 2002, an in-licensing agreement with the Biotechnology Consortium of India was signed for the development and commercialization of the anthrax vaccine. The company also opened a Recombinant Vaccine Manufacturing Plant in the same year, 2002.
In 2004, PBL signed an in-licensing agreement for the marketing of Japanese Encephalitis Candidate Vaccines with the National Institute of Immunology in New Delhi, and a collaboration with Cambridge Bio-stability UK for Thermo Stable Vaccines.
Key People/Executive Directors of Panacea Biotec -
- Soshil Kumar (Executive Chairman of the Board)
- Dr. Rajesh Jain (Managing Director)
- Sandeep Jain (Joint Managing Director)
Panacea Biotec - Products
Panacea Biotec product range includes highly advanced pharmaceutical drugs in specialty clinical fields like Pain Management, Diabetes & Cardiovascular Management, Oncology, Renal Disease Management, Osteoporosis Management, Anti-tubercular, Gastro-intestinal Care Products, and Vaccines.
Panacea Biotec's current business is focused on its leadership positions in India, which include Transplant, Nephrology, Diabetes, and Pain, as well as some unique products based on proprietary Drug Delivery Systems. Its first Nanotechnology-based medicine, PacliAll (Paclitaxel in protein-bound particles), was introduced in 2011 and was the world's first generic for Abraxane, produced by Celgene USA.
Panacea Biotec - Name, Logo, and Tagline
Panacea Biotec Private Limited was established in 1993 as a result of a merger between Panacea Drugs and Radicura Pharma.
Panacea Biotec' s tagline is "Innovation in support of life," which implies the company is India's leading science-based health management company with established research manufacturing and marketing expertise.
Panacea Biotec - Business Model
Panacea Biotec is a pharmaceutical and vaccine company. Panacea Biotec's product range includes highly advanced pharmaceutical drugs in specialty clinical fields
Oncotrust, Critical Care, Diacar, Procare, and Growcare are the five strategic business units (SBUs) that Panacea Biotec has created to sell and market pharmaceutical formulations.
Panacea Biotec has entered the Contract Research & Manufacturing Services (CRAMS) market with the aim of expanding its knowledge and experience in on-time and high-quality delivery to clients.
The Company has built a strong portfolio in the fast-growing, multi-million dollar CRAMS market, based on its strong capabilities and state-of-the-art facilities, and powered by the enthusiasm of its experienced and skilled people. From sourcing to production, packaging to growth, the Company's CRAMS portfolio covers the entire spectrum of processes and services.
Panacea Biotec - Key Financial Metrics
The table below highlights some of the key financial metrics of Panacea Biotec extracted from the company's annual reports.
Panacea Biotec - Funding and Investors
Panacea Biotec is a publicly traded company listed in stock exchanges. It has also received investments from India Resurgent Fund and more .
Panacea Biotec - Competitors
Glenmark, Torrent Pharmaceuticals Limited., Ranbaxy, Cipla, Dr. Reddy's, Lupin, Aurobindo, Sun Pharma, Zydus Cadila, Cadila Pharmaceuticals are the top ten competitors in Panacea Biotec's competitive set.
Panacea Biotec - Challenges Faced
Panacea Biotec Ltd.'s stock plummeted after the US Food and Drug Administration sent a warning letter to its Baddi, Himachal Pradesh, unit, prohibiting new approvals.
Following an inspection on February 10, 2020, the US Food and Drug Administration released a warning letter outlining major violations of existing good manufacturing practice legislation for finished pharmaceuticals.
“Until you correct all violations completely and we confirm your compliance with CGMP (current good manufacturing practice), FDA may withhold approval of any new drug applications or supplements listing your firm as a drug manufacturer,” it said in the statement.
The company failed to develop laboratory controls, such as scientifically sound and acceptable requirements, guidelines, sampling plans, and test procedures, to ensure that materials, drug product containers, closures, in-process content, labelling, and drug products meet appropriate identification, power, consistency, and purity standards.
Panacea Biotec - Future Plans
To guide long-term development, Panacea Biotec plans to scale up its vaccine and pharmaceutical verticals. According to a company spokesperson, Panacea Biotec's long-term growth ambitions include scaling up its current product range, developing new drugs, and expanding into new markets.
The company transferred its pharmaceutical formulations business, as well as related research and development and natural products extraction activities, to its wholly-owned subsidiary Panacea Biotec Pharma Limited during the year under review.
In June 2020, the company announced the formation of a joint venture company in Ireland with Refana Inc of the United States to produce a COVID-19 vaccine. Panacea Biotec will be in charge of product production and industrial manufacturing, while the JV agency will be in charge of clinical development and regulatory submissions all over the world, according to the agreement. In their respective territories, Panacea and Refana will sell and distribute the vaccine.
Panacea Biotech - FAQs
What does Panacea Biotech do?
Panacea Biotec is an Indian pharmaceutical and vaccine company with headquarters in New Delhi, Mumbai, and Lalru, in India.
What is Panacea Biotec Vaccine News?
Panacea Biotec is India's second largest vaccine manufacturer. The Russian Direct Investment Fund (RDIF) and Panacea Biotec announced cooperation to produce 100 million doses per year of Sputnik V, the world's first registered vaccine against coronavirus (April 2021)
How Panacea Biotec Started?
Panacea Biotec Ltd was established in 1993 as a result of a merger between Panacea Drugs (P) Ltd and Radicura Pharma.
What are Panacea Biotec Products?
Panacea Biotec product range includes highly advanced pharmaceutical drugs in specialty clinical fields like Pain Management, Diabetes & Cardiovascular Management, Oncology, Vaccines among others. Its first Nanotechnology-based medicine, PacliAll was the world's first generic for Abraxane.
Who are the competitors of Panacea Biotec?
Glenmark, Torrent Pharmaceuticals Limited., Ranbaxy, Cipla, Dr. Reddy's, Lupin, Aurobindo, Sun Pharma, Zydus Cadila, Cadila Pharmaceuticals are the top ten competitors of Panacea Biotec
